A 2022 report published by Allied Market Research projected the luxury yacht industry to have an 8% compound annual growth rate from 2022 to 2031, peaking at an estimated value of $12.8 billion.
Europe dominated the market share at over two-thirds of the total volume of luxury yachts in 2020, when the sector was valued at $5.8 billion. Italy alone accounted for 42% of the global production that year.
Part of the increasing demand can be attributed to the rise in ultra-high-net-worth individuals. Data from the World Ultra Wealth Report shows that there are over a quarter-million people worth at least $30 million.
Allied Market Research noted that many of these UHNWIs prefer luxury yachts as their mode of transportation while traveling, as they serve as a status symbol.
The consulting firm also highlighted the burgeoning yacht tourism industry, which combines recreational activities with comfort, style, and livability. Newer luxury yachts can accommodate customers interested in fishing, sightseeing, leisure sailing, and water sports.
Additionally, these vessels, which are at least 75 feet in length and can reach beyond 250 feet, are becoming easier to operate and maneuver and often include amenities such as jacuzzis, gyms, saunas, and other customizations.
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"The global luxury yacht market is expected to remain influenced by eternal need for luxury. Growth in trend of remote exploration have created new growth avenues for luxury yachts," said Aniket Kadam, a senior research analyst for consumer goods at Allied Market Research.
"Furthermore, introduction of new materials, such as structural glass, have allowed yacht architecture to reach new levels of sophistication."
While super- and megayachts are attracting prospective buyers from the middle class to the 1%, they have recently drawn the ire of residents living in coastal areas. Billionaires such as Dennis Washington, Mark Zuckerberg, and Jeff Bezos have been routinely panned for luxury yachts worth hundreds of millions of dollars.
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Definitely 👍 Not only do these ships epitomize wastefulness and economic disparity, but they also are significant polluters that contribute to all the repercussions of Earth's overheating. The Guardian estimated that a fully staffed superyacht with a helicopter pad and a swimming pool produces 7,020 tonnes of carbon dioxide annually — about 1,500 times that of the average family car.
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Luckily, some developers are working to transition yachts from dirty energy to more sustainable fuels, such as green hydrogen and solar power.
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