As 2024 comes to a close, the superyacht market reveals a dynamic yet challenging landscape for new-builds over 30 meters. Sales are down by approximately 25%, marking a notable shift from the highs seen in recent years. However, a deeper dive into various segments paints a more nuanced picture of where the market is struggling, stabilizing, or even rebounding.
General Market Downturn with Key Segment Variations
Total sales of yachts over 30 meters dropped from 110 units in the first half of 2023 to 83 units during the same period in 2024. The largest hit came in the 30-40 meter range, the superyacht market’s largest segment, which saw a sharp decline. Sales in this category fell by 44%, from 62 units in the first half of 2023 to only 35 units by mid-2024. Traditional strongholds like Italian builders, renowned for their expertise in the 30-40 meter range, felt this decline acutely, with their sales dropping 41%, from 80 yachts in 2023 to just 47 in 2024.
Turkish shipyards, another player in this category, experienced a complete halt in sales within the 30-40 meter segment during early 2024. By contrast, shipyards in the UAE and Taiwan witnessed an increase in sales in this range, bucking the downward trend.
In-Build Inventory on the Rise
The slowdown in the 30-40 meter segment has led to a noticeable increase in the share of in-build yachts for sale. At the start of 2023, 21% of yachts in this category were still under construction and on the market, climbing to 28% by early 2024 and reaching 32% by July 2024. Though this may raise concerns, the current level remains below the peak seen in 2021, when 38% of in-build yachts in this size range were for sale.
Mixed Trends in Other Size Segments
The 50-60 meter segment also saw a 20% reduction in sales, falling from 10 units in early 2023 to eight in the same period of 2024. Meanwhile, the 60-80 meter category saw an even steeper drop, with sales halving from 10 yachts to five in 2024. However, the 40-50 meter segment was a standout performer, with sales slightly increasing from 25 in 2023 to 27 units in 2024. This indicates continued interest in mid-sized yachts, even amidst broader market slowdowns.
A Bright Spot in the 80-Meter Plus Segment
The very large yacht segment over 80 meters defied the overall downturn, with sales climbing from just three units in early 2023 to eight in the same period of 2024. Remarkably, five of these eight sales were for yachts over 100 meters, compared to just one in 2023. This resurgence signals a recovery for prestigious shipyards, particularly in Northern Europe, which faced a challenging 2023. Dutch and German yards benefited most, with the Netherlands recording 10 sales of new yachts over 30 meters in 2024, up from six in 2023, and German yards seeing a rebound from zero to three sales.
Sailing Yachts Steady Despite Market Changes
While the motor yacht segment has faced declines, the market for sailing yachts over 30 meters has shown stability. The number of new sailing yacht sales remained steady at five units in the first half of both 2023 and 2024, a promising sign given the volatility in other sectors.
A “Back to Normal” Year for Superyachts
In summary, while 2024 saw a cooling off from the highs of the 2021-2022 boom years, the market remains resilient in specific areas, particularly for very large yachts and certain international shipyards. Some subsegments, like the 40-50 meter range, continue to show growth potential, while others, such as the 80-meter plus category, have experienced a robust comeback.