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Why are Luxury Yachts becoming an important market in the future?

A recent study by Allied Market Research, titled “Global Analysis and Forecast for the Luxury Yacht Market by Size, Type, and Material: 2022-2031”, highlights substantial growth within the luxury yachts sector.

Por: Rubén Carrillo
The market of luxury Yatchs is expected to surge to $12.8 billion by 2031 / NO STRESS Yatch TWO / Photo Rossinavi
The market of luxury Yatchs is expected to surge to $12.8 billion by 2031 / NO STRESS Yatch TWO / Photo Rossinavi

The market of luxury Yatchs is expected to surge to $12.8 billion by 2031, reflecting a compound annual growth rate of 8.0% over the forecast period. 

 

This is according to a study by Allied Market Research. Europe dominated the industry in 2020, accounting for nearly two-thirds of the total market volume.

 

The Evolution of Luxury Yachts

The term “yacht” originates from the Dutch word jagh, meaning “to chase” or “to hunt”. Over time, the concept has evolved into a symbol of opulence and prestige. 

 

Modern luxury yachts, typically measuring 75 feet or more, offer high-end, tailor-made amenities such as jacuzzis, gyms, saunas, and spacious sun decks. 

 

Designed for an elite clientele, luxury yachts cater primarily to ultra-high-net-worth individuals (UHNWI), who seek exclusivity and refinement in their maritime experiences.

Europe dominated the industry in 2020, accounting for nearly two-thirds of the total market volume / NO STRESS Yatch TWO / Photo Rossinavi
Europe dominated the industry in 2020, accounting for nearly two-thirds of the total market volume / NO STRESS Yatch TWO / Photo Rossinavi

The Role of Ultra-High-Net-Worth Individuals

According to the Wealth Report, the number of individuals with a net worth exceeding $30 million has been steadily rising. 

 

These affluent individuals frequently opt for luxury yachts and private jets as their preferred means of global exploration. 

 

Among millennials, owning a luxury yacht has also emerged as a powerful status symbol, further driving demand in the market.

 

Growth of Yacht Tourism

Parallel to the rise of luxury travel, yacht tourism has seen remarkable growth, transforming into an exclusive leisure experience. 

 

Historically associated with aristocracy, sailing has gradually become accessible to the upper-middle class. 

 

Today, yacht tourism encompasses various activities, including fishing, sightseeing, and sailing. 

 

The increasing popularity of sailing as a luxury pastime has fueled production and new orders for luxury yachts, setting the stage for continued industry expansion in the coming years.

According to the Wealth Report, the number of individuals with a net worth exceeding $30 million has been steadily rising / NO STRESS Yatch TWO / Photo Rossinavi
According to the Wealth Report, the number of individuals with a net worth exceeding $30 million has been steadily rising / NO STRESS Yatch TWO / Photo Rossinavi

Innovations in Luxury Yacht Design

Luxury yachts have been navigating the seas since the early 20th century, evolving significantly in terms of design, size, and technological advancements. 

 

Modern luxury yachts emphasize adventure and comfort, integrating cutting-edge technology with sleek, high-end aesthetics. 

 

Innovations in design, functionality, and performance have made even larger vessels easier to operate. 

 

Personalization remains a cornerstone of the luxury yacht industry, with bespoke interiors and tailored features reflecting the unique preferences of their owners.

 

Owners often demand additional recreational amenities such as jet skis, tenders, and watersports equipment, while contemporary trends have introduced features like DJ booths and acrylic floating dance floors.

What are the main players in the luxury yacht sector?

Key manufacturers driving the luxury yacht market include Alexander Marine Co., Ltd., Damen Shipyards Group, Azimut Benetti SpA, Feadship, Ferretti SPA, Horizon Yacht USA, Princess Yachts International plc, Sanlorenzo Spa, Sunseeker International Limited, and Viking Yacht Company.

 

With customer-focused innovation at its core, the luxury yachts industry is poised for sustained growth, offering unparalleled experiences to enthusiasts worldwide.

Yacht tourism has seen remarkable growth, transforming into an exclusive leisure experience / Migaloo M5 / Photo Migaloo
Yacht tourism has seen remarkable growth, transforming into an exclusive leisure experience / Migaloo M5 / Photo Migaloo

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