Luxury Yacht Market to Go On Healthy Ride at a CAGR of 8.0%
, 2023-01-15 22:44:00,
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. Furthermore, introduction of new materials, such as structural glass have allowed yacht architecture to reach new levels of sophistication.
According to the report published by Allied Market Research, the global luxury yacht market generated $5.8 billion in 2020, and is anticipated to generate $12.8 billion by 2031, witnessing a CAGR of 8.0% from 2022 to 2031. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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The word yacht is originated from Dutch word jaght which means hunt or pursue. However, nowadays yachts are popular as large and luxurious vessels equipped with lavish amenities and are specifically designed for limited target audience such as ultra-high-net-worth individuals. Luxury yachts are vessels 75 feet and above and accommodated with sophisticated and luxurious and personalized facilities such as Jacuzzi spa, gymnasium, sauna, and sun pads. According to World Ultra Wealth Report, the number of ultra-high net worth individuals have net worth of $30 million and above in 2017, the number of ultra-high net worth individuals increased to around 255,810…
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