SUPERYACHT MARKET ANALYSIS

Superyacht Market Size and Trends

The global superyacht market is estimated to be valued at US$ 19.44 Bn in 2024 and is expected to reach US$ 40.17 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 10.9% from 2024 to 2031.

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The superyacht market has been witnessing positive trends over the past few years. With the rising high net worth population globally, particularly in countries like China, Thailand and Brazil, the demand for luxurious and premium boats has increased steadily. Advancements in materials and technology have allowed shipbuilders to launch larger, more fuel-efficient and feature-rich superyachts. Further, the growing popularity of yachting as a status symbol and means of lavish holiday-making among affluent individuals is a key factor driving more new construction and upgrades in the industry. Nonetheless, with economic conditions improving post pandemic across major markets, the superyacht market is expected to continue its growth trajectory during the forecast period.

Growing high-net-worth individual population

The global population of high-net-worth individuals (HNWIs), defined as those having investable assets of US$1 million or more excluding primary residence, has been increasing steadily over the past decade.

A key driver of the rising HNWI population has been strong economic growth and wealth creation in Asia Pacific, particularly in countries like China and India. The growing middle and upper middle classes in these emerging markets have been accumulating more investable assets as their professional careers progress. In addition, overall global investment returns have surged significantly since 2010 due to bull markets in both equities and real estate. This wealth effect has expanded the size and means of the HNWI segment.

As their wealth levels increase, HNWIs tend to spend more on luxury goods and experiences. Superyachts represent the ultimate in conspicuous consumption and status symbols for this class of affluent consumers. The rising population of ultra-wealthy individuals thus translates directly into a bigger addressable market and customer base for premium superyacht manufacturers. Therefore, continued expansion of the HNWI demographic worldwide serves as a highly influential driver propelling future demand in the global superyacht market.

Market Concentration and Competitive Landscape

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Changing preferences of younger generations of HNWIs

Another key aspect affecting the superyacht demand is the evolving preferences and priorities of younger generations gradually taking over wealth from their predecessors. Often referred to as millennials or Gen Y, individuals currently aged between 25 and 40 years old who have accumulated significant wealth early in their careers through business success, inheritance, or other means are emerging as a new market force.

Surveys have found that compared to older generations of wealthy owners, younger HNWIs place greater importance on experiences, adventure and environmental/social responsibility when making lifestyle and purchasing decisions. They also prefer showcasing their status through memorable outings and activities rather than solely through tangible luxury goods or real estate holdings. Superyachts perfectly align with these evolving preferences by offering the ultimate playground and social platform to entertain friends while travelling to exotic locations worldwide

Key Takeaways from Analyst:

The global superyacht market continues to grow steadily driven by rising high net worth individuals around the world. Regions such as Asia Pacific and the Middle East are seeing a significant increase in the number of ultra-wealthy individuals who see superyachts as a luxury investment and status symbol. This is benefiting superyacht manufacturers and allied industries. However, regulatory hurdles and high maintenance costs remain a challenge for wider adoption of superyacht ownership. Stringent coastal zoning laws and permits can delay projects.

North America continue to dominate the superyacht market owing to their long coastlines, cosmopolitan culture and tourism industry infrastructure. The Asia Pacific region is poised to increasingly contribute to market revenues as the wealthiest individuals from China, India and other emerging markets look at superyachts.

While upfront costs of purchasing and maintaining superyachts remain high, the market is witnessing innovations that could make ownership experience more accessible. Sharing economy models and charter services are opening up superyacht experiences to new customer segments. Advancements in construction materials and technologies are helping lower operating expenses of superyachts over time.

Market Challenges: Volatile Economic Conditions

The global superyacht market has been facing considerable restraints in its growth trajectory due to prevailing volatile economic conditions across several countries worldwide. The geopolitical uncertainties caused by issues such as rising trade tensions, Brexit negotiations, national elections, etc. have negatively impacted the confidence of wealthy customers in making big-ticket luxury purchases. This is reflected in the declining numbers of superyacht orders and deliveries over the past couple of years.

Market Opportunities: Growth of Charter Segment

The global superyacht market has seen steady growth over the past decade, driven significantly by the charter business. As affluent individuals seek new experiences and ways to vacation without the hassles of ownership, chartering superyachts has emerged as a popular luxury option. This allows travelers to enjoy all the amenities and services of a large yacht without the high ownership costs. With more empty nesters and younger wealthy professionals valuing experiences over possessions, the flexibility and access provided by chartering is highly appealing.

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Insights By Yacht Type - Sailing Yachts Dominate the Superyacht Market

In the high-end luxury vessel market, where superyachts can cost tens of millions of dollars, sailing yachts have firmly established themselves as the preferred choice among the world's wealthiest individuals. There are several key factors that have contributed to the sailing yacht segment accounting for 47.2% of the market share in 2024.

In the high-end luxury market, sailing yachts have firmly established themselves as the preferred choice among owners of superyachts valued in the tens of millions of dollars. Being at the mercy of the wind allows owners to truly feel connected to nature in a visceral way. Unlike the isolated feeling of being inside the wheelhouse of a motor yacht, sailing requires owners to be fully engaged with maneuvering sails and understanding delicate wind and wave patterns. This hands-on experience is a big draw for many superyacht aficionados seeking adventure, not just transportation.

In addition, sailing yachts are widely seen as more environment-friendly than powerboats since they do not rely on diesel or gasoline engines. With rising concerns about climate change, many wealthy owners want to project an image of sustainability.

