Westford, USA, Dec. 16, 2022 (GLOBE NEWSWIRE) -- SkyQuest's recent report on the luxury yacht market provides insights into the health of the industry and how it is likely to fare in the coming years. The report notes that the global economy has had a major impact on the market, with sales of new yachts declining sharply since Covid pandemic 2020. The market is now beginning to recover, but SkyQuest expects it will take some time for sales to reach their pre-covid levels.
We forecast that the Europe will remain the largest luxury yacht market, accounting for nearly 50% of sales by 2028. North America is expected to be the second largest market, followed by Asia Pacific and the Middle East/Africa. The report also provides insights into the preferences of luxury yacht buyers. For example, the study found that larger yachts (65 feet and above) are becoming more popular, as are those with more luxurious amenities. Buyers are also increasingly interested in custom-built yachts, rather than purchasing off-the-shelf models.
One of the most interesting aspects of our analysis of the global luxury yacht market is the changing demographics of the yacht buyers. In the past, the majority of buyers were older, white men. However, this is no longer the case. Today, luxury yacht buyers are much more diverse in terms of age, gender, and ethnicity. This change is being driven by the increasing number of women who are entering the workforce and accumulating wealth, as well as by the growing number of high-net-worth individuals from Asia and other emerging markets.
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New Generation Rich Buyers from China and Russia are Making Luxury Yacht Market Go Gaga
887 of superyacht were sold in 2021, an increase of over 75% in 2021 as compared to last year, with a total value of $47.06 billion. This growth is being driven by a new generation of wealthy buyers, who are increasingly interested in purchasing luxury yachts. Our analysis shows that this new generation of buyers is largely made up of individuals from China and Russia. These buyers are typically younger and have a higher disposable income than previous generations of luxury yacht buyers. They are also more likely to purchase smaller yachts, which are easier to operate and require less maintenance than larger vessels. The rise of this new generation of buyers is driving strong growth in the luxury yacht market. SkyQuest projects that the global market will continue to grow CAGR of 12.10% over the next few years. This growth will be driven by continued demand from China and Russia, as well as other emerging markets such as Brazil and India.
The number of ultra-wealthy households (with assets of $100 million or more) is expected to grow from 15,000 in 2020 to 22,000 by 2025. This increase in demand has been met with an increase in supply, as shipyards have been investing in new facilities and technologies to meet the needs of wealthy buyers. SkyQuest notes that the majority of luxury yacht buyers and manufacturers in the global luxury yacht market are based in Europe (44%), followed by North America (37%), Asia (11%) and the Middle East/Africa (8%). Asia Pacific is expected to be the fastest-growing region for luxury yacht sales, with a compound annual growth rate of 17% through 2028. This growth will be driven by an increase in the number of ultra-wealthy households in the region and rising consumer confidence. The report also looks at the types of yachts that are being purchased and notes that there has been a shift towards larger yachts in recent years. The average length of a luxury yacht has increased from 24 meters (79 feet) in 2010 to 28 meters (92 feet) in 2021.
The report highlights the leading companies in the global luxury yacht market, including Sunseeker, Princess Yachts, Ferretti Group, Lurssen, and Feadship. These companies hold a combined market share of over 60% and are well-positioned to benefit from continued growth in the market. The report also includes detailed analysis of the competitive landscape and gives insights into the future direction of the market. It is essential reading for companies operating in this market or looking to enter it.
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Semi-Custom Yacht of Sub 45 Meter Become Highly Sought After in Global Luxury Yacht Market
A new analysis from SkyQuest has shown that the semi-custom luxury yacht market has seen a surge in demand in recent years. The report, which was released this week, shows that the number of semi-custom yachts ordered in the sub-45-metre range has increased by 50% since 2014. Our industry analyst attribute this increase in demand to a number of factors, including the growing number of ultra-high net worth individuals (UHNWIs) around the world, and the fact that semi-custom yachts offer a good balance between bespoke customization and off-the-shelf predictability and simplicity.
The report on the global luxury yacht market also notes that the average price paid for a semi-custom yacht has increased significantly in recent years, rising from €15 million in 2014 to €24 million in 2021. This is in line with the overall trend in the superyacht market, where prices have been steadily climbing as demand has increased. The increased availability of semi-custom yachts has made them more accessible to a wider range of buyers, and this has helped to drive up demand.
At the same time, the growing preference for smaller yachts has also boosted demand for semi-custom yachts in the sub 45-metre range. Semi-custom yachts offer buyers the ability to personalize their yacht to a certain extent, and this has made them increasingly popular in recent years. However, it is important to note that semi-custom yachts are still mass-produced vessels in the global luxury yacht market, and as such, they are not truly bespoke like a fully custom yacht would be. Nonetheless, the popularity of semi-custom yachts continues to grow.
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Key Players in Global Luxury Yacht Market
- Damen Shipyards Group
- Alexander Marine Co Ltd
- AzimutBenetti S.p.A.
- FERRETTI S.P.A.
- Feadship
- Horizon Yacht USA
- Sanlorenzo Spa
- Princess Yachts International plc
- Viking Yacht Company
- Sunseeker International Limited
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