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, according to Global Superyacht Market Report, by Yacht Type (Motor Yacht, Sailing Yacht, Others), by Yacht Size (Below 40 Meter, 40-80 Meters, and Above 80 Meters), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), published by Coherent Market Insights.
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.
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Key Trends and Analysis of Global Superyacht Market:
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