A stellar year - RINA.org

A stellar year

29 Aug 2022

Despite the difficulties posed by the pandemic, the yacht industry logged a stellar performance in 2021 with sales of both new and used superyachts setting new records. Sales of yachts between 30 and 40 meters more than doubled, and almost tripled for the segment between 60 and 80 metres.

At the start of this year, the global yacht fleet over 30 meters consisted of 5,396 yachts, divided 84%/16% between motor and sailing yachts.

The new build market also performed strongly. Some 154 superyachts were completed last year, up from 2020’s 151, and this number is expected to rise again as yachts delayed from last year are finally completed. We forecast completions to increase by 29 yachts in 2022, bringing the total to 180. Overall, the number of yachts actively in-build at yards worldwide increased by 104 units to 558.

Over the past decade, a total of 320 shipyards have delivered one or more superyachts or are currently building a superyacht. 27% of the shipyards are based in Turkey, where an average of two yachts were built per yard over the last ten years. By comparison, 21% of the shipyards are based in Italy where yards built an average 11.6 yachts per yard in the period. British shipyards have been the most productive, with an average output of 17.1 yachts per yard. A total of 30 shipyards are currently in the process of building their first superyacht. Conversely, just 21 yards are currently building yachts over 80 meters, and only 13 yards are building yachts with a volume over 3,000 GT.

In the refit market, SuperYacht Times recorded 1,397 visits to yards for refits by yachts over 30 meters in 2021, compared to 1,390 in the preceding year. US yards were the most popular destination, attracting 28% of visits over 20 facilities. Italian yards handled 20% of refit visits, but spread between 44 different facilities, making it the country with the most refit sites. Spain and Italy handled the highest number of large yachts over 60 meters, while the US led in both the 30-40 meter and 40-60 meter categories.

US-based clients own the largest share of superyachts over 40 meters, at 23% of the total fleet. Russian owners come in second, with 9% of the fleet, followed by the UK and Greece with 6% each. Turkey and Italy close out the list of top yacht owning countries with 5% each.

Looking forward, we can identify some key trends for 2022 and beyond: the increase in ultra-high-net-worth individuals will continue to drive growth in the yacht market, while explorer yachts will maintain their momentum and enjoy increasing demand. The ‘metaverse’ - something of a buzzword in 2021 - will become increasingly important, with Meta Yachts and builder Oceanco recently introducing their first superyacht NFT collections. Yacht design will also incorporate more ‘gamification’, with large monitors, virtual reality, gaming rigs and stations. However, sustainability will be the priority, with an acute focus by yards and owners on eco-friendly and sustainable products.

The future will not be without challenges - among them, the transition towards increasingly sustainable yachts, the need for safety at all times, and the need to ensure welfare across the production chain - but with proper management, we envisage a prosperous period ahead for our industry.