Superyacht Market Growth Accelerated by Rising High Net Worth Individuals Population

 

Superyachts are luxury recreational boats or ships generally at least 75 feet in length. They come equipped with several amenities like luxurious cabins, lavish kitchens, Jacuzzis, swimming platforms and can cost up to hundreds of millions of dollars. They cater to the rich class and affluent population. The rise in number of high net worth individuals around the globe has accelerated the demand for these luxury yachts. The global Superyacht Market is estimated to be valued at US$ 7.67 Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The number of high net worth individuals globally has seen a steady rise over the past decade. According to a report by Capgemini, the number of individuals with over $1 million

population with deeper pockets has boosted the demand for luxury superyachts. Their appetite for leisure activities and experiences is one of the key drivers augmenting the superyacht market. With rise in their purchasing power, more and more high net worth individuals are acquiring superyachts to experience the high-end lifestyle and travels over waters. This growing customer base has accelerated the market growth of superyachts over the recent years.

Segment Analysis
The global superyacht market is dominated by the engine/propulsion segment which accounted for nearly 32% share of the overall market in 2024. Superyachts with engines are preferred over sailing yachts as they offer flexibility of movement and require less maintenance. Advancements in engine technology have improved their fuel efficiency while reducing noise and emissions.

Key Takeaways
The Global Superyacht Market Size is expected to witness high growth over the forecast period of 2023 to 2030.

Regional analysis: Europe is currently the dominant as well as the fastest growing regional market for superyachts. Countries like Greece, Italy, and France have emerged as the manufacturing and chartering hubs. Strict maritime regulations and proximity to luxury cruising hotspots have boosted the region's superyacht fleet. Growth in high net worth individuals and luxury spending in Europe is further expected to drive the regional market.

Key players operating in the superyacht market are ALS Limited, Asurequality Ltd, SGS SA, Bureau Veritas, Eurofins Scientific SE, Intertek Group PLC, Merieux Nutrisciences Corporation, Microbac Laboratories Inc., Neogen Corporation, Omega Diagnostics Group PLC, Crystal Chem Inc., and Danaher Corporation. These companies cater to superyacht owners through services including certification, inspections, environmental monitoring and legislative compliance. Strategic partnerships for service expansion across regions have been a focal area.

For More Insights, Read: https://www.newswirestats.com/superyacht-market-trends-growth-and-regional-outlook-2023-2030/