Yacht Market Soars as Demand for Luxury Tourism is on the Rise, says Market.us

Since the rise in disposable income, as well as their desire to spend more time on leisure and recreational activities, the demand for yachts has increased over the years. Luxury tourism, personalized service, and exclusive traveling are all factors that have fueled yacht sales.

According to Market.us, “The Yacht Market is projected to reach a valuation of USD 15.66 billion by 2032 at a CAGR of 5.8%, from USD 8.91 billion in 2021.”

Asia Pacific will be the fastest-growing regional market over the forecast period. The region’s changing preferences in yacht travel are due to the rise of disposable income and a better standard of living. The projection period will also see a rise in regional market growth due to government initiatives such as Incredible India and Swadesh Darshan Scheme for tourism development.

Anurag Sharma, a senior research analyst at Market.us, said, “The market has grown over the last few years due to factors like growing demand for luxury tourism and rising construction of superyachts, a growing amount of boat shows, favorable governments initiatives, increasing demand for yacht charter, and so on.”

The COVID-19 epidemic has had a negative impact on the yacht industry, as well as the yacht chartering industry. The global yacht market was affected by the pandemic and the subsequent travel restrictions and lockdowns that were imposed on different countries. Supply chain disruptions were also significant hindrances in manufacturing.

Manufacturers are increasingly focusing on luxury features in order to provide better customer service and performance. In recent years, the manufacturing process of yachts has also seen significant improvements. The original yachts were made of wood and fiber-reinforced polyesters. Composites have gained popularity due to their benefits, including corrosion resistance and lower maintenance costs as well as better strength-to-weight characteristics.

Electronically controlled fuel injection systems allow engines to operate at different speeds. They also significantly reduce noise, vibration, and emissions in ports and along the coast. It can also increase the efficiency and speed of the yacht’s propulsion system.

The European market is forecasted to experience significant growth over the forecast period. New yachts’ regional sales growth is primarily driven by the increasing number of High Net-Worth Individuals. The demand for yachts is expected to grow due to the high-tech interiors and luxury amenities offered by European OEM manufacturers. It has been seen that OEM manufacturers are constantly investing in R&D to provide a unique experience for travelers who enjoy luxury onboard accommodations.

The market is further driven by improved maritime security systems, connectivity, and tracking, as well as increased disposable incomes. In the next few years, the industry will see significant improvements in telematics as well as IoT platforms.

The luxury yacht market is expanding as more countries invest in marine infrastructure. The rich are increasingly interested in yacht shows across continents, such as the Miami yacht show or Abu Dhabi yacht shows.

Shows like these attract buyers because they showcase all the features and amenities of a luxury yacht. The luxury yacht market is one of the largest in the global tourism sector because of its high-end interiors, design, innovation, professional platform, and large capacity.

Private and chartered luxury yachts are available. HNWI and wealthy clients can purchase private yachts. You can also classify luxury yachts as motor and sailing yachts. Sailing yachts provide relaxing, stimulating, and soothing experiences. A superyacht is any yacht that is above 80 feet tall, while a megayacht is one that is over 200 feet high.
Luxury yachts are expensive to operate, including the salaries of professional and skilled staff. Chefs, room service professionals, etc. Today’s open-era pirates reduce tourist security on luxury yachts. Due to the high maintenance and price of luxury yachts, the luxury yacht market is also affected by the recession.