How much, when and how will refits and employment in superyachts grow in the next 5 years?

Lido di Camaiore (Lucca) – The latest edition of Yare opened with a comprehensive presentation on the superyacht market by Martin Redmayne, president of The Superyacht Group. Many topics were touched upon during the on-stage presentation: from the fact that Azimut Benetti is the world's leading shipyard simply "thanks to its production capacity," to the growing importance of an "increasingly populated" refit market, to the need for "better structured and thoughtful" decision-making processes when choosing a shipyard to handle superyacht maintenance and repairs, to the urgency for shipyards to adopt a supply chain manager ("as is the case in other sectors such as the automotive industry") to closely monitor and stabilize the procurement of goods and materials. Among the current trends, Redmayne also highlighted the fact that the role of 'decision officer'When it comes to maintenance and expenses for pleasure boats, the focus is increasingly shifting toward family offices, which generally manage the owners' assets and assets. These roles, therefore, are not specifically specialized in the nautical industry, so training and information are aspects that shipyards will need to pay particular attention to.

According to Superyacht Group estimates, the number of workers aboard superyachts will rise from the current 47.745 to 55.357 in 2026. This growth parallels the number of pleasure vessels in circulation, which is expected to rise from 5.913 last December to at least 6.750 in 2026. This number, of course, is net of possible delays in deliveries that could arise in the future for various reasons.

Regarding officers and staff on board, those currently employed on maxi yachts over 90 meters in length are 7.375 and within five years will increase to 5.770; those on board vessels between 60 and 90 meters in length are 7.375 and will increase to 8.692; those on board 45-60 meter yachts are 16.105 and will rise to 17.353; while the category that employs the greatest number of personnel is that of vessels between 30 and 45 meters with 19.828 active seafarers, a number that will increase to 22.728 in 2026.

As is well known, 2021 marked a new all-time high in sales with 262 superyachts changing hands: two over 90 meters in length, 17 in the 60-90 meter range, 82 in the 45-60 meter range, and 161 in the 30-45 meter range. In previous years, the total number of vessels sold was 215 in 2020, 204 in 2019, 220 in 2018, 238 in 2017, 215 in 2016, and 220 in 2015.

The number of single-brand shipyards is growing: 230 groups build pleasure boats worldwide, while 203 brands exist.

Regarding refits, the market is expected to grow in the coming years, but obviously at a slower pace than the newbuilding market: 4.137 maintenance and repair projects are expected to be scheduled in 2022 (2.588 of which for 30-40 meter yachts), rising to 4.376 in 2025 (1.266 of which for 40-60 meter vessels and 2.693 for 30-40 meter vessels). Looking at the number of active shipyards, the refit market is dominated by the United States with a 27% market share, followed by Italy with 15%, and Turkey and Spain with 10%, respectively.

Superyacht Group's forecast for superyacht market growth sees the active fleet grow from around 6.000 today to between 7.317 and 7.620 in 2030. Depending on which of the three forecast scenarios actually materialises, deliveries of new units over the decade (2021-2030) will see, at best, the entry into service of 1.201 new yachts in the 30-45 metre range, 294 in the 45-60 metre range, 149 in the 60-90 metre range and 63 over 90 metres in length.

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