Yacht Market Booms Sustainably in 2023: Luxury with an Eco-Friendly Touch
The yachting industry is experiencing a remarkable boom, with a staggering 20% increase in 2023 propelling the value of new boat an yacht sales to around 35 billion Euros and underscores a heightened awareness of environmental sustainability within the luxury yachting sector.
Tommaso Nastasi, of Deloitte Italia, shared his insights at the 63rd International Boat Show in Genoa, illustrating how the global market for new yacht construction reached an impressive 30-35 billion euros in 2022, signifying an annual growth of 15-20%. Worthy of note is that the retail market for new constructions was predominantly for motorized vessels, which represented almost 90% of sales. The North American and European markets collectively represent about 70% of the total new boat market.
A key point of note was the industry’s increasing commitment to environmental sustainability, which has become the latest challenge for the yachting sector. There has been a rising demand for hybrid, electric, and biofuel propulsion systems and shipyards are developing new models using recyclable and sustainable materials. They are clearly committed to eco-friendly practices and meeting the growing awareness of the industry’s environmental impact.
“As emerged in these post-pandemic years,” adds Nastasi, “the Mediterranean recorded a record number of superyachts in the area during the summer season of 2023. In July 2023, there were 1,570 yachts over 24 meters cruising in the area, marking the highest traffic volume of the last five years. Globally, in 2022, the global order book reached over 600 projects of over 30 meters (a 25% increase from the previous year), and Italy remains the leading country in the global order book for 2022 with almost 350 projects.”
Positive news for Italy is that the country claims the highest number of active shipyards dedicated to superyacht production, accounting for 30% of the total number worldwide. In 2022, nearly 170 superyachts over 30 meters were delivered.
The yachting industry’s unprecedented growth in 2023, the emphasis on environmentally friendly propulsion systems and the use of recyclable materials, signals a positive future for luxury yachting as a sustainable and environmentally conscious industry.
