USA Buyers Drive the Superyacht Market to Record Levels

American yacht owners are the driving force behind the growing superyacht market according to the recently published market report by SuperYacht Times, The State of Yachting 2021.

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Owners from the USA currently own 23% of the global superyacht fleet, which is almost twice as much as the Russian owners who come second with 9% of the superyacht fleet, according to SuperYacht Times' The State of Yachting 2021.

The data in the report, powered by our leading market intelligence system SYT iQ, shows that the superyacht fleet grew with 150 new superyachts in 2020, which is slightly less compared to the 158 new superyachts in 2019. For the past couple of years the fleet has seen a steady increase with an average growth rate of 2.9% and today there are 5,245 superyachts.

Live data from SYT iQ shows that as of today more than 110 new yachts over 30 metres have been sold. If the market continues at this pace it will break the 200 mark for new yacht sales, something that was last seen in 2018 with 212 new yacht sales and before that only in 2007 and 2008.

Merijn de Waard, Founder & Director of SuperYacht Times, comments: "From the third quarter of 2020 the market started to take off and there are several explanations for this. First-time buyers who couldn't charter yachts decided to buy yachts and clients who had postponed their buying decision came back to the market. Then of course there were people who made a lot of money during the pandemic and we have seen an increase in buyers from the tech industry. And last but not least, people realised that they should enjoy life more and what better way than spending time onboard a superyacht!"

The market for used yachts was off to a very slow start in 2020 with only 109 used superyachts sold in the first half of the year, but thanks to a very strong second and fourth quarter, the year ended with 301 sales, which is up 7.5% compared to 2019. Data from SYT iQ shows that already 233 used superyachts have been sold in the first half of 2021.

Merijn de Waard, added "The amount of used yachts and the speed at which they are sold at the moment is incredible. Will it continue at this pace? Perhaps, but we already hear in the market that yacht brokers have challenges finding the right yacht for their buyers. Furthermore, prices are also on the rise and yachts are getting sold closer to their asking prices. However, at the end of the season new yachts will be listed for sale, so we expect a record year with over 350 used superyacht sales."

CONTACT: Merijn de Waard / merijn@superyachttimes.com

Source: SuperYacht Times

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Categories: Business News

Tags: business of yachting, megayacht, superyacht, yacht market, yachting