PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1238848
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1238848
Superyacht market size was valued at USD 2,008.1 Million in 2022, expanding at a CAGR of 9.2% from 2023 to 2030.
Superyachts or megayachts are regular yachts but larger and therefore more costly and also known as luxury yachts. Moreover, it is commercially operated professionally crewed motor or sailing yachts that have ranging from 24 meters and above. Furthermore, the anticipation of privacy and leisure activities, growing ultra-high net worth households, and adventure enthusiasts are propelling positive growth of the superyacht market globally.
The rising demand for luxury superyachts among rich and super-rich people mainly in developed and developing countries propels market growth. Additionally, the growing tourism sector and increasing interest in water-based sports are key factors projected to drive the market demand for the superyacht market. However, the high cost of the superyachts can only be afforded by rich customers as a result such a factor is expected to restrain the market growth during the forecast period. Furthermore, in the superyacht industry manufacturers are focusing on solar-powered yachts which create lucrative opportunities for this market.
The yachting sector is revolutionizing different areas with the rapid growth of digitalization in superyacht management, design, efficiency & operation, enhancing elite racing performance, changing the crew and guest onboard experience, improving safety and cyber security, and increasing accessibility to remote cruising and worldwide. The COVID-19 crisis has affected supply chains all over the world. Due to the lockdown imposed by the government travel bans were implemented as a result of delays in delivery and a big increase in the raw material cost.
The Global superyacht market is segmented on the basis of product type, size, components, and Region.
The market is divided into two categories based on product type: motor yachts, sailing yachts, and others. The motor yacht segment is expected to possess the largest market share. The growth is majorly attributed due to the increasing interest in recreational activities and the increase in the number of adventure tourists.
The market is divided into three categories based on size: below 40 meters, 40-80 meters, and above 80 meters. The 40-80 meters segment is likely to maintain its dominance during the forecast period. This is partly due to the increasing use of 40-80 meters size yachts.
The market is divided into two categories based on components: interior fittings and electronics. The interior fittings segment is estimated to hold the largest market share due to the growing tourism sector. In interior fittings, textiles/fabrics are an important element. There is a lot of flexibility in customization available in leather/fabric which was not available a decade ago.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Market players are focusing on new technologies to gain the upper hand over their competition. Due to the continued development in demand for the motor yacht in the coming years, the global market for superyachts is the most competitive sector worldwide. Moreover, to drive market growth market players are opting for strategies such as mergers and acquisitions, collaborations, and agreements. The superyachts are also in demand due to the growing tourism sector. For instance, in 2023, The yacht's builder is Feadship from the Netherlands who launched a superyacht Feadship 1010 motor yacht with a length of 118.0m. The yacht has a volume of 5,000 GT and a beam of 16.0m. It has an aluminum superstructure and a steel hull.
This proposed research study on superyacht market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for superyacht market.
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the superyacht market.
Impact of COVID-19 on superyacht market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on superyacht market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the superyacht market, we have also included competitive landscape and key innovator analysis for superyacht market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offersdetailed company profiling featuring major market participantswhich will help users to understand their financial information and strategic initiatives of players operating in the superyacht market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global superyacht market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
The scope of this report covers the market by its major segments, which include as follows: