Superyachts: Slight Market Decline in 2024, Potential Recovery in 2025
Superyacht Times, the leading international media in the yachting sector, recently published "The State of Yachting," analyzing last year's performance and providing forecasts for the current year. Here are the key findings:
In 2024, global sales of superyachts over 30 meters slightly declined in both new builds and pre-owned segments, although the slowdown significantly eased compared to previous years. New yacht sales decreased from 206 to 195 units, while used yacht sales dropped from 315 to 305 units, representing a reduction of approximately 3-5%.
Analyzing yacht sizes, new sales significantly slowed in the 30-40 meter segment. Conversely, the 40-50 meter segment saw growth for the second consecutive year. Sales remained stable in the 50-60 meter range but nearly halved between 60-80 meters. However, the segment over 80 meters nearly doubled its sales compared to 2023.
Growing Global FleetBy early 2025, the global fleet of yachts over 30 meters comprised 6,022 operational units, with around 123 temporarily out of service and 222 permanently lost since 1945. Motor yachts dominate the fleet (85%), while sailing yachts account for 15%. A total of 228 new units were delivered in 2024, the highest since 2008, indicating increased shipyard production capacity driven by record orders from 2021-2022. Approximately 210 deliveries are forecasted for 2025.
Order Book: Increasing Speculative YachtsThe global order book includes 691 superyachts, slightly down from 695 in the previous year. Around 32% of yachts under construction are available for sale, an increase from 25% in 2023, with 188 of these being speculative builds.
Pre-Owned Market: Fewer Sales, Higher PricesUsed yacht sales decreased by 3%, yet the average final asking price rose by 14%, reaching €33,865 per GT (Gross Tonnage).
Shipyards: Italian and Turkish LeadershipOver the last decade, 296 shipyards have built superyachts, with 217 currently active. Italy remains the top producer, averaging 16 yachts per yard, while Turkey leads in active shipyards but with an average of only 2.7 yachts per facility.
Refit Market: US and Italy at the ForefrontIn 2024, approximately 2,100 refits were carried out on yachts over 30 meters. US shipyards handled 21% of these refits, followed by Italy with 19%, despite Italy having more active facilities.
Ownership: US Leads the MarketUS clients own 23% of the global fleet above 40 meters, followed by Russia and Greece, each with 7%. Recent years have seen a significant decline in Russian buyers and a notable increase in Chinese ownership.
Outlook for 2025Despite economic uncertainties, particularly in the US, 2025 could witness a market recovery, driven by increased availability of speculative yachts and price stabilization. The segment above 80 meters already indicates substantial recovery, primarily fueled by American buyers, suggesting the onset of a new positive market cycle.
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