- Luxury yacht market to double in value to $12.8bn by 2031 amid marine tourism booms.
- Growing wealth in established and emerging markets driving demand for superyachts, sailing yachts and chartering services.
- Rising demand for reliable global money transfer services to enable yacht-related payments.
The luxury yacht market is set to surge in value through 2030 as an increasingly affluent middle class looks to buy and rent vessels for water-based holidays and activities.
This has brought focus onto international money transfers as affluent customers are sending large amounts of money to yacht-based service providers abroad.
New research forecasts the industry for luxury yachts will more than double in value to $12.8bn in the next decade amid a marine tourism boom and rising demand from wealthy consumers.
As more people charter vessels for special occasions such as weddings and holidays in faraway destinations, the need for reliable global money transfer services will only increase.
The Transparency Market Report found business executives and world leaders are eschewing land-based meetings in favour of off-shore conventions on superyachts.
The demands of the ultra-wealthy elite will also evolve with millionaires and CEOs of large corporations eyeing extravagant upgrades and customisation.
A report by Allied Market Research shows there are now more than 250,000 ultra-high net worth individuals (UHNW), and many want luxury yachts to showcase their wealth.
These yachts are likely to have eye-catching amenities such as helipads, saunas and cinemas, and onboard watercraft in the form of jet skis and motorboats.
It all adds up to a thriving yacht market which, based on current trends, will grow by 8.0% annually by 2031.
Sailing yachts are also growing in popularity with holiday-goers who want luxurious getaways but value leisure crafts' low operational costs and fuel efficiency.
It comes at a time when luxury yachts are becoming more advanced and accessible to the masses.
Designs of vessels have improved considerably in recent years, where a focus on style, sustainability and technological innovations has proved popular with first-time buyers.
Looking to the future, experts believe the luxury yacht market will see further growth and changes, with environmentally conscious consumers likely to favour electric-powered boats.
Larger yachts are now also easier to pilot, dock and maintain, especially with the rise of companies offering high-quality concierge and provisioning services.
Yacht owners are now accustomed to hiring chefs for expeditions and hosting live music and DJ sets.
Short-term rentals are also soaring as consumers opt for yacht and crewed chartering services for unforgettable getaways in exotic locations.
If you need to send money abroad for a dream holiday, or yacht purchase, our money transfer guides can help you to find the fastest and most secure payment routes.
