Superyachts are currently going through a radical revolution. Increasingly buyers are looking for bigger ships that offer the space and opulence. That’s a pretty definitive trend in preference. Affluent consumers no longer want extravagant amenities, but they do want the ability to create their own experience on the water. Just in 2023, the world is on track for a record-breaking 1,203 new superyachts built or on order. It’s a reminder of the persistent demand and trajectory of the industry.
Leading industry experts in the superyacht space, like Paolo Trifirò and Barbara Armerio, get you up to speed on this new and exciting market. Alphacat via Unsplash Trifirò has 13 superyachts over the course of her life. She hopes her experiences will spark more conversations about artists needing enough space and making room for their crew. Her newest superyacht is staffed with culinary virtuosos who can conjure five-star meals for as many as 15 travelers. This extraordinary service celebrates the gastronomic face of luxury yachting.
“I insist that my crew have ample kitchen space on my superyacht,” Trifirò stated, underscoring her commitment to a comfortable working environment for her team. To make that lifestyle worthwhile, she pays her crew twice what they’d make onshore.
This push for increasingly luxurious accoutrements is felt. Producing the other side of that coin is Lorenzo Armerio, co-owner of Italian family-run superyacht constructor Amer. She notes that buyers are increasingly interested in high-end details, stating, “It’s clear that some of those new clients the industry found in the Covid-19 years are trading up.” The shipyard owned by Armerio, her family’s company, only hand-crafts a small number of high-grade superyachts per year, each she says are “masterpieces with unique details.”
These stunning statistics tell a compelling story of this rapidly growing market. In 2022, there were 1,024 new superyachts built or on order globally, a 25% increase over the prior year. The Italian Shipbuilding Industry was a major contributor to this growth. In 2023, the country made a spectacular €8.3 billion from superyacht construction, a new peak for the industry. Photo courtesy of Francesca Fabbri Italy accommodates the largest share of global superyacht production. This bubble may explain why, in fact, half of all superyachts are still being built here.
To cite just one other example, the trend toward larger and larger vessels is reflected in the ever-increasing length of superyachts. By 2023 the floating city has increased to 61 boats over 76 meters. That’s up from only 55 boats the year before! These extravagant yachts are priced between €36 million and €295 million. Their price varies based on their dimensions and the features you elect to get, but it’s an incredibly reasonable cost.
With the increasing expectations for gigantic, opulent, and complicated yachts, designers and naval architects have been meeting that challenge. Stewart Campbell, a noted designer in the industry, commented on this evolution: “Designers and naval architects are getting very clever at packing ever more volume into hulls, giving owners lots more space on board.”
Trifirò comments on the ways today’s buyers are changing what they expect from their vessels. “They asked for bigger windows, more space outside, and to be able to touch the seawater more easily,” she explained. Her passion for yachting shines through as she loves to pilot her own ships. “My curiosity to explore new places pushes me to cruise the oceans while in the driver’s seat,” she added.
There is no denying that the pandemic has changed the way people are buying in the superyacht sector. Armerio observed that “after the pandemic people considered their super yachts as safe islands both for themselves and their relatives.” This perception has helped spark a resurgence in private maritime leisure, pushing boat sales and production figures to new heights.