MYS 2024 and the superyacht market: composite slows down, metal holds strong
The 2024 edition of the Monaco Yacht Show, held from September 25 to 28, reaffirmed its role as the central event for the global superyacht industry, attracting over 30,000 visitors, including yacht owners, brokers, and industry professionals. Despite a slightly lower attendance compared to previous years, the event offered its usual unique experience, showcasing 120 vessels – with a total value of over €4.7 billion – and presenting the latest innovations in elite yachting, launching new trends that will shape the future of the industry.
However, the occasion was primarily a moment to take stock of the market for these luxury vessels, which had experienced unprecedented acceleration in the years immediately following the pandemic. It was therefore expected that by 2024, the superyacht market would show signs of slowing down after the record growth of 2021-2022, returning to 2019 levels. According to mid-year data, global transactions fell by 12% compared to 2023, with a 25% drop in both new and used yacht sales. Overall, the number of yachts sold decreased by 29%, with only 366 units sold in the first half of 2024. This slowdown is less pronounced in the segment of yachts over 30 meters, where new unit sales fell by 17% compared to the previous year. The most affected, therefore, were smaller vessels, those up to 24 meters in length, typically built from composite materials and produced in series.
Within Port Hercule, Monaco's historic harbor where the MYS takes place, the yachts on display had an average length of 50 meters, with the 122-meter "Kismet" by Lürssen being the flagship of the event. Once again, the show reflected the state of the market, as in the 40 to 60-meter metal yacht segment, where Italian shipyards dominate, several yards still have full order books for vessels to be delivered over the next two, three, or even four years. The success of Italian shipyards is attributed to the quality of construction, greater flexibility in customizing yachts even during production, strong brand value, and undoubtedly more competitive prices compared to the traditionally benchmark-setting Northern European shipyards. Conversely, some Dutch shipyards appear to be losing market share, despite their established reputation, with some of that share being eroded by both Italian and Turkish players, the latter of which are even more competitive in terms of pricing while now ensuring excellent quality.
Another notable trend from the Monaco Yacht Show was the near disappearance of sailing yachts, especially new models, from the exhibition. Given the increasing focus on sustainability in yachting and the fact that wind and sails remain the only truly green propulsion system available to owners today, the limited number of offerings was disappointing, particularly as analysts predict growth in the sailing yacht market. Currently, sailing yachts account for about 15% of the total market, which is otherwise dominated by motor yachts, but this figure is expected to rise in the coming years.
On the other hand, companies working in the refit sector are thriving. This market is driven by the demand for technological upgrades to existing fleets, as well as functional and aesthetic restyling that can enhance the onboard experience according to the latest standards. In 2023, the superyacht refit market reached a value of approximately $2.5 billion, with significant growth projected for 2024 at around 8%. However, despite the growth, green solutions have yet to gain substantial appeal, with several industry players noting that their high costs and limited efficiency are still deterring yacht owners from adopting them.
One of the most discussed aspects of this year's Monaco Yacht Show was the growing commitment from shipyards building new yachts toward sustainability. The show's "Sustainability Hub," a section entirely dedicated to green yachting and first launched in 2022, returned this year with several companies presenting innovative technologies to reduce the environmental impact of yachts. The Monaco Yacht Show also hosted numerous debates and conferences on this topic, focusing particularly on the adoption of alternative fuels and emission-reduction solutions. Energy efficiency was a central theme, and accessory suppliers had the opportunity to showcase the latest in technology and innovation. However, it is worth noting that, despite the push towards green solutions, the real innovations in this area remain limited.
