Luxury Yacht Market Growth & Trends Analysis
The global luxury yacht market size is projected at USD 7.12 Billion in 2019, growing at a CAGR of 6% over the forecast period as per the new research report by UpGraph Research. Generally, yachts with a length of at least 80 feet or more may be considered luxury yachts. One more key quality of luxury yachts is the element of luxury.
The key differentiator between a luxury yacht and a normal yacht is its size, amenities, interior design, and features. Brand name plays a major role in defining the luxury of a yacht, the buyers carefully choose their preferred yacht based on the popularity of the yacht brand.
There are some popular yacht Builders like Feadship Royal Dutch Shipyards, Blohm and Voss Shipyards, Christensen Shipyards, Lurssen, Oceanco. The luxury Yacht may include the following features more than twelve cabins, Three Decks, steam room, beauty Salon, private theatre, Medical room or clinic, Conference room, small motorboats, Scuba facility, Helicopter landing pads, Mini submarines, Satellite TV, Gymnasium, Massage room. Since luxury yachts are custom constructed, the size, facilities, and equipment can make quite a big difference. This page gives you a clear idea of what to expect if you are looking for a job on a luxury yacht. Luxury Yachts may be either sailing or motor-driven and are characterized by their opulent appearance and the phenomenal cost of construction and repair.
A luxury yacht is a highly expensive entity, therefore most of its buyer is from a high-income group. Many infrequent travelers or mid-income group users prefer renting or leasing a yacht or joining a yacht club to enjoy luxury while keeping the budget under check. The maintenance cost for these yachts are also way higher, it is always a good idea to have an emergency fund ready for such unexpected expenses.
The United States (33 %), the United Kingdom (11%), Italy (5 %), Australia (4%), and Russia (3%) are the top countries for ultra-high net owners of super-yachts. This super-rich is around 88% of the market share of luxury yachts, with an annual investment of $22 billion.
The number of ultra-rich peoples is growing substantially in the Asia Pacific region, it is expected to pass Europe in terms of the number of billionaires by 2027. Considering this opportunity the luxury yacht manufacturers are moving towards the Asian market to grab the opportunity. For instance, in 2014, Spirit Yachts, a luxury yacht builder based in the United Kingdom opened its office in Hong Kong.
Tourist companies sell a range of items that are, however, a valuable exercise for visitors to visit new nations. The luxury yacht market has effectively kept a hold on revealing a lot of new prospects and expanding the industry to a greater degree. Digital marketing and the use of social media are building awareness among yacht fleet operators.
Read detailed analysis and download a FREE sample report here: Luxury Yacht Market Size, Share & Trends Analysis Report 2020-2027
Luxury Yacht Market Segmentation:
- Luxury Yacht Size Insights
- 75-120 feet
- 121-250 feet
- Above 250 feet
- Luxury Yacht Type Insights
- Sailing Luxury Yacht
- Motorized Luxury Yacht
- Luxury Yacht Material Insights
- Luxury Yacht Regional Insights
- North America
- The U.S.
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- North America