YARE 2023 – A report on the yacht market

yare 2023 yacht event

The 13th edition of YARE (Yachting Aftersales and Refit Experience), the international yachting event dedicated to the refit and aftersales of the superyacht sector, had excellent results: about 1,600 face-to-face business meetings between captains and Italian and international companies and more than 350 participants at the Superyacht Forum Live (Captains Edition).

The yacht market was also discussed during the event, with forecasts for the near future.

Superyacht industry: trends and forecasts

Innovation, services and training are the keywords for facing the medium and long-term future in the Superyacht industry, both in terms of production and refitting: to face the scenarios that will unfold in the next few years, to maintain leadership in the market, to be ready to earn the new emerging ones. Italy plays the role of world leader in the nautical sector. The latest data on the sector consolidate structural growth and – even with the current economic-political scenarios – the result is exceptional with a global turnover that recorded the figure of 6.1 billion in 2021 and a double-digit percentage increase. Vincenzo Poerio, president of YARE

yacht event YARE

Martin Redmayne, journalist and editor of The Superyacht Group international media partner and organizer of the forum, in his presentation on the future of the market offered an overview of the trend of yachts underway and under delivery over the next decade (2020s – 2031).

According to data from the market intelligence of The Superyacht Group, superyachts (in the range between 30 and up to +90 meters) increased by 174 units delivered by the end of 2022, forming a total fleet of 5,902 boats.

The main categories of the market remain yachts from 30 to 60 meters. with interesting developments in the higher length ranges and with an annual trend of deliveries – from now until 2031 – stabilized at an average of 165 yachts/year.

yacht YARE

New markets on the scene

A forecast that also takes into account new emerging markets such as those offered by some countries such as Egypt, the United Arab Emirates, Greece, Montenegro up to Vietnam where tourist landings and requests are developing. The data that emerged also reflects a fundamental trend to give stability to the refit, aftermarket and services market.

In our country there is a single large district where large and historic brands are flanked by highly competent companies that strengthen their position – explained Poerio – If on the one hand it is necessary to have great skills and great creativity as shown by our entrepreneurs to continue in the process of consolidating our leadership – Italian and European – and in its international growth, it is necessary to combine flair and competence, a capacity for cohesion and collaboration between companies of the whole sector to face new industrial policies and new scenarios internal and external caused by war and energy crisis”.

yare 2023

Innovation, services and training

These are the focuses that need to be worked on.

Innovation as the development of new products and improvement of existing ones and sustainability, but also the evolution of the management of work processes and digitization while maintaining a custom-made soul which is one of the strengths of the Italian nautical industry.

Overall, the number of people employed in the nautical sector has increased and the positive trend has transversally characterized all sectors of the sector: a conversion of employees to new, more digital, more interconnected work systems is needed.

Reception services on board and on land, ports and marinas are essential for providing assistance to our customers, to offer high-level customer care, to give continuity to our work and to develop tourist destinations of great value. The nautical sector is booming and there is a need to have highly qualified personnel. On training, it is essential to move on various levels. Training young people, as well as a duty, is important to guarantee them a future in the world of work. Vincenzo Poerio