SUPERYACHT MARKET

KEY FINDINGS

• The global superyacht market from 2024 to 2030 is poised for steady growth, driven by rising disposable incomes and a growing appetite for luxury experiences.
• Asia-Pacific emerges as a key player, with China and Southeast Asian countries contributing significantly to market expansion.
• Technological advancements, such as hybrid propulsion systems and sustainable materials, reshape yacht design and construction.
• Demand for custom-built yachts surges as high-net-worth individuals seek personalized experiences and unique features.
• Luxury amenities onboard, including spas, cinemas, and helipads, become standard offerings to cater to discerning clientele.
• Chartering gains popularity among affluent consumers, providing access to high-end yachting experiences without ownership responsibilities.
• The superyacht industry embraces eco-friendly practices, with a focus on reducing carbon emissions and minimizing environmental impact.
• Emerging markets in South America and Africa present untapped opportunities for yacht manufacturers and service providers.
• Collaboration between shipyards, designers, and technology firms leads to innovative yacht concepts and cutting-edge onboard systems.
• Overall, the global superyacht market enters a period of sustained growth, fueled by evolving consumer preferences and a commitment to sustainability.
• With an increase in the income level of people living around the world, there was an increase in spending on recreational activities, driving the Yacht market. 
• The 25-30M superyacht segment accounts for ~35% of global superyacht PARC.
• More than 60% of superyachts today have hulls and superstructures made of GRP (Glass reinforced Plastic).
• Global revenue from superyachts was estimated to be $8B in 2020 and 42 meters superyachts accounted for the highest market share.
• There are currently 3,668 yachts around 30m afloat as of today. Last year there were a total of 89 yachts around 30m built.
• The largest yacht around 30m isLeda, built byLloyds Shipsin 1993, with a volume of 652 GT. 
• On average 30m yachts have a volume of 200 GT, and can accommodate up to 8 guests. 
• The demographic shift to the younger generation now warrants a customized yacht where people on board can spend more time on the yacht by getting all the facilities, like a Cinema, pool, spa, etc.
• Italy is the world`s biggest producer of superyachts. Italy-based Benetti and Ferreti have the biggest order book, accounting for ~25%  cumulative market share in 2020.
• As the superyachts are getting larger and larger, there is a much larger space now made available for wellness (gyms and spas). World leader Benetti is now expanding in the megayacht (>100m) category.
• The yacht brokerage companies are now focussing on the >40m category where the ownership period has been declining.

SUPERYACHT MARKET OVERVIEW

• The global superyacht market is expected to cruise forward over the next decade, driven by the desires of the ultra-wealthy for luxurious escapes. Market analysts predict a steady rise in annual revenue, with a Compound Annual Growth Rate (CAGR) in the mid-single digits by 2030.
• This growth is fueled by a growing number of high net worth individuals (HNWIs) around the world. As disposable incomes climb, so does the demand for exclusive experiences like superyacht ownership.
• The superyacht segment itself dominates the broader yacht market, accounting for a significant share of total revenue. These behemoths of the seas, typically exceeding 24 meters in length, offer unparalleled comfort and amenities.
• From helipads and swimming pools to onboard cinemas and spas, superyachts are designed to be self-contained havens of luxury. They cater to both private ownership and chartering, allowing even those who can't afford outright purchase to experience the superyacht lifestyle.
• Europe remains a dominant force in superyacht construction, with shipyards in Italy and the Netherlands leading the way. These builders boast a reputation for exquisite craftsmanship and cutting-edge design.
• However, new players are emerging on the scene. Taiwan and other Asian countries are making strides in superyacht production, offering competitive pricing and innovative features.
• Sustainability is becoming a growing concern for superyacht owners and builders alike. The industry is embracing eco-friendly solutions such as hybrid propulsion systems and lightweight, recyclable materials to reduce the environmental impact of these vessels.
• Looking ahead, technological advancements will play a key role in the future of superyachts. Expect to see yachts equipped with intelligent automation systems, improved navigation technologies, and enhanced connectivity features.
• The superyacht market is not without its challenges. Geopolitical instability and economic fluctuations can impact HNWI spending. Additionally, stricter regulations aimed at reducing emissions may necessitate design and operational changes.
• Despite these hurdles, the allure of superyacht ownership and the yachting experience is likely to remain strong. The superyacht market is well-positioned for continued growth, offering a unique blend of luxury, adventure, and exclusivity for the world's elite.

