Owning a yacht has always been seen as the pinnacle of wealth and success. If you are able to close a deal on your yacht you know that you’ve arrived. Although Covid-19 has slammed the breaks on many people’s earning capacity, this hasn’t had an adverse effect on the yacht trends, statics and facts that we’re seeing emerging.
- The luxury yacht market is worth usd 16680 million in the period 2022 – 2028
- Millennials prefer to charter a yacht
- Explorer yachts are continuing to rise in popularity
- Sustainability and the eco superyacht
- Style, customization and personalization within the yachting sphere
Jump To a Section Below
The Luxury Yacht Market Is Worth USD 16680 Million In The Period 2022 – 2028
As the global economy is slowly mending from the ravages of the Covid-19 pandemic, the 2021 growth of luxury yachts will have a very important change from the previous year. According to the latest yacht statistics, the global luxury yacht market size was USD 10860 million in 2021. The global luxury yacht market size will get to USD 16680 million in 2028, which translates into a growth rate of a CAGR of 6.3% over the period. This is incredible growth in yacht statistics.
Millennials Prefer To Charter A Yacht
In terms of yacht trends, we’re seeing that the average age of superyacht owners has dropped by almost 10 years in the last 20. A similar pattern is anticipated over the next 20 years, with the bulk of superyacht owners sitting between the ages of 35 and 45 years of age at the end of it.
Besides that, there has been an astounding increase in the demand for motor yachts over the last couple of years, with sales reaching a 13-year-high.
While the social distancing norms have certainly turned the new generation’s attention towards the sea, a steady shift has been seen since even before the pandemic hit the world. It is a safe, peaceful, and easily available alternative as compared to land-based recreational alternatives.
A lot of aspects of the yachting industry, however, have altered significantly. The former and the future generations do not share the same type of priorities. The impact is so considerable that many yacht manufacturers have developed a new design category for millennials and GenZ. This new category takes into account their point of view, expectations and leanings.
Explorer Yachts Are Rising In Popularity
It’s difficult to imagine a more eloquent symbol of success than possessing a superyacht. Such ships require not only massive amounts of money to purchase but they are also costly to maintain and use.
Parking costs, maintenance funds and crew salaries are certainly not available to everyone. However, it is also quite true that the number of very rich people is increasing in the world. The challenge which faces the superyacht industry – attracting the attention of as many of these rich people as humanly possible. Which, in general, is not so straightforward.
When speaking about yacht facts just 2.4% of those who are currently able to afford to own a superyacht do so. A part of the problem is that while these huge boats look impressive, they are not always quite as enjoyable. A lot of superyachts are designed for calm seas and calm sailing.
They often need to stay relatively close to shore-based support services if something goes wrong. It is exactly because of this reason the Mediterranean boasts 70% superyacht traffic in spite of the fact that it only has the world’s 4% coastline.
While some superyacht owners are no doubt very happy to enjoy the summer while drifting peacefully across the Mediterranean, other people crave far more adventure. As a result explorer yachts – which are also known as expedition yachts – are becoming far more popular. They are suitable for long sea voyages and offer the same comfort in both arctic and equatorial conditions. They are the ships which are most in demand among today’s corporate clients.
Sustainability And The Eco Superyacht
At the moment, as one of the major yacht trends, there is growing awareness surrounding the environmental effect of diesel-powered yachts on the atmosphere and the ocean. And the industry is responding.
By 2030, Oceanco – which is a Dutch shipyard – hopes to be utilising 100% renewable energy for its electricity use and be 100% waste-free or circular across the whole supply change. They’ve already started installing renewable energy systems in their facilities. It Alblasserdam facility presently generates 250,000kWh per year of renewable energy, covering almost the entire electrical energy demand in the building. The ultimate goal is to be one of the world’s most sustainable yacht builders.
Almost every major yacht builder and charter company has made a commitment to protecting the environment through creating philanthropic foundations or – alternatively – partnering with existing organisations doing well. Goals include:
- Reducing fuel consumption,
- Promulgating the creation of marine reserves,
- Providing solutions to overfishing and carbon offsetting,
- Eliminating plastic, and
- Utilising materials that focus on the circular economy.
One major non-profit which has attracted a number of major shipbuilders (including Benetti, Feadship, Heesen and Lürssen, to name a few), technology companies, design companies and others that are linked to the yachting industry is Water Revolution Foundation (WRF). This company’s goal is to create a science-driven approach to yachting and to also neutralise the industry’s ecological footprint. The organisation provides much-needed guidance, assessments and tools for companies who are looking to make a positive change.
Style, Customization And Personalisation Within The Yachting Sphere
Superyachts can be defined as the very highest form of luxury asset, which each owner personalises according to their tastes and preferences. From the incredible quality in design to the materials utilised in order to bespoke tailor-made onboard services, yachts offer limitless space and features that can be personalised to one’s own tastes.
From a sales perspective, personalisation and customisation are essential to make yacht owners feel special and respected. Owners of yachts constantly want to feel powerful, attractive, and successful. For them owning valuable and bespoke assets is a “must”, in order to feel accepted in their society. Rather, from a charter standpoint, the most important part is not the asset itself but the experience.
On the one hand, first-time charter clients might want merely to explore this new cruising experience, benefitting from a high level of privacy, comfort and service. On the other hand, other kinds of charterers may be looking for a great thrill and fun, seeking to explore the unseen and practice all types of water activities and sports.
So if you like the idea of lazing away hot summer afternoons on a yacht, and have the capital to afford one, we say go for it!