Luxury Yacht Market Analysis 2019-2025
Luxury yachts are large, luxurious, professionally crewed motor or sailing yachts with lengths varying from 75 feet and expanding to more than 250 feet.
They are privately owned but are often available for charter as well and offer a seamless and splendid experience full of the highest standards and comfort.
Luxury yachts are like floating stately homes, with many of them offering the most sophisticated and luxurious facilities on board, such as jacuzzis, spas, gymnasiums, saunas, sun pads, helipads…the list really is endless and sometimes extravagant.
This does of course mean that there are numerous job opportunities if you are interested in this kind of lavish lifestyle at sea, in all sorts of different roles. If you enjoy being at sea and you are looking for a career that will take you all around the world with a generous tax free salary, then working on a yacht could be for you, especially if you have some relevant skills or experience suited to working on board a super yacht. Read more about the yacht industry recruitment process.
In 2017 the luxury yacht market size was valued at $5,703.4 million. It is expected to reach $10,205.7 million by 2025, registering an annual growth rate of 7.8% from 2018 to 2027.
Key factors that drive the growth of the luxury yacht market include:
- A change in lifestyle of people fuelled by growth in high net worth individuals;
- A rise in inclination toward recreational and leisure activities; and
- A surge in the trend of yacht tourism.
Furthermore, customised solutions according to billionaire owners’ specific requirements and designs have created even more new opportunities for the growth of the luxury yacht market.
Novel innovations such as advanced composites and multi-hull yachts have gained huge traction in recent years, which in turn are anticipated to create lucrative opportunities for the market expansion in the upcoming future.