Superyacht Builders Association (SYBAss) and Superyacht Life Foundation (SYL) recently published their Global Economic Impact Superyacht Industry report.
Table of Contents
A Total Global Economic Output of €54 Billion
The new research into the global superyacht industry highlights the substantial economic contribution generated by the sector, from new yacht construction and refit activity through to fleet operations, tourism, brokerage and charter.
The Global Economic Impact of the Superyacht Industry study estimates that superyachts over 30 metres generated a total global economic output of €54 billion in 2022. This comprised approximately €22 billion in direct expenditure and a further €32 billion in indirect economic activity generated through supply chains and associated services.
The research was commissioned by the Superyacht Life Foundation (SYL) and the Superyacht Builders Association (SYBAss). Its analysis combines industry surveys, market intelligence, corporate financial data, AIS movement tracking and expert interviews with macroeconomic input-output modelling undertaken using FIGARO tables from Vrije Universiteit Amsterdam.
A Wide-Reaching Economic Footprint
One of the report’s key findings is the scale of the industry’s wider economic multiplier. For every €1 million in direct turnover, the study estimates that a further €1.4 million of output is generated across the wider economy, giving a total output multiplier of 2.4.
The economic contribution is spread across different stages of the superyacht lifecycle:
- Fleet usage and tourism: €27.1 billion, representing around 50% of total impact
- New build: €20 billion, or approximately 37%
- Refit and maintenance: €5.6 billion, or approximately 11%
- Brokerage and charter: €1.1 billion, or approximately 2%
The findings demonstrate that the economic significance of a superyacht extends well beyond the initial construction of the vessel. Its operational life creates continuing demand for maritime services, skilled labour, maintenance, provisioning, tourism, hospitality, professional services and destination infrastructure.
New Build Remains a Major Industrial Driver
The new build sector generated approximately €7.2 billion in direct economic impact in 2022, based on 221 superyacht deliveries and a global order book of 711 vessels.
Europe remains the dominant centre of superyacht construction, accounting for approximately 85% of global market volume and 90% of market value. Italy, the Netherlands and Germany collectively account for almost 80% of market share by value, according to the study.
The sector also demonstrates a significant supply-chain effect. The report estimates a 2.8 output multiplier for new build, resulting in approximately €12.8 billion of indirect impact.
Refit Provides Recurring Economic Activity
As the global fleet grows and ages, refit and maintenance represent an increasingly important part of the industry’s economic ecosystem.
Approximately 1,400 major refit visits generated €2.3 billion in direct economic impact in 2022. Including indirect effects, the sector generated an estimated €5.6 billion in total economic impact.
Europe accounted for around 73% of global refit volume and 68% of value, with the Mediterranean acting as a major centre of activity. The report identifies the recurring nature of refit and modernisation as an important source of economic resilience, particularly as the existing fleet requires ongoing maintenance, upgrades and environmental improvements.
The Economic Importance of the Active Fleet
The research estimates a global superyacht fleet of approximately 5,600 vessels, with around 4,100 considered active in 2022.
Fleet operations and tourism generated the largest share of the industry’s economic impact, with €12.4 billion in direct expenditure and a total economic contribution of approximately €27.1 billion once indirect effects are included.
The report also highlights the disproportionate economic contribution of larger vessels. Yachts over 60 metres represent only around 9–10% of the fleet but generate approximately 29% of total fleet expenditure.
Daily expenditure rises significantly with yacht size, with the report estimating average daily operational expenditure of approximately €14,000 for 30–40 metre yachts compared with €77,000 for vessels over 60 metres.
Economic Activity Extends Into Destinations
The downstream impact of the superyacht industry is particularly significant for coastal economies.
The Mediterranean hosted approximately 42% of the global superyacht fleet during a single season in 2022, generating an estimated €4.7 billion in usage expenditure and €1.9 billion in direct tourism spending.
The United States was the second-largest destination by tourism expenditure, according to the study, while other major cruising regions benefit from spending on fuel, berthing, provisioning, hospitality, transportation, retail and other local services.
These findings illustrate the interconnected nature of the recreational marine ecosystem, where activity on the water can generate economic benefits across a much broader network of businesses and communities.
Understanding the Wider Marine Industry
The superyacht sector is one component of the broader recreational marine and boating industry, but the research provides a useful illustration of how economic value can extend throughout a vessel’s lifecycle and across multiple levels of the supply chain.
For industry professionals, policymakers and stakeholders seeking to understand the wider economic environment in which boating and marine businesses operate, access to reliable market intelligence is increasingly important.
ICOMIA’s Marine & Boating Industry Market Intelligence Resources brings together research, reports and other market intelligence resources relevant to the global boating and marine industry.
About the Research
The Global Economic Impact of the Superyacht Industry study focuses specifically on superyachts of 30 metres LOA and above and uses data reflecting the 2022 fiscal year. The report notes that, because of the private nature of the superyacht sector, some data points rely on representative modelling rather than exhaustive global reporting.
The research was commissioned by the Superyacht Life Foundation (SYL) and Superyacht Builders Association (SYBAss). Its methodology combines primary industry surveys, secondary market intelligence, AIS movement tracking, corporate financial analysis and expert interviews, with input-output analysis undertaken using FIGARO tables provided by Vrije Universiteit Amsterdam. Corporate financial data was cross-referenced and validated by Deloitte.
The full report provides further analysis of the industry’s new build, refit, brokerage, charter, fleet operations and destination impacts.