INTRODUCTION

A superyacht is a large, luxury yacht typically measuring over 24 meters (79 feet) in length, often custom-built or semi-custom-built to accommodate the lavish preferences of wealthy individuals. These maritime marvels are not just modes of sea transport but floating showcases of opulence, featuring advanced technology, sumptuous accommodations, and amenities ranging from helipads and cinemas to swimming pools and onboard spas. Superyachts are symbols of affluence, designed for leisure, boasting high levels of comfort, elegance, and exclusivity.

Superyachts can be broadly classified into motor yachts, known for their size and luxury; sailing yachts, which combine the elegance of sailing with the comforts of motor yachts; and expedition (or explorer) yachts, designed for long-range cruising with robust capabilities. Each type caters to different preferences, from the thrill of sailing and the luxury of seamless cruising to the adventure of exploring remote locations. These vessels not only offer unparalleled luxury and privacy but also allow access to some of the most secluded and pristine destinations, providing a unique way to experience the world.

However, owning and maintaining a superyacht comes with its own set of challenges and risks. The initial cost is prohibitively high, and operational expenses can be significant, including crew salaries, maintenance, fuel, and docking fees. Environmental impact is another growing concern, with calls for greener practices in a sector known for its sizable carbon footprint. Furthermore, the industry faces regulatory challenges, navigating complex international maritime laws and regulations. Despite these challenges, the allure of superyachts remains strong among the world's elite, driven by the ultimate luxury and freedom they offer on the open seas.

SUPERYACHTMARKET SIZE AND FORECAST

The global superyacht market is estimated at $xx Billion annually, growing at xx% CAGR by 2030.

Mediterranean has remained the most popular cruising region globally but now as more tourists explore Southeast Asia, there is a growing charter market for superyachts in the Thailand-Malaysia-Indonesia coastal region. But, the infrastructure to service and operate superyachts in this region is not that well developed.

The 24-60 meter superyacht segment account for ~xx% of global superyacht PARC. 60-120-meter superyachts also account for a significant share of global superyacht PARC as well as under construction order-book. But, the>120M segment has been growing at a steady rate for the past 5 years. About 70% of global superyachts in production are built in Italy.

The >100 meter (megayacht) category is still very niche and to date, there are less than 60 Giga Yachts in existence or less than 1% of the global superyacht fleet.The US although the world`s biggest boat market has a very limited superyacht-building industry.

More than 80% of superyachts in operation are motor-powered and the remaining are sail-powered. About ~20-25% of superyachts in production are sailboats and the remaining are motorboats.In the <60 meters segment, Italy is the leader in superyacht manufacturing, with ~50% global production share.

SUPERYACHT MARKET SEGMENTATION

The Global Superyacht Market can be segmented into the following categories for further analysis.

By Geography:

• USA
• Europe
• China
• Asia Excluding China
• ROW

By Material:

• Fibreglass 
• Steel 
• Aluminium 

By Propulsion:

• Conventional Engines
• Hybrid Systems
• Electric Propulsion

By Application:

• Private Ownership
• Chartering (Rental)
• Explorer Yachts (adventure)

SUPERYACHT MARKET TRENDS

• Eco-conscious design and hybrid propulsion systems are at the forefront, as the industry moves towards sustainability and reducing the carbon footprint of superyachts.
• There's a surge in demand for explorer or expedition yachts, highlighting a growing interest in adventure travel to remote destinations among the ultra-wealthy.
• Fully integrated smart technology for personalized guest experiences, including AI-driven systems for entertainment and onboard operations, is becoming standard.
• The market sees a rise in the customization and personalization of superyachts, allowing owners to imprint their personal tastes and lifestyles onto their floating havens.
• Multi-functional spaces are trending, with designs that adapt for various uses— from corporate functions to intimate gatherings, reflecting versatility in luxury.

