Gulf Craft to introduce two new Majesty Yachts – Majesty 111 and Majesty 160 – to further strengthen offering as a result of growing demand
Gulf Craft’s flagship range of Majesty Yachts over 100 feet continue to grow in popularity amongst new yacht buyers thanks to their unrivalled chartering capabilities. As the yacht charter market continues to grow exponentially, the manufacturer is highlighting opportunities for customers to charter their yachts, adding return on investment to the list of benefits of yacht ownership.
According to the Yacht Charter Global Market Report 2022 by Research and Markets, the yacht charter market is expected to grow to $19.29 billion by 2026 at a Compound Annual Growth Rate of 9.5%. The growing popularity of luxury marine tourism is expected to propel the growth of the yacht charter market going forward.
Launched in 2004 as the company’s flagship brand, Majesty Yachts is recognised industry wide as an innovator in the use of composites and made headlines globally with the production and delivery of the Majesty 175 – the world’s largest composite-built production superyacht.
Represented across Europe, USA, Middle East, Africa, Asia and the Pacific through a robust network of over 32 dealers, the Majesty Yachts lineup has become a popular choice for yachting enthusiasts thanks to their lightweight performance, competitive fuel economy and ability to navigate shallow waters. Majesty Yachts also boast generous volumes offering an unprecedented number of cabins thanks to clever design layouts which maximise interior spaces; which is a key consideration for many international marine lifestyle enthusiasts.
Europe, which was the largest region in the yacht charter market in 2021 as per the report, and traditionally a steel hull-focused market, has seen demand pickup for Gulf Craft’s yachts made from composites. In North America, the brand is currently present in the United States, which has witnessed a significant uplift in sales in recent years. Gulf Craft will continue to introduce new models to the market as the continent is expected to be the fastest-growing region in the forecast period.
In Australia, sales have predominantly been led by charter purchases. Whilst yacht chartering has long been popular in the country, it continues to grow in demand as owners recognise the remarkable opportunity to gain stronger, long-term returns on investment, making the purchase of a yacht as significant and valuable a proposition as investing in other assets.
GCC countries have also witnessed a rise in demand for chartering services. The UAE has emerged as a major hub for yacht tourism and is a thriving market offering marine enthusiasts from all over the globe an unparalleled lifestyle experience. In Saudi Arabia, the raft of upcoming infrastructure giga projects such as NEOM, The Red Sea project, The Rig, and Amaala have all sparked international interest from investors, many of whom wish to include yachting in their luxurious lifestyles.
This year Majesty Yachts has already expanded its portfolio with the arrival of the eagerly anticipated Majesty 111 – the yacht redefines industry standards and sets the precedent for all future Majesty models, offering more than ever before in terms of design, engineering, architecture, and technical features.
Also in the pipeline is the brands second largest vessel, the Majesty 160 which was announced at Monaco Yacht Show last summer. The Majesty 160 will be a class apart in its segment with its exceptional interior and exterior design, naval architecture, and state-of-the-art engineering and technological features.