The global superyacht market size was esteemed at $ 10,293.3 million in 2022 and is estimated to reach $ 25,677.2 million by 2032, exhibiting a CAGR of 9.8% from 2023 to 2032.
Report Key Highlighters:
- The superyacht market study covers 14 countries. The research includes regional and segment analysis of each country in terms of value ($million) for the projected period 2023-2032.
- The study integrated high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global markets and to assist stakeholders in making educated decisions in order to achieve their most ambitious growth objectives.
- Over 3,700 product literature, annual reports, industry statements, and other comparable materials from major industry participants were reviewed to gain a better understanding of the market.
- The superyacht market share is slightly fragmented, into several players including Damen Yachting BV, Azimut Benetti Group S.p.A., Burgess, THE ITALIAN SEA GROUP S.p.A., Ferretti SpA, Horizon Yacht USA, Ocean Alexander Yachts, Inc., Overmarine, San Lorenzo and Sunseeker. The companies have adopted strategies such as expansion, product launch, product development and others to improve their market positioning.
Superyacht refers to a luxurious large yacht of over 30m in length. Such vessels have a high-end recreational purpose which is mostly owned by ultra-high net-worth individuals. Superyachts differ considerably both in size, design, luxury accessories, and the highest quality of workmanship. Superyachts come with numerous accessories, which include many decks, pools, helipad, Jacuzzi, gym, among others. These ships normally have a well-trained crew such as a captain, other officers, chef and so many other servants who provide quality services and comfort to the proprietor and their guest.
The growth of the global superyacht market is determined by the growing wealth of ultra-high net-worth persons, the rise as a prominent destination for luxury yachts, and increasing tourist attractions and luxurious hotels that are anticipated to drive the market. However, factors such as environmental concerns related to fuel consumption and emissions and retaining qualified and experienced crew members restrain market growth. On the contrary, the growing demand for electric yachts and customization in luxury yachts are expected to provide lucrative growth opportunities for the market growth.
Increased consumption in emerging economies has led to rapid expansion of the demand for high-end products such as superyachts. Furthermore, technological and design improvements have led to state-of-the-art and high-end boats which favour the marine economy. In addition, the rise of the experiential luxury trend among high-end clients has also contributed to an increase in demand for yachts, since they are the embodiment of the highest level of luxury and privacy. Additionally, global tourism is gravitating toward individual tours of upscale nature, and a trip aboard a superyacht is one such rare experience for discovering the wonders of this planet. Also, governments in different places acknowledge the economic opportunity of the superyacht sector and make the necessary provisions including the latest marinas for yachts and yacht-friendly rules.
In addition, yacht exhibitions and events have a huge impact on brand building and improving a company's reputation in the superyacht industry. A brand's participation in prestigious events strengthens its exclusivity and credibility, as well as its position as a dominant force in the industry. Manufacturers who regularly participate in prestigious events demonstrate their commitment to innovation and perfection, which increases the attractiveness of their products and gives hope to potential consumers. Collaboration between superyacht manufacturers and other luxury companies is also facilitated through yacht shows and events. By collaborating with world-class watchmakers, fashion designers, interior designers, and car manufacturers, exclusive and bespoke boating projects are realized, captivating customers seeking a seamless integration of luxury experiences.
The Europe superyacht industry is the rapid urbanization observed in many countries. In countries like Italy, UK, Spain, Germany. The industry is witnessing a surge in the popularity of sustainable and eco-friendly yachting, aligning with the region's strong emphasis on environmental conservation. In addition, manufacturers in the European region are now venturing into sustainable development and have increased their efforts to produce environment-friendly yachts. For instance, in January 2022, Pascoe International announced the sale of the world's first 100% electric superyacht limousine tender. Additionally, the company has confirmed the new tender is now under construction. The vessel, which is under construction at a major Northern European shipyard is set for delivery to a large newly built mothership in 2023. As Europe remains a hub for high-net-worth individuals and luxury travel, the superyacht industry statistics in the region is well-positioned for sustained growth and continued prominence on the global stage.
Maritime history, high skill craftsmanship, as well as modern designing, made Italy a desirable place for yacht owners with good taste. This development arises from the combination of ancient handicraft, along with contemporary technology. However, Italian shipyards have always supplied elegant yet ultra-modern vessels of high quality. Additionally, having a good port and a central location that strategically places Italy in a position to supply the fast growing external markets. The country's commitment to research and development, coupled with its emphasis on fostering international collaborations, further enhances its competitive edge.
For instance, in February 2023, The Italian Sea Group (TISG) and legendary Italian fashion designer Giorgio Armani revealed their 72-metre superyacht collaboration, currently in build, at a star-studded gala evening at the shipyardâ headquarters at Marina di Carrara. The interior is by Armani/Casa and uses a soft and minimalist palette that contrasts the use of refined materials and hand-crafted finishes. The first interior renderings show polished marble floors with gold accents and occasional use of dark wood.
The leading companies are adopting strategies such as acquisition, agreement, expansion, partnership, contracts, product launches and other to strengthen their market position.
- In July 2023, Damen Yachting launched fourth Amels 60 superyachts. The 60m, 830 GT Amels 60 superyacht features an exterior design by Espen oino, naval architecture by Damen Yachting and a custom interior by two collaborating studios, Studio Indigo and Pure Living. It offers six staterooms for up to 12 guests.
- In November 2022, Damen Yachting expanded its service in Gorinchem yard that includes additional repair facilities and a 150-tonne ship lift. The group intend on the updated shipyard in Gorinchem being an optimal location for the design, maintenance, repair, conversion and building of new ships of up to 90 metres, whilst their Hardinxveld-Giessendam yard divested before the project’s completion.