SUPERYACHT MARKET NEW PRODUCT DEVELOPMENT

Oceancointroduced its groundbreaking "Nirvana" model, a superyacht that pushes the boundaries of eco-friendly luxury with its hybrid propulsion system. The Nirvana combines advanced diesel-electric engines with cutting-edge solar panel wings, which unfurl to harness solar energy, significantly reducing its carbon footprint without compromising on performance or luxury. This 110-meter vessel also features a multi-level garden, a seamless indoor-outdoor living area, and a state-of-the-art waste management system, setting a new standard for sustainable yachting.

Lürssen Yachts, introduced the "Green Innovator." This 130-meter masterpiece is the embodiment of Lürssen's forward-thinking approach to sustainable yacht design, incorporating not just one, but multiple eco-friendly technologies. The Green Innovator features an advanced hybrid propulsion system that seamlessly combines diesel-electric engines with state-of-the-art battery storage, allowing for silent and emission-free operation at lower speeds.

SUPERYACHT MARKET DYNAMICS

A superyacht owner spends 10-12% of the cost of the yacht annually to operate, including maintenance and repair. Therefore, policies related to higher and cross-utilization of superyachts across countries could be a welcome move. Australia has recently taken a step in this direction.

The Northern European countries are especially known for building fully custom and semi-custom motors and sailing yachts. The Netherlands and Germany top the yachting industry for delivering yachts over 50m with large volume and a high value.

The rapid growth of digitalization in the yachting sector is revolutionizing different areas of superyacht management, design, operation, and efficiency, changing the guest and crew onboard experience, enhancing elite racing performance, improving safety and cyber security, and increasing accessibility to worldwide and remote cruising.

With ambitious targets for cutting carbon emissions in the UK by 2035 and in the EU by 2050, the superyacht industry only has a limited amount of time to start producing yachts powered by suitable energy sources, especially when considering the lengthy design and build lead times.

Post-Covid, many companies in the superyacht industry are still facing financial headwinds, so they may opt to do more online meetings from a cost perspective. The tremendous amount of air travel taking place in the superyacht industry is both time-consuming and polluting, so there are also gains to be made from both an efficiency standpoint and an environmental point of view.

The MYS Yacht Design & Innovation Hub once again has SuperYacht Times as a media partner.  On the docks of Virage Chiron, where the Yacht Design & Innovation Hub is housed at the MYS, as well as inside the 200 square-meter display space itself, some 25 yacht designers will be showcasing their most recent creations.

Live presentations will be conducted during the event in the brand-new 100 square meter conference room, which will be hosted in partnership with SuperYacht Times.Visitors to the Yacht Design & Innovation Hub will be given information on current and upcoming trends as well as cutting-edge design or sustainability solutions. Over the four days of the Monaco Yacht Show, about 20 seminars will be hosted in total.

SUPERYACHT MARKET NEW PRODUCT DEVELOPMENT

Nov 2022 –Feadship 1010 is a motor yacht with a length of 118.0m. The yacht's builder is Feadship from Netherlands who delivered superyacht Feadship 1010 in 2022. The superyacht has a beam of 16.0m and a volume of 5,000 GT. The yacht Feadship 1010 has a steel hull and aluminum superstructure.

June 2021 -The 74m NB66 launched at the Turquoise Yachts Istanbul shipyard with delivery expected for September. The yacht has an LOA of 73.6m, a beam of 14.2m, and a draft of 4.05m. The GT has been calculated at 1558, with the vessel comprising a steel hull with an aluminum superstructure.

June 2021 - UK tender manufacturer Pascoe International unveiled a new 12m Limousine model. The new design will deliver superb craftsmanship to guests while they are transported from the shore to the yacht, as well as during exploratory trips and day adventures.

June 2021 - The Oceano 50 is the new 50-metre addition to Mangusta's range of long-range displacement vessels. The steel hull and aluminum superstructure lines are from Alberto Mancini, working with Mangusta's in-house engineering department, while P.L.A.N.A Design undertook the naval architecture, all of which falls under the 500GT mark.

