The global yachting market reached 33 billion euros in 2022 with more than 25 billion deriving from the superyacht segment alone.
The figures are from a joint study entitled ‘The state of the art of the global yachting market’ carried out by the Italian Marine Industry Association and Deloitte using the latest figures available.
The study also found the Italian boatbuilding industry increased by 20%, with a turnover of 4.4 billion.
Similarly to the global situation, yards that build of superyachts make up a significant share of Italy’s production, a segment in which Italy has a 54% share in terms of volume and 31% in terms of order book value.
“The yachting sector has remained solid throughout 2023, maintaining the same reactive growth trend that has defined the post-pandemic years: turnover in the industrial segments (boatbuilding and the production of marine equipment and engines) is expected to even exceed the record value of 8 billion euros,” said Stefano Pagani Isnardi, head of the Italian Marine Industry Association’s Market Intelligence and Research Department.
The yachting sector has remained solid throughout 2023, maintaining the same reactive growth trend that has defined the post-pandemic years.
Stefano Pagani Isnardi, head of the Italian Marine Industry Association’s Market Intelligence and Research Department
“Among the key factors fuelling this growth is shipbuilding exports, having reached an all-time high in exports of yachting units produced in Italy in 2023, exceeding the significant threshold of 4 billion euros, with the USA continuing to be the most important market for our shipyards on the global market.”
Globally, the yachting market saw growth of 11% in 2022 – the latest figures available – and a turnover of 33 billion euros, consolidating the compound annual growth rate of +10% since 2014.
The increase is due in part to a growth in prices but also on the increased demand of new buyers.
Geographically, North America and Europe dominate the market, accounting for approximately 70% of the global market.
In terms of propulsion, motorboats represent approximately 90% of the market; in North America outboard engines take the lead at around 70%, while in Europe inboard engines represent about 50%.
+21% growth for the superyacht market
During 2022, the global superyacht order book reached 600 units: up 21% compared to the previous year and with a value of 25.3 billion euros – 60% of which is generated by the over 60m segment.
The demand for new orders is primarily fuelled by the segment representing units measuring between 30 and 40m, with the majority of these built using steel and composite materials.
Luxury market penetration
The study found that while there has been a continuous recovery trend in profitability in the ‘high-end’ yacht segment, with a 5.5% increase from 2015 to 2022, it falls behind other luxury sectors.
There is also a limited amount of penetration in the luxury market compared to potential demand.
In Italy, the production value of the Italian shipbuilding industry was around 4.4 billion euros in 2022, an increase of 20% over 2021 with 70% generated by yards that also produce superyachts.
Compared to the global market, Italian shipyards are primarily focused on the production and sale of inboard boats (91% against 52%), registering a compound annual growth rate of 15.6% over the period between 2017 and 2022.
Around 90% of all domestic production was exported.
The study found the Italian shipbuilding industry is the second largest in the world accounting for around 15% of international yacht production – an increase of 2% compared to the previous year. This rises to around 25% when it comes to the inboard segment.
However, the Italian yachting sector continues to be highly fragmented, with a high presence of small to medium-sized manufacturers.
90% of operators generate 17% of national production, while the top ten producers account for 83% of the sector’s value.
Market share
In the superyacht sector, Italian shipbuilding has a market share of 54% in terms of volume and 31% in terms of order book value.
In 2023, growth in value of the Italian shipbuilding production segment (new build) is thought to have increased between 5% and 15%, driven in part by the delivery of orders taken during the Covid pandemic period.
Growth in the global retail yacht market (new build) is expected to have increased by 8% in 2023, and is anticipated to normalise between 2024 and 2026 with a predicted compound annual growth rate of 6%.
Large yachts will act as the most significant driving force behind market growth, while the craft boats segment is expected to slow down.
The sailing segment will continue its positive trend with a growth rate of approximately 3% to 5%.
M&A across the global yachting industry
Between 2021 to 2023, the yachting market saw around 400 mergers and acquisitions (M&A), most of which were in the supply chain (around 57%), primarily in North America (around 58%).
Marine operators accounted for approximately 60% of these M&A deals, while financial investors contributed around 20%, marking a slight increase on the previous period analysed (+3%).
In Italy, 30 M&A deals took place, of which around 50% were related to marine components and equipment, while approximately 40% involved shipyards active in the construction segments of the industry.
