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.

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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