Superyacht Market Expected to Reach $25.7 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Superyacht Market," The superyacht market was valued at $10.3 billion in 2022, and is estimated to reach $25.7 billion by 2032, growing at a CAGR of 9.8% from 2023 to 2032.

The superyacht industry is undergoing dynamic transformations, shaped by evolving trends that reflect the changing preferences and demands of discerning clientele. As environmental consciousness becomes a more significant consideration, yacht designers and builders are incorporating innovative solutions such as hybrid propulsion systems, energy-efficient materials, and waste-reduction measures to minimize the ecological footprint of these luxury vessels. In addition, superyachts are now equipped with state-of-the-art entertainment systems, smart home automation, and advanced navigation and communication tools, providing owners and guests with unparalleled convenience and connectivity.

Furthermore, there is a rising demand for unique, customized designs that reflect the individual tastes and lifestyles of owners. Yacht owners are increasingly seeking bespoke features, from personalized interior layouts to one-of-a-kind amenities, making each superyacht a distinctive expression of luxury. Additionally, wellness and health-conscious features are gaining prominence, with onboard spas, fitness centers, and health-focused culinary options becoming standard offerings.

As the superyacht industry continues to evolve, these trends underscore a shift towards more sustainable, technologically advanced, and personalized luxury experiences for the elite clientele who indulge in the opulence of yachting. However, a key step in improving the industry's environmental footprint is finding effective ways to measure it. The International Maritime Organization (IMO) has introduced a range of tools to measure the environmental impact of ships in the commercial shipping industry. Energy Efficiency Existing Ship Index (EEXI) and Energy Efficiency Design Index (EEDI) refer to energy efficiency under specific single conditions. Condition (measured in CO2 emitted by carried out transport operations) and Carbon Intensity Index (CII) refer to the operational carbon intensity observed over a year, but these are not yet applicable to most yachts. However, in an active effort for the industry to take responsibility for reducing its environmental footprint, a variety of independent yachting environmental indicator tools have been developed.

In addition, Yacht owners also seek connectivity and smart technology that gives a modern outlook in their onsite experience at sea. Sophisticated satellite and communications systems ensure internet access for people working and enjoying their stay aboard ships at sea. Lighting, air conditioning, security and entertainment are controlled by smart automation systems and thus improve comfort and saving in energy. Navigation is made safer and more effective through real time data and electronic charts. Such high-tech innovations ensure that the quality of life aboard increases while maintaining the lifestyle of the high digital standard of today’s luxury yacht owner resulting in increased market demands.

Moreover, the rising demand for super yachts and mega yachts. There is an increasing trend in wealthy customers looking for bigger ships, which in addition to opulence have more features and capabilities. This is with regard to the bigger yachts that have extra lavish things comprising of helipads, larger pools, two or more levels and the cinema on board. It shows an appetite by yacht lovers for unprecedented comfort, entertainment and long time’s running of their vessels while sailing with the highest level of comfort possible. This has seen several shipyards specializing in producing large and ultra expensive yachts for the exclusive elite markets.

The superyacht market is segmented based on size, application, propulsion and region. Depending on the size, the market is segregated into 30-80 meters and above 80 meters. By application, it is categorized into charter and private. Based on the propulsion, it is fragmented into motor, sailing and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

KEY FINDINGS OF THE STUDY.

• By size, the above 80-meter segment is anticipated to exhibit significant growth in the superyacht market in the near future.
• By application, the charter segment is projected to show significant growth in the market during the forecast period.
• By propulsion, the other segment is predicted to exhibit significant growth in the market in the predicted years.
• By Region, LAMEA is anticipated to register the highest CAGR during the forecast period.

Key players covered in the superyacht market report include 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.