According to a report published by Allied Market Research, the global luxury yacht market size was valued at $ 5,703.4 million in 2017, of which Europe occupied around two-thirds of the market share for 2017, but now is projected to reach $ 10,205.7 million by 2025.
Luxury yachts these days have evolved to be very different from their earlier counterparts. Originally built for speed, yachts came from very humble beginnings and most certainly were not designed for comfort or luxury with very sparse, minimal furnishings and amenities.
Nowadays luxury yachts are designed for a very limited target audience such as business billionaires and rich celebrities with a high-net-worth. Vessels of 75 feet and over are classed as luxury yachts and come with a whole raft of high-quality facilities, plush furnishings and a crew of dedicated staff to manage the boat and look after your every need.
Fully personalised amenities and facilities
What makes the idea of owning a mega-yacht so appealing is the fact that you can customise your million-pound build to suit your personal tastes and needs. At the end of the day, luxury yachts can be considered to be floating homes that you can move with you to just about any country you fancy living in for a while.
Super-rich owners tend to choose to install a lot of facilities to keep them fit, active and entertained for weeks at sea. Top of the list for most high-end luxury yachts includes Jacuzzi spa baths, fully equipped gymnasiums, Swedish saunas, mini cinemas and swimming pools.
Pre-20th Century technologies meant that most yachts were designed to be powered by sails until the development of the steam and motor engines. Steam-powered engines allowed for the development of large cruise liners and the ambition to build vessels that could travel long distances from shore to shore became the new target for shipbuilders and shareholders.
While journeying to far off lands aboard large passenger liners became the new craze for the landed gentry, and trade ships radically evolved their fleet switching from sail to steam, it wasn’t really until the invention of the motor engine that yachts took a massive technological leap.
Since the early 20th-century luxury yachts have come to the forefront as the most desirable object to own for the super-rich. Shipbuilders and boat designers were allowed to use developing engine technologies to enable them to build, larger, higher-powered and more daring vessels.
Because they had more ‘elbow-room’ to play with, shipbuilders could start working more closely with interior designers that were more used to fitting out luxury hotels. Using their knowledge and creative eye, interior designers could use their creativity to design more extravagant interiors giving yachts more style, comfort, liveability and prestige.
Over the decades with the advancements in modern technological innovations, shipbuilders could build much larger vessels and make them easier to handle. The development of hydraulic, electrical and digital technology has enabled super-sized yachts to be managed with minimal manpower, meaning yacht owners need fewer crew members to manage their boat.
A higher level of customization
Modern luxury yachts can now cater for just about every whim that their owners throw at the shipbuilders and design team. Customers now demand extra customizations such as accommodating for water sports equipment for recreation, including such things as tenders, jet skis and even mini-submarines.
For true party-loving luxury-yacht owners, the addition of dance floors and DJ decks is an absolute must, so yacht builders and designers really have their work cut out for them if they want to make a multi-million-pound sale.
Although luxury yachts are a niche market, those being catered for in that market are very demanding customers that can be hard to please. With exacting standards and an expectation of being over-delivered on their requirements means that the luxury-yacht market will remain buoyant and in demand well into the future, hence the prediction that the market is projected to reach $ 10,205.7 million by 2025.
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