Nautech was at the Milan Stock Exchange for the presentation of the joint study ‘The State of the Art of the Global Yachting Market’, conducted by Confindustria Nautica and Deloitte. Here’s a closer look at the latest data on the Superyacht Industry and global market trends.
A Booming Market
The Global Yachting Market continues to expand, reaching €33 billion, with over €25 billion generated by the Superyacht Industry alone. The Italian Shipbuilding sector is also experiencing a strong upward trend, with a turnover of €4.4 billion, marking a 20% increase compared to the previous year. Italy remains the undisputed global leader in superyacht production, holding a 54% market share in volume and 31% in order value.
Key Research Areas
Marina Stella, Director General of Confindustria Nautica, highlighted that this study provides a comprehensive analysis of the Luxury Yacht Trends and industry evolution. The research covers various aspects, from the superyacht order book to an evaluation of market consolidation, demand potential, and long-term growth prospects for the Italian Shipbuilding industry.
Strong Industry Growth and Export Performance
The yachting sector remained resilient throughout 2023, maintaining the positive growth trend seen in recent years. The industrial segment, including boatbuilding, marine equipment, and engines, is expected to exceed €8 billion in turnover.
A significant driver of this growth is shipbuilding exports, with Italy reaching an all-time high of over €4 billion in yacht exports. The US remains the largest market for Italian shipyards.
In 2022, the Global Yachting Market for new builds reached €33 billion, recording an 11% year-on-year growth and a CAGR of +10% since 2014. The expansion is driven by rising demand from new buyers, with North America and Europe dominating 70% of the market.
Superyacht Market Trends
The global superyacht order book reached 600 units, marking a 21% increase over the previous year, with a value of €25.3 billion. The strongest demand comes from the 30-40m segment, particularly for steel and composite yachts.
Luxury Market Penetration & Ownership Trends
Although the Luxury Yacht Trends segment represents only 1% of the luxury market, it has shown a solid CAGR of +5.4% since 2019. Despite a 4% decline in the number of billionaires in 2022, the superyacht order book grew by 21%, indicating significant untapped potential. Projections for U-HNWI growth remain positive at +5% CAGR from 2023-2028, driven primarily by emerging markets.
M&A Activity in the Yachting Industry
Between 2021 and 2023, the yachting industry witnessed around 400 M&A deals, with 57% concentrated in downstream segments and 58% occurring in North America. In Italy, 30 transactions took place, with 50% involving marine components and equipment and 40% linked to shipyards.
Italy’s Global Leadership in Shipbuilding
The Italian Shipbuilding sector remains a key player in the Global Yachting Market, with exports accounting for 90% of domestic production. Italian shipyards specialize in inboard yacht production (91%), which has recorded a CAGR of 15.6% from 2017 to 2022.
The superyacht industry in Italy is highly fragmented, with 90% of operators generating only 17% of total production, while the top 10 shipyards account for 83% of the sector’s value. Italy remains the global leader in superyacht production, with a 54% market share in volume and 31% in value.
Positive Outlook for the Yacht Market
Looking ahead to 2023 and beyond, the Italian Shipbuilding segment is projected to grow by 5-15%, driven by orders secured during the COVID period. The global yacht market is expected to grow at +6% CAGR from 2024 to 2026, with large yachts driving demand while smaller craft see slower expansion.
“The yachting industry continues its global expansion, with the superyacht segment leading the way. This is great news for Italian companies, whose passion for craftsmanship and quality keeps Italy at the forefront of the sector.” – Ernesto Lanzillo, Private Leader, Deloitte Italia.
