Superyacht Market Best Manufactures Report For Amels, Blohm+Voss, Christensen Shipyards, Feadship, Fincanteri, Heesen Yachts, Lurssen, Nobiskrug

Superyacht can be defined as a luxury yacht, which is motor powered or sail powered, with a set of professional crew and a loadline length of 24 meters or above used for sailing, charter, or other purposes. Increasing number of small-sized superyachts has led to introduction of terms such as megayacht (~75 meters) and gigayacht (above 90 meter), which has led to limit the elite (100m+) superyachts, among luxury yachts. The global superyacht market was valued at US$ 22.5 billion in 2017, and is projected to reach US$ 35.5 billion by 2026, exhibiting a CAGR of 5.3% during the forecast period.

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Market Dynamics

Primary factor that impacts growth of the superyachts market is growing wealth of super-rich people in different regions. Increasing demand for charter superyacht by rich tourists propelled by rising global tourism expenditure boosts growth of the market. The number of ultra-high net-worth individuals, with net assets of at least US$ 30m, rose by 61% between 2005 and 2015 to 187,468 worldwide, according to Wealth Report, 2018, by Knight Frank (estate agent).

According to Coherent Market Insights, there were nearly 4,476 superyachts (fleet) in the world in 2016, in which around a quarter only were available for charter. At the same time, there were over 200,000 ultra-high net-worth (UHNW) households, which means that there is a large opportunity for the yacht industry to see strong growth during the forecast period (2018-2026). The market for superyacht is segmented on the basis of yacht type into motor yachts, sailing yachts, and others, which majorly includes sports, fishing yachts, and expedition yachts. Increasing adoption of luxury cruising among high net-worth and ultra-high net-worth individuals particularly in emerging economies of Asia Pacific and Middle East aids in growth of the market. Moreover, high demand for marine tourism, water-based sports, and leisure activity are some of the factors, which acts as a trend for superyacht market.

Solar-powered superyachts are the most recent innovations in the superyacht industry. In 2012, Swiss explorer, Raphaël Domjan, launched 102-foot MS Tûranor PlanetSolar, the largest solar-powered boat in the world, which in May 2012, became the first solar electric vehicle to ever circumnavigate the globe. In 2018, SolarImpact Yacht AG revealed the world’s first solar superyacht design at Cannes Yachting Festival, which can be the most adaptable technology in the near future, owing to its non-fuel yachting capability. The yacht industry has high demand for superyachts with low-power consumption and high-power output.

Growing tourism sector is one of the key driving factors for growth of the superyacht market in developed countries of Europe such as UK and Italy. For instance, according to World Travel and Tourism Council, the U.K. Travel & Tourism sector’s contribution to GDP was estimated around 6.2% in 2017, which is US$ 272.9 billion (GBP 214 billion) contribution to the overall GDP of UK.

Additionally, the rising spending in water-sports and recreational activities by international tourist and visitors, and high net-worth individuals in the UK has accelerated growth of the UK travel & tourism industry. According to World Travel and Tourism Council, in 2017, the international tourist and visitors’ spending increased by 7.9% from the spending of 2016. Hence, this growing tourism industry has accelerated demand for superyachts, which is expected to aid in growth of the superyacht market.

Key Takeaways of the Market:

According to Coherent Market Insights’ analysis, Asia Pacific is the fastest growing region in the global superyacht market, owing to increasing adoption of high standard of living and fastest growing travel & tourism sector in the region. North America region dominated the superyacht market in 2017, and is expected to maintain its dominance during the forecast period, owing to presence of major yachts’ manufacturers and high demand for motor superyachts for water-sports and leisure activities.

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Key players in the market include Amels, Azimut Benetti, Feadship, ISA Yachts, and OVERMARINE GROUP. Some of the other prominent players operating in the superyacht market include Blohm+Voss, Christensen Shipyards, Fincanteri, Heensen Yachts, Lurssen, Nobiskrug, Oceanco, Perini Navi,, Sunseeker Yachts, Holland Jachtbouw, Royal Huisman, Moonen Shipyards, and Mulder Shipyards.

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This release was published on openPR.