Over the next decade or so, the superyacht industry can expect steady progress in both boatbuilding and brokerage markets, with generic growth likely to check the destabilising shocks of geopolitical events and moderate the unsettling headwinds of global market movements.
However, to avoid being left behind with other businesses in the manufacturing sector, the industry will need to follow its fortunes in emerging markets (EM).
A superyacht owner spends 10-12% of the cost of the yacht annually to operate, including maintenance and repair. Therefore, policies related to higher and cross utilization of superyachts across countries could be a welcome move. Australia has recently taken a step in this direction.
There are few geographical markets that present the superyacht industry with the same opportunity for growth as the Chinese market. Still at a relatively early stage of yachting development, in terms of domestic infrastructure and ownership, China certainly has a large, and growing, pool of potential superyacht buyers.
The rapid growth of digitalisation in the yachting sector is revolutionising different areas of superyacht management, design, operation and efficiency, changing the guest and crew onboard experience, enhancing elite racing performance, improving safety and cyber security and increasing accessibility to worldwide and remote cruising.
With ambitious targets for cutting carbon emissions in the UK by 2035 and in the EU by 2050, the superyacht industry only has a limited amount of time to start producing yachts powered by suitable energy sources, especially when considering the lengthy design and build lead times.
The Australian Government will introduce the Special Recreational Vessels Bill 2019, allowing foreign-owned and flagged super yachts to charter in Australia. It is estimated to generate ~$1.5 Billion to the Australian economy.
Post-Covid, many companies in the superyacht industry are still facing financial headwinds, so they may opt to do more online meetings from a cost perspective. The tremendous amount of air travel taking place in the superyacht industry is both time-consuming and polluting, so there are also gains to be made from both an efficiency standpoint and an environmental point of view.
Previously, the use of glass was restricted because it was heavy, but now with better technology, glasses are being used to improve the structural styling of yachts, and not just doors and windows.
Ambient lighting and focus lighting has always been an important area of superyacht interior designers but now with growing LED usage, multi-colored lighting can be applied to previously inaccessible spaces.
Textiles/Fabrics are an important element in the interior design .Now, there is quite a lot of flexibility in customization (color,thickness) available in fabric/leather which was just not there a decade ago.
The global superyacht market is estimated at $XXB annually, growing at XX% CAGR by 2026.
Mediterranean has remained the most popular cruising region globally but now as more tourists explore Southeast Asia, there is a growing charter market for superyachts in the Thailand-Malaysia-Indonesia coastal region.But, the infrastructure to service and operate superyachts in this region is not that well developed.
The 25-30M superyacht segment account for ~35% of global superyacht PARC.30-40 Meter superyachts also account for a significant share of global superyacht PARC as well has under construction order-book.But, >40M segment has been growing at a much faster rate for past 5 years.About 70% of global superyachts in production are built in Italy.
The >100M ( gigayacht) category is still very niche and till date there are less than 60 giga yachts in existence or less than 1% of the global superyacht fleet.
The US is although the world`s biggest boat market has a very limited superyacht building industry.
More than 80% superyachts in operation are motor powered and the remaining are sail powered.About ~20-25% of superyachts in production are sailboats and the remaining are motorboats.
Below 60 metres , Italy is the number one superyacht manufacturing country with around 50% global production share.
June 2021 – The 74m NB66 launched at the Turquoise Yachts Istanbul shipyard with delivery expected for September. The yacht has an LOA of 73.6m, a beam of 14.2m and a draft of 4.05m. The GT has been calculated at 1558, with the vessel comprising a steel hull with an aluminium superstructure.
June 2021 – UK tender manufacturer Pascoe International unveiled a new 12m Limousine model. The new design will deliver superb craftsmanship to guests while they are transported from the shore to the yacht, as well as during exploratory trips and day adventures.
