Theย luxury yacht marketย size was valued at $5.8 billion in 2020 and is expected to reach $12.8 billion by 2031, registering a CAGR of 8.0% from 2022 to 2031.
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๐๐ฎ๐ฑ๐ฎ๐ซ๐ฒ ๐๐๐๐ก๐ญ๐ฌ ๐๐๐ซ๐ค๐๐ญ ๐ ๐ฎ๐ญ๐ฎ๐ซ๐ ๐๐ซ๐๐๐ข๐๐ญ๐ข๐จ๐ง
Predicting the future of the luxury yacht market can be challenging due to various factors such as global economic conditions, political stability, and consumer preferences. However, based on current trends and analysis, some possible future developments in the luxury yacht market are:
๐๐จ๐ง๐ญ๐ข๐ง๐ฎ๐๐ ๐ ๐ซ๐จ๐ฐ๐ญ๐ก: The luxury yacht market is expected to continue to grow in the coming years, driven by the increasing wealth of consumers and the growing demand for luxury goods and experiences.
๐๐๐ฏ๐๐ง๐๐๐ฆ๐๐ง๐ญ๐ฌ ๐ข๐ง ๐๐๐๐ก๐ง๐จ๐ฅ๐จ๐ ๐ฒ: The trend towards greater efficiency, performance, and sustainability is likely to continue, as yacht builders incorporate new technologies and materials into their designs.
๐๐ฑ๐ฉ๐๐ง๐ฌ๐ข๐จ๐ง ๐ข๐ง ๐๐ฆ๐๐ซ๐ ๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ๐ฌ: Emerging markets, particularly in Asia and the Middle East, are expected to play an increasingly important role in the luxury yacht market as wealth continues to grow in these regions.
๐๐ก๐ข๐๐ญ ๐๐จ๐ฐ๐๐ซ๐๐ฌ ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐ซ๐จ๐ฉ๐ฎ๐ฅ๐ฌ๐ข๐จ๐ง: There may be a growing trend towards electric propulsion in the luxury yacht market, as consumers become more environmentally conscious and regulations become stricter.
๐๐ง๐๐ซ๐๐๐ฌ๐๐ ๐ ๐จ๐๐ฎ๐ฌ ๐จ๐ง ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ญ๐ข๐จ๐ง: Customization is likely to continue to be a key trend in the luxury yacht market, as owners look for ways to personalize their yachts and make them truly unique.
The word yacht is originated from Dutch word jaght which means hunt or pursue. However, nowadays yachts are popular as large and luxurious vessels equipped with lavish amenities and are specifically designed for limited target audience such as ultra-high-net-worth individuals. Luxury yachts are vessels 75 feet and above and accommodated with sophisticated and luxurious and personalized facilities such as Jacuzzi spa, gymnasium, sauna, and sun pads. According to World Ultra Wealth Report, the number of ultra-high net worth individuals have net worth of $30 million and above in 2017, the number of ultra-high net worth individuals increased to around 255,810 having Y-o-Y growth of around 12.9% compared to last year. Robust corporate earnings in collusion with synchronized upturn in the world economy have resulted in healthy gains in average net wealth and amounting to around $31.5 trillion net worth of high net worth individuals.
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Luxury yachts have been introduced and have been sailing on the seas since the early twentieth century. Since then, designs have got better, bigger, more adventurous, and more extravagant. Improved design, style, comfort, livability, technological innovations, and performance drive the growth of the luxury yacht market. Large yachts are now getting easier to handle. Hydraulics and push-button electrics allow loads to be managed reliably and have created all new possibilities for managing large size luxury yachts easily. Furthermore, thrusters at both bow and stern have resulted in better maneuverability, while advances in deck-gear technology have made sail-handling much easier. High customization according to the owners specifications have remained one of the key aspects of luxury yacht industry. Luxury yacht customers demand jet skis, tenders, and other popular water sports equipment for recreational purposes. Furthermore, DJ booths and floating perspex dance floors gain huge traction amongst luxury yacht manufacturers.
In accordance to several interviews conducted, the CXOs of the leading companies stated that luxury yacht market is expected to witness a significant growth in the future. In addition, global luxury yacht market is expected to remain influenced by eternal need for luxury. Moreover, rise in trend of remote exploration provides new growth avenues for luxury yachts. Furthermore, introduction of new materials such as structural glass have allowed yacht architectures to reach new levels of sophistication.
Growth in number of millionaires and swathes of millennial population have developed a voracious taste for luxury yachts in the past few years. Featuring helipads, swimming pools, saunas, hot tubs, and more, yachts are epitome of luxury. The new generation increasingly focuses on pursuing rare, tailored experiences over accumulating things. With on-board beach toys, such as motorboats & jet skis, top-deck Jacuzzi, lavish swimming pools, and private screening rooms, yachts represent pinnacle of luxurious life.
The luxury yacht market remained one of the few bright spots in an otherwise troubled global economy. With strong underlying drivers such as rise in ultra-net worth individuals, surge in inclination toward recreational & expeditions, and rise in trend of yacht tourism, the market is expected to witness significant growth during the forecast period. At the same time, the sector is facing challenges driven by high maintenance cost, stringent rules and regulations, and rapid technological innovation.
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Key Findings Of The Study
- The 75-120 feet segment was the highest contributor to the global luxury yacht market in 2020, and is projected to grow at a moderate CAGR during the forecast period.
- There is a continuous buzz for yacht tourism across the world. As a result, the global luxury yacht demand in terms of volume is projected to grow at with substantial growth rate during the forecast period.
- Personalization, chartering, and remote exploration by yachts are the some of the emerging luxury yacht market trends around the world.
Fiber reinforced polymer/composites segment accounted for about three-fourths of the market share for 2020 and is projected to grow with highest the CAGR during the forecast period. - Motorized luxury yacht segment is projected to exhibit rapid growth in the luxury yacht market, owing to easy maneuverability, high power, and more on board facilities.
- In terms of volume, Italy accounted for about 50% share in global luxury yacht market for 2020.
The key players profiled in the report includes Alexander Marine Co Ltd, Damen Shipyards Group, AzimutBenettiS.p.A., Feadship, FERRETTI S.P.A., Horizon Yacht USA, Princess Yachts International plc, Sanlorenzo Spa, Sunseeker International Limited, and Viking Yacht Company.
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