Industry experts say that the global yacht industry will reach a US worth of $74.7 billion dollars by 2022. A lot of this growth will come from the Asia-Pacific and Middle Eastern regions, where ultra high net worth individuals are beginning to purchase yachts for recreational cruising. This driving interest towards water-based sports, leisure activity, and marine tourism, is hugely beneficial for the overall markets of these countries.
We are beginning to see a larger demand for larger yachts, prominently known as “superyachts”, which come at a premium price tag. In terms of manufacturing and customization, we are also starting to see a stronger demand for more thoughtful and futuristic designs, as well as luxury performance and craftsmanship, which help to create memorable experiences on the water.
The Role of Specific Countries in the Yachting Industry
You may be surprised to find out that the United States plays the largest role in the worldwide yachting market. With that said, industry experts forecast that China will register the fastest CAGR over the entire analysis period, equivalent to 8.1%. As the number of millionaires and billionaires in China continues to grow, we can expect to see a rise in the interest of yachting as a sport and leisure activity driven by that rise in personal growth.
Chinese yacht manufacturers are beginning to rise to prominence in places like Shandong and Guangdong. The Chinese government is also planning to develop marine infrastructure, which will help to support yachts in the country.
A Few Specific Findings In the Yacht Industry
- Ultra high net worth individuals are beginning to purchase large sailing yachts
- Thanks to the rise in the number of female yacht buyers, there has been a major shift focus in terms of design. Whereas beer bars and pool tables were popular before, spa and beauty rooms are now becoming prominent design features on new yachts.
- There has been a recent spike in marine tourism, as well as coastal tourism, thanks to the growth of nautical sports and sailing.
- We are beginning to see a rise in the manufacturing of solar yachts as the new generation of yacht buyers seeks out alternatives to diesel-powered superyachts. In the same sense, the new generation of yacht buyers is seeking out eco-friendly kite-powered yachts as environmental awareness grows.
The Growing Need For Yacht Transportation
As the yachting industry continues to grow and come into new form throughout the world, the need for reliable and efficient yacht shipping services will also grow. United Yacht Transport is headquartered in Fort Lauderdale, FL, and specializes in transporting super yachts across the world. With a highly-skilled and experienced team of onboard and on-shore shipping specialists, United Yacht Transport is dedicated to providing all yacht lovers with efficient and reliable transportation solutions for their prized yachts.
This is why many people refer to United Yacht Transport as one of the most innovative and progressive yacht transportation companies in the industry. If you are looking for customized yacht transportation that will exceed your expectations, there is no reason to look any further. Make sure to contact one of our experienced staff members to get an estimate for your yacht shipping needs!