Superyachts Market Important growth in the near future

Coherent Market Insights has announced the addition of the “Global superyachts Market Research Report 2018”, The report classifies the global superyachts Market in a precise manner to offer detailed insights about the aspects responsible for augmenting as well as restraining market growth.

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. This 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.

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.

Solar-powered superyachts

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.

Key players in the market include Amels, Azimut Benetti, Feadship, ISA Yachts, and Overmarine Group. Some of the other prominent players operating in the superyacht market include Blohm+Voss, Christensen Shipyards, Fincanteri, Heensen Yachts, Lurssen, Nobiskrug, Oceanco, Perini Navi,, Sunseeker Yachts, Holland Jachtbouw, Royal Huisman, Moonen Shipyards, and Mulder Shipyards.

Key Trends and Analysis of Global Superyacht Market:

Among yacht type, motor yachts were the dominant segment in the market in 2017, and are projected to maintain its dominance during the forecast period. The market for motor superyachts between 60 to 80 meters also continues to grow, with 18 new units sold during 2017.

Among yacht size, 40-80 meter superyacht segment accounted for the largest share in 2017. And it is projected to maintain its dominance during the forecast period. According to Coherent Market Insights, 80% of the total new build yachts sold in 2017. They were in the slightly smaller sized categories, around 50 meters in length.

Additionally, the rising spending in water-sports and recreational activities by international tourist and visitors, and high net-worth individuals in the UK has accelerated growth of the UK travel & tourism industry. According to World Travel and Tourism Council, in 2017, the international tourist and visitors’ spending increased by 7.9% from the spending of 2016. Hence, this growing tourism industry has accelerated demand for superyachts, which is expected to aid in growth of the superyacht market.