June 2021 – The Oceano 50 is the new 50-metre addition to Mangusta’s range of long-range displacement vessels. The steel hull and aluminium superstructure lines are from Alberto Mancini, working with Mangusta’s in-house engineering department, while P.L.A.N.A Design undertook the naval architecture, all of which falls under the 500GT mark.
June 2021 – Codecasa Shipyards announced the launching of the new Codecasa 56 – Hull F78 The superyacht, stands at 56m and features a steel hull with an aluminium superstructure. The four decks of the yacht feature elegant large windows that naturally brighten the interiors and display the refined exteriors.
June 2021 – Tecnomar by The Italian Sea Group, a global operator in the luxury yachting industry, has successfully launched in June, the first Tecnomar for Lamborghini 63, avantgarde motor yacht coming from the encounter between yachting excellence and supersport cars.
May 2021 – Gulf Craft announces launch of Majesty 175, The Majesty 175 was first announced at the 2016 Monaco Yacht Show and marks a step forward for superyacht production in The United Arab Emirates.
April 2021 – The impressive 50m Columbus Sport M/Y K2 launched and has undertaken her first sea trials. Built at Columbus Yachts’ Ancona shipyard in Italy.
Feb 2021 – Amels Launched 74m Superyacht Synthesis. The Synthesis has a GT of 1,790 tonnes and six deluxe suites with ensuite bathrooms for 12 guests – and two of these cabins are main deck VIP suites.
Jan 2021- Seven deck 107m ocean liner-inspired superyacht concept revealed. It has a ceiling height of 2.7 metres and a 17-metre beam and can accommodate 20 guests in 10 double guest cabins.
Dec 2020 – Heesen announced the sale of its 49.9-metre Steel Class yacht- Project Oslo24 planned for delivery in March 2024.
Nov 2020 – Sanlorenzo revealed the 35.75-metre SD118, it has space for up to 10 guests. The upper deck has an asymmetrical configuration designed by Bernardo Zuccon.
The superyacht market competitive landscape is highly concentrated among few European and Asian players.Italy based Sanlorenzo, Feretti and Azimut-Benetti are among the top 3 superyacht builders globally. Taiwan based Horizon yachts( 92 yachts built till date) and Ocean Alexander(45 yachts delivered till date) are among the leading players from Asia.
Inmarsat, the world leader in global, mobile satellite communications, has launched its Digital Yacht initiative.To explore the potential of reliable connectivity and digital solutions to introduce exciting new technology and innovative systems, The series features a combination of online and live event formats and supporting content to help the superyacht, yachting, explorer and racing communities capitalise on the latest developments in onboard connectivity and harness the power of the new digital era.
Nautique is widely acknowledged in the leisure market as the world’s leading manufacturer of luxury wake and ski boats and, in recent years, this accolade has been increasingly recognised by the superyacht industry. With more and more Nautique boats being delivered onto superyachts as multi-functional watersports and guest tenders, Superyacht Tenders and Toys has been appointed as Nautique’s global superyacht dealer.
Baltic Yachts has won a contract to build a 110ft sloop. The project represents the third Baltic superyacht to feature electric propulsion as environmental considerations continue to dominate designs following the launch of Baltic 142 Canova and the imminent launch of the Baltic 117 Custom.
Bosch recently announced its intention to invest one billion euros in fuel cell technology by 2024 and, last month, the company entered into cooperation on fuel cells with China’s Qingling Motors to develop, assemble and market fuel cell systems for the Chinese market as trucks are similar to yachts in that they need high power for long durations and [fuel cell] is definitely a preferred way.
The yacht charter business is evolving rapidly in Europe and the market leader Azimut Benetti has already launched low cost ownership schemes and charter initiatives such as the Azimut Charter Club to reduce costs for the owners. Benetti is also working with Siemens on a hybrid propulsion powertrain for superyachts with 30-40M length application. Benetti will deliver 15 superyachts out of 118 scheduled for delivery in 2020, i.e. ~13% global market share.
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