The design and layout of sailing yachts is also favored by many owners. Due to aerodynamic considerations, sailboats tend to have sleek, elegant profiles compared to more boxy motorboats. Internally, sailing yachts are usually built with an open concept to take advantage of natural light and maximize airflow throughout living areas. Along with an airier feeling below deck, sailing yachts allow for expansive outdoor spaces like bowsprits and trampolines that have become must-haves for entertaining.

In short, a combination of handling intimacy, environmental prestige, and design aesthetics have pushed sailing yachts to the top of the superyacht segment.

Insights By Yacht Size: 40-80 Meter Yachts Dominate the Yacht Size Segment

Based on yacht size, the 40-8- meters segment is expected to account for 46.3% of the market share in 2024. Firstly, yachts in the 40-80 meter lengths are still highly versatile in terms of transportation. They allow for both bluewater cruising and accessing smaller marinas that are inaccessible to vessels over 80 meters. However, they also provide far more living space than sub-40 meter boats. With around 1,000-2,500 square meters, 40-80 meter yachts can comfortably accommodate up to 16 guests with multiple large cabins, luxurious amenities, and large enclosed exterior decks.

Secondly, operating costs are significantly less than for mastodons over 80 meters. Fuel, docking fees, and crew salaries all increase exponentially with a yacht's size. 40-80 meter vessels offer scale without breaking the bank - they are large enough to feel truly indulgent but small enough to not require a small nation's GDP as an annual budget. Meanwhile, they are also easier to handle than the immense labor of running a 100+ meter megayacht.

Finally, resale values and potential buyer pool are stronger for the mid-size segment. Large yachts are a very specialized market that is thinner on potential resale purchasers. But 40-80 meter superyachts appeal to both affluent families and ultra-wealthy individuals seeking a lavish vessel without the calling card of a true megayacht. In combination, these advantages have made the 40-80 meter category the optimal sweet spot within the market in terms of total yacht size.

Regional Insights

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The North America region is expected to dominate the market and is expected to hold 34.5% of the market share in 2024. The region's strong demand is driven by factors such as the presence of renowned yachting destinations, a growing yacht tourism industry, and an increasing number of high-net-worth individuals. North America is home to several top superyacht builders, including Christensen Shipyards, Trinity Yachts, and Palmer Johnson, further contributing to the market growth.

The Asia Pacific region is projected to experience significant growth in the superyacht market. This growth can be attributed to the rising affluence of the population, particularly in countries like China and India, and the increasing interest in luxury yachting among the region's high-net-worth individuals.

Market Report Scope

Superyacht Industry News

• In July 2023, Damen Yachting launched the fourth Amels 60 superyacht. This 60-metre, 830 GT Amels 60 vessel features an exterior design by Espen oino, naval architecture by Damen Yachting, and a custom interior by the collaborative efforts of Studio Indigo and Pure Living. The Amels 60 can accommodate up to 12 guests across six staterooms.
• In November 2022, Damen Yachting announced plans to expand its facilities in Gorinchem, Netherlands. The company intends to invest in additional repair services and a new 150-tonne ship lift at the Gorinchem yard. Once the upgrades are complete, the Gorinchem shipyard will serve as an ideal location for designing, maintaining, repairing, converting, and constructing vessels up to 90 metres in length. Prior to the project's conclusion, Damen Yachting will divest its yard in Hardinxveld-Giessendam.
• In June 2021, Sanlorenzo introduced the 44-metre X-Space superyacht model. The X-Space features an expansive 495 GT interior and is designed with a focus on privacy, dedicating the upper deck exclusively to the owner's use. This private owner's deck includes a personal apartment, study, living room, and a large master cabin.
• In March 2020, Sanlorenzo introduced three new models: the 34-metre SX112 crossover yacht, which serves as the flagship of the innovative SX crossover line, the 44Alloy, and 62Steel superyachts. The SX112 represents a novel approach to life at sea, eliminating barriers and opening the yacht to the outside, fostering a close connection with the marine environment.

*Definition: The global superyacht market refers to the industry for the design, construction, and sales of superyachts - extravagantly large and luxurious private recreational vessels. Superyachts in this market range from 30 meters to well over 100 meters in length, coming equipped with rich interior amenities like multiple passenger cabins, lavish entertaining areas, swimming platforms, and sometimes even helicopter pads or miniature submarine garages. Wealthy individuals, corporations and celebrities are the primary customers in the lucrative global superyacht market, seeking to own the most impressive and exclusive luxury boats in the world.

Market Segmentation

•  Yacht Type Insights (Revenue, US$ Bn, 2019 - 2031)
  • Motor Yacht
  • Sailing Yacht
  • Others
•  Yacht Size Insights (Revenue, US$ Bn, 2019 - 2031)
  • Below 40 Meter
  • 40-80 Meters
  • Above 80 Meters
• Regional Insights (Revenue, US$ Bn, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC Countries
    • Israel
    • South Africa
    • Rest of Middle East & Africa
• Key Players Insights
  • Amels
  • Azimut Benetti
  • Blohm Voss Heensen Yachts
  • Burgess
  • Christensen Shipyards
  • Feadship
  • Ferretti SpA
  • Fincanteri
  • Holland Jachtbouw
  • ISA Yachts
  • Lürssen
  • Moonen Shipyards
  • Mulder Shipyards
  • Nobiskrug
  • Oceanco