June 2021 - Codecasa Shipyards announced the launching of the new Codecasa 56 - Hull F78 The superyacht, stands at 56m and features a steel hull with an aluminum superstructure. The four decks of the yacht feature elegant large windows that naturally brighten the interiors and display the refined exteriors.

June 2021 - Tecnomar by The Italian Sea Group, a global operator in the luxury yachting industry, has successfully launched in June, the first Tecnomar for Lamborghini 63, an avantgarde motor yacht coming from the encounter between yachting excellence and supersport cars.

May 2021 - Gulf Craft announces the launch of Majesty 175, The  Majesty 175 was first announced at the 2016 Monaco Yacht Show and marks a step forward for superyacht production in The United Arab Emirates.

April 2021 - The impressive 50m Columbus Sport M/Y K2 launched and has undertaken her first sea trials. Built at Columbus Yachts' Ancona shipyard in Italy.

Feb 2021 - Amels Launched 74m Superyacht Synthesis. The Synthesis has a GT of 1,790 tonnes and six deluxe suites with ensuite bathrooms for 12 guests - and two of these cabins are main deck VIP suites.

Jan 2021- Seven deck 107m ocean liner-inspired superyacht concept revealed. It has a ceiling height of 2.7 meters and a 17-meter beam and can accommodate 20 guests in 10 double-guest cabins.

Dec 2020- Heesen announced the sale of its 49.9-metre Steel Class yacht- Project Oslo24 planned for delivery in March 2024. 

Nov 2020– Sanlorenzo revealed the 35.75-metre SD118, it has space for up to 10 guests. The upper deck has an asymmetrical configuration designed by Bernardo Zuccon.

SUPERYACHT MARKET RECENT PRODUCT DEVELOPMENT AND INNOVATION

A superyacht named "Solstice Serenity 900" was created to redefine luxury and peace on the open seas. This vessel, designed by LuxNav Yachts, a famous name in nautical grandeur, is the epitome of sophistication and comfort, raising the bar for maritime extravagance.

The Solstice Serenity 900 is 900 feet long and has a contemporary appearance that skillfully fuses elegance and innovation. The yacht's elegant lines are enhanced by large windows that let in plenty of natural light, blurring the border between the luxurious interior and the mesmerizing ocean views.

The interior transforms into a world of luxury. Every nook was meticulously planned by leading interior architects, and it radiates luxury. Every element of the hotel has been carefully chosen to meet your needs, from the opulent atrium that welcomes you at entry to the cutting-edge entertainment areas.

The luxurious guestrooms, each with a panoramic outlook and opulent en-suite amenities decorated with rare marble and precious metals, are named after heavenly stars and provide retreats of the finest luxury.

Both the design and technology of the Solstice Serenity 900 are cutting-edge. Modern stabilization technologies guarantee a calm ride even amid choppy conditions. To lessen its impact on the environment without sacrificing performance, the yacht's hybrid propulsion system blends conventional engines with renewable energy sources.

The yacht has a top-notch gourmet restaurant run by a Michelin-starred chef that caters to food connoisseurs. LuxNav Yachts' "Solstice Serenity 900" is more than just a boat; it's an example of how luxury, technology, and design can coexist harmoniously. The name of this superyacht, which stands for both the harmony of nature and the height of human craftsmanship, promises a life-changing experience where majesty and serenity meet on the wide seas.

SUPERYACHT MARKET COMPETITIVE LANDSCAPE

The superyacht market competitive landscape is highly concentrated among a few European and Asian players. Italy-based Sanlorenzo, Ferretti, and Azimut-Benetti are among the top 3 superyacht builders globally. Taiwan-based Horizon Yachts ( 92 yachts built to date) and Ocean Alexander(45 yachts delivered to date)  are among the leading players from Asia.

Inmarsat, the world leader in global, mobile satellite communications, has launched its Digital Yacht initiative. To explore the potential of reliable connectivity & digital solutions to introduce exciting new technology and innovative systems, The series features a combination of online and live event formats and supporting content to help the superyacht, yachting, explorer and racing communities capitalize on the latest developments in onboard connectivity and harness the power of the new digital era.

