Luxury Yacht Market: Growing Potential of Floating Palaces Overview
The word yacht is derived from the Dutch word ‘jacht’ meaning hunt. Luxury yachts are also known as “Floating Palaces or Floating Real Estates". They are the epitome of luxury spending. Luxury yachts are privately owned, professionally crewed and highly expensive motor yachts.
The various stakeholders of the luxury yacht market are yacht manufacturers, brokerage firms and brokers, designers, harbour management services, equipment and accessory sectors, journalists and potential buyers.
The luxury yacht market is both a B2B and B2C market as HNWI (high net worth individuals) and UHNWI (ultra-high net worth individuals) are the direct customers, also there are companies that buy luxury yachts for commercial purposes.
Luxury yacht manufacturing companies are obsessively focussed on quality because it is the prime differentiating factor between luxury yachts and non-luxury yachts. These companies manufacture luxury yachts using fast patrol vessels, frigates, and interceptors, which are used by world navies for high security. Growing awareness of environmental protection has led to the manufacture of solar luxury yachts.
Luxury Yacht Market: Key Drivers
Luxury yachts come in the ultra-luxury category along with other products such as cars, jewellery, luxury watches and private jets. Manufacturers of customised luxury yachts enable tourists to access multiple helipads, cinema screens etc. during their travel.
Personalised services available while travelling such as ocean view through helicopters and island visits by speedboats are other driving factors for the growth of the luxury yacht market. The rise in the maritime and coastal tourism industry further contributes to the growth of the luxury yacht market.
Luxury Yacht Market: Challenges
Luxury yachts have a high cost of operation including the salary of skilled and professional staff i.e. chefs, room service professionals, etc. Today’s open era of piracy reduces tourist security on luxury yachts. The period of recession also affects the luxury yacht market because of high price and maintenance cost of luxury yachts.
Luxury Yacht Market: Trends
The new luxury yachts provide tourists a personalised beach experience for enhancing the luxury appeal of the yachts. Luxury yachts have inbuilt casinos that magnify the leisure experience of a tourist. These yachts provide modern facilities and convenience features in terms of technological advancements such as navigation aids, radars, echo-sounding systems and auto-pilot facilities. Latest manufacturing technology used to build luxury yachts increases comfort levels and security of the tourists.
Manufacturing companies are trying to build more eco-friendly luxury yachts using solar panels and installation of efficient hybrid engines. Wherever possible, recyclable materials are used to build luxury yachts for sustainable development.One of the latest trends in the luxury yacht market is innovation in the design of hulls, which enables cruises to have faster speed with lesser consumption of fuel.
Luxury Yacht Market: Outlook
Investment by governments of various nations in marine infrastructure is broadening the scope for the luxury yacht market. “Yacht Shows” across the continents such as the Miami yacht show and Abu Dhabi yacht show are gaining popularity amongst the rich class.
These shows attract potential buyers by demonstrating all features and amenities offered on a luxury yacht. The aesthetics and interior finish, concept, innovation, professional platform, high speed and huge capacity make the luxury yacht market as one of the most potential markets in the global tourism industry.
Luxury Yacht Market: Different Yacht Types
There are private as well as chartered luxury yachts. Private yachts are bought by rich individuals, HNWI and UHNWI clients who can afford to pay for such types of yachts. Luxury yachts can also be categorised as sailing and motor yachts. Sailing yachts offer soothing, stimulating and relaxing experiences. Super yacht is a yacht above 80 feet height while the Mega yacht is one above 200 feet height.
Luxury Yacht Market: Top Manufacturers
Amels in Netherlands is known as the best luxury yacht builder and it has the largest yacht shipyard. Blohm+Voss in Germany, with its shipyard located in Hamburg is the top builder of customised luxury yachts that have beautiful aesthetics and are technically advanced.
Christensen Shipyards in U.S.A. builds semi-customised luxury yachts and has a state-of-the-art shipyard in Vancouver. Fincantieri Yachts in Italy has 20 shipyards, three design centres and one research centre. Sunseeker International Ltd. in the UK builds both customised as well as semi-customised yachts with GRP composite materials and carbon fibres that reduce pollution.
The company has its shipyard located at Dorsen. Other major manufacturers in the luxury yacht market are Feadship, Heesen Yachts and Oceano of Netherlands, Lurrsen of Germany and Perini Navi of Italy.
This comprehensive report equips readers with lucid information and analysis on the sector. Future Market Insights’ experienced travel and tourism analysts bring to you accurate and unbiased information to help you make crucial decisions with confidence.
The report offers a 360° view – bringing to the fore key drivers, restraints, opportunities, and challenges prevailing in the sector. To offer readers actionable insights, detailed information on historical trends, current scenario, and future projections is provided in the report.
The report specifically focusses on the leading companies operating in this sector, highlighting their key developmental strategies. A holistic analysis of the leading players is highlighted to help decision makers understand the overall competitive landscape.
What Can Readers Expect from this Report?
- An overview of the sector, including the key factors that have shaped patterns and demand
- Not just data, but insights that you can incorporate in your strategic decision making
- Nuanced underlying factors that influence consumer behaviour
- Data points to understand the past, analyse the present, and project the future
- Trends that will impact the sector in the short- and long-term
- Deeper understanding of the target audience, their motivations, aspirations, and expectations from service providers