SUPERYACHT INDUSTRY SALES GROWTH

The yachting industry has been increasing in sales at an average of 6 percent per year and 30 percent of its sales have been superyachts. In 2021 there was a rapid increase in the sale and purchase of superyachts as individuals sought greater means of privacy and comfort during global travel. In 2022, there are over 1000 superyachts that have been ordered or purchased and 2023 will see an increase as well. Experts have stated that by 2028, the global yachting industry will be worth 12 Billion Dollars per year, with at least one third of that being superyachts. There are approximately 10,000 superyachts on earth with ten percent of that amount being built in just 2022. The market for superyachts is growing and individuals that have purchased one superyacht, are buying a second and third. The growth of the industry has been a boon to superyacht services providers and shipworkers. A growing industry means greater job creation in shipbuilding as well as providing services. The maritime industry has welcomed the growth in the market and venture capitalists and investors alike have taken greater interest in the maritime industry. Superyacht construction is a lengthy complex process that involves hundreds and sometimes thousands of workers cooperating to manufacture a ship. The process can range from 18 months to 48 months, depending on the complexity of the project. The yachting industry and individuals involved in its management, development, manufacture, and media are beginning to show greater cooperation in promoting the maritime industry. A resurgence in interest in boating, sailing, and yachting will be a permanent trend that will allow for individuals alike to enjoy the pleasures of the oceans and seas.