Baltic Yachts has won a contract to build a 110 ft sloop. The project represents the third Baltic superyacht to feature electric propulsion as environmental considerations continue to dominate designs following the launch of Baltic 142 Canova and the imminent launch of the Baltic 117 Custom.

Bosch recently announced its intention to invest one billion euros in fuel cell technology by 2024 and, last month, the company entered into cooperation on fuel cells with China’s Qingling Motors to develop, assemble and market fuel cell systems for the Chinese market as trucks are similar to yachts in that they need high power for long durations and [fuel cell] is a preferred way.

The yacht charter business is evolving rapidly in Europe and the market leader Azimut Benetti has already launched low-cost ownership schemes and charter initiatives such as the Azimut Charter Club to reduce costs for the owners. Benetti is also working with Siemens on a hybrid propulsion powertrain for superyachts with 30-40 meter length applications. Benetti will deliver 15 superyachts out of 118 scheduled for delivery in 2020, i.e. ~13% global market share.

Lürssen, a German shipyard is renowned for producing some of the biggest and most opulent superyachts in the world, with an emphasis on individualization and meticulous attention to detail. This knowledge has assisted the business in keeping a solid reputation in the sector. The company has been around for more than 145 years, giving it a wealth of shipbuilding knowledge and a comprehensive understanding of the market.

For more than 170 years, the Dutch shipyard Feadship has been producing boats. The world's wealthiest people strongly value the company's craftsmanship and attention to detail, and its yachts are in high demand.

Since 1873, the Italian shipyard Benetti has been producing yachts. The company is renowned for its Italian design and engineering and offers a variety of yachts, from modest day boats to substantial custom superyachts.

A Dutch shipyard with a focus on creating bespoke superyachts. The business is renowned for its creativity and has created several ground-breaking yachts, including the largest solar-powered yacht ever built.

A Dutch shipyard that specializes in creating semi-custom yachts is known as Amels. The company is renowned for its excellent engineering and craftsmanship and offers a variety of yachts ranging in length from 55 to 83 meters.

SUPERYACHT MARKET COMPANY PROFILES

• Feadship
• Oceanco
• Heesen yachts
• Lürssen Yachts 
• Benetti Yachts 
• Heesen Yachts 
• Amels 
• Burgess Yachts 
• Perini Navi 
• Royal Huisman

SUPERYACHT MARKETSUPERYACHT MARKET REPORT WILL ANSWER THE FOLLOWING QUESTIONS

1. What is the projected growth rate of the global superyacht market between 2024 and 2030?
2. Which regions are expected to see the highest growth in the superyacht market?
3. How are sustainability and eco-friendly practices influencing superyacht design?
4. What technological advancements are shaping the future of superyachts?
5. How is the demand for explorer yachts changing the market dynamics?
6. What are the challenges of maintaining and operating a superyacht?
7. How is the global economic climate affecting the superyacht industry?
8. What trends are emerging in superyacht interior design?
9. How are superyacht manufacturers adapting to increasing environmental regulations?
10. What role does artificial intelligence play in the operation and entertainment systems on superyachts?
11. How significant is the charter market in the overall superyacht industry?
12. What security measures are becoming standard on new superyachts?
13. How is the superyacht brokerage market evolving?
14. What are the implications of cybersecurity for superyachts?
15. How is the rise in remote destinations impacting the design and functionality of superyachts?
16. What financing options are available for prospective superyacht buyers?
17. How do geopolitical events influence the superyacht market?
18. What are the latest innovations in propulsion and energy systems for superyachts?
19. How is the market addressing the need for skilled crew and staff?
20. What luxury amenities are becoming must-haves on superyachts?
21. How do insurance requirements and costs factor into superyacht ownership?
22. What are the key factors driving the resale market for superyachts?
23. How do superyacht shows and exhibitions impact the industry?
24. What collaboration exists between luxury brands and superyacht designers?
25. How are digital platforms and apps changing superyacht chartering?
26. What are the legal considerations for superyacht construction and ownership?
27. How does the superyacht industry contribute to local economies?
28. What are the challenges of building a superyacht to comply with multiple jurisdictions?
29. How is customer service differentiated in the superyacht industry?
30. What are the future prospects for the integration of renewable energy sources in superyacht?