- In June 2021, SANLORENZO developed 44 metre superyacht model named the X-Space. The X-Space features a 495GT interior and is designed specifically around privacy, with the upper deck dedicated to the owner. This deck includes a private apartment, study, living room and large master cabin.
- In March 2020, Ferretti SpA launched Ferretti 1000 yachts; the first model hit the water from Ferretti Yachts' Cattolica-based facility in Italy.
- In Mach 2020, SANLORENZO launched SX112 crossover yacht and the 44Alloy and 62Steel superyachts. SX112 comes with 34m length & flagship SX crossover line that proposes a new way of living on the sea: the barriers on board are eliminated, and the boat opens to the outside, in a close relationship with the marine context.
Growth in the Nautical Tourism Industry
Nautical tourism is a specialized form of tourism that involves recreational activities and travel undertaken on water. It encompasses a wide range of activities and destinations related to boating, sailing, yachting, cruising, and other maritime experiences. Yachting along coastal locations is slowly becoming popular across various countries. Nautical tourism, characterized by the exploration of coastal and maritime destinations using luxury vessels, has become a driving force behind the increased demand for superyachts. High-net-worth individuals are increasingly drawn to the allure of unique and exclusive travel experiences, seeking the freedom to explore picturesque coastlines, hidden coves, and exotic island destinations in unparalleled luxury.
Superyachts, equipped with state-of-the-art amenities and crewed by skilled professionals, provide an ideal platform for travelers to indulge in tailor-made itineraries, exploring pristine coastlines and hidden gems inaccessible to conventional forms of transportation. As the allure of nautical tourism continues to captivate the elite global traveler, the demand for superyachts is set to flourish, making them not only vessels of luxury but also essential conduits for a bespoke and unforgettable maritime tourism experience.
Rising Global Wealth
There arises an affluent class of people with huge net worth who tend to find unique yet extravagant ways of expressing their wealth as the economies continue sprawling across different places and income gaps narrow down. For example, the same report by Henley & Partners (2022) reveals that the number of what they call centi-millionaires increased to 28,420 globally (up by 12% since the last year), which is the wealth that is now evident in places like Asia, Middle East and developing countries, in general, has led to increased demand for Superyacht. These vessels, often considered the ultimate status symbols, appeal to individuals who desire not only a means of luxurious travel but also a tangible representation of their success and lifestyle.
The superyacht market benefits from the discretionary spending of this affluent demographic, as these individuals seek exclusive and tailor-made experiences that go beyond conventional travel. The desire to stand out in a crowd, coupled with the appeal of owning a floating sanctuary equipped with the latest technological innovations and lavish amenities, aligns perfectly with the aspirations of the newly wealthy.
High price and maintenance cost
The purchase of a super yacht is typically very expensive, sometimes costing well over one hundred million dollars, making it a privilege reserved mainly for the extremely rich. The high costs involved in buying it serves as a form of barrier into the industry. In addition, the ongoing maintenance costs, encompassing crew salaries, fuel, insurance, dockage fees, and regular repairs, contribute significantly to the total cost of ownership. For instance, 10-15% of the purchase price annually on operating and maintaining a yacht. That's $1-1.5 million a year for a $10 million yacht. Also, routine maintenance can cost roughly 2% of the yacht's value after the yacht's first year, and around 7.5% of the yacht's value when the yacht is 10 years old. Thus, such financial burden can dissuade even affluent individuals from venturing into the superyacht market, as the associated expenses extend far beyond the initial purchase.
The combination of high acquisition costs and the ongoing financial commitments for operation and maintenance can limit the potential customer base, hindering the market's broader growth. Efforts to mitigate these challenges often involve innovations in financing models, shared ownership structures, and the development of more cost-effective operational practices to make superyacht ownership more accessible and sustainable for a wider audience.
Increase in technological advancements and design
The integration of cutting-edge technology has become a hallmark of superyacht design, with a focus on enhancing both the onboard experience and the overall performance of these vessels. Advanced navigation systems, satellite communication, and automation technologies contribute to safer and more efficient maritime travel, while smart home automation systems cater to the desires of owners for seamless control of onboard amenities. For instance, in September 2023, in Botany, New South Wales, UTS Tech Lab, facility will scale up the manufacturing of Advanced Navigationa™ world-first AI navigation systems for GPS-denied environments, including its digital fibre-optic gyroscope (DFOG) technology, Boreas.
Furthermore, superyacht designers are pushing the boundaries of creativity, creating vessels that not only exude elegance but also maximize space and utility. Open and flexible layouts, large windows, and innovative use of materials contribute to a sense of openness and connection with the sea. Moreover, there is a growing emphasis on sustainability in design, with the integration of eco-friendly materials, energy-efficient systems, and even hybrid propulsion technologies. This reflects an industry-wide commitment to environmental responsibility, addressing the concerns of both owners and the broader public.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the superyacht market analysis from 2022 to 2032 to identify the prevailing superyacht market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global market trends, key players, market segments, application areas, and market growth strategies.
Superyacht Market Report Highlights
Market Size By 2032
USD 25.7 billion
CAGR of 9.8%
2022 - 2032
Key Market Players
SANLORENZO, Ferretti SpA, Damen Yachting, Ocean Alexander, Azimut Benetti, Overmarine Group Spa, Horizon Yacht USA, THE ITALIAN SEA GROUP SpA, Burgess, Sunseeker