For those looking to purchase a superyacht, the luxury yacht industry in 2022 looks healthy despite the uncertainty surrounding many other sectors. The demand for premium yachts has never been higher, and the supply of high-quality new builds is finally meeting this demand after years of building up stocks due to low demand in 2015/2016 following the Global Financial Crisis of 2008/2009 and subsequent global recession. But what factors affect the superyacht industry, and how are these factors affecting business? Here's an overview of what's happening in the world of superyachts.
What does 2022 look like?
It's been a strange and challenging year for everyone, but the superyacht industry has weathered the storm and become more buoyant than ever. Order books are bulging, and there is unprecedented demand for boats. The industry is booming, despite some turbulence.
Worldwide Growth and Expansion
The superyacht industry is booming despite global turbulence. Several factors have contributed to this, including an increase in the number of ultra-high net worth individuals, a rise in the number of yacht-friendly destinations, and the development of new technology that makes yachting more accessible than ever. The industry is expected to grow at an unprecedented rate in the coming years.
The global superyacht industry is experiencing a boom, with sales volume up 30% since 2019. The market is being driven by a new breed of ultra-wealthy buyers from Asia, the Middle East, and Russia. These buyers are increasingly younger and more tech-savvy. They are also looking for more value for their money, which has increased the demand for used and charter superyachts.
Cost of Ownership
The cost of ownership for a superyacht has increased significantly over the past few years. Inflated prices for new builds, resale values, and maintenance costs have contributed to the increase. Despite this, the industry still sees strong demand from buyers willing to pay the high price tag.
Demographics of Buyers & Potential Market Size
The global superyacht industry is booming, with order books bulging and unprecedented demand for boats. Despite political and economic turbulence, the sector is expected to continue growing. The majority of buyers are from North America (43%), followed by Europe (31%), Asia (11%), the Middle East (8%) and Russia (7%). The total market size is estimated to be worth billions of dollars.
The global economy is still feeling the effects of the pandemic, but there are pockets of growth. The superyacht industry is one of them. Yacht sales are up, with many boats selling for record prices. The sector is buoyed by a combination of low-interest rates and increased demand from wealthy buyers looking for a haven for their money.
The superyacht industry is predicted to continue to grow in the next few years, despite turbulence from Brexit and the US-China trade war. This is due to increased disposable income, a desire for unique experiences, and the status associated with owning a yacht. The industry has responded by building more significant and luxurious yachts to meet this demand. As the market continues to grow, we can expect to see even more innovation and luxury superyachts for sale in the years to come.
You need to be a member of On Feet Nation to add comments!
Join On Feet Nation