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Türk Loydu

2023 Yacht Market Data by Segments

Maritime
26/03/2025

In this article, we will provide information about current market data by yacht segments and why classification is the best option when building a new yacht. To begin, it is necessary to answer the question: What is a yacht?

Yachts are visually appealing and elegant, with a narrow and aerodynamic structure; they are boats used for leisure, vacation, or sporting activities such as racing.

According to general acceptance, a boat designated for the above purposes is only considered a yacht if its length exceeds at least 14 meters.

While yachts can be larger than 70-80 meters, they are rarely 100 meters or more. Vessels larger than this generally fall under the category of passenger ferries. The private mega yacht Azzam, with a length of 180 meters, is the world's longest motor yacht classified as a yacht.

Today, we observe a growing demand for yachts. In 2022, new yacht sales ranked fifth after 2021, 2007, 2008, and 2006. However, a range of factors that could reduce sales in 2023 are anticipated; these include the general economic outlook, high inflation, the continued absence of Russian buyers due to the Russia-Ukraine war, long delivery times, delays in shipyards, and most notably, issues in the supply chain.

In 2023, the delivery of 350 yachts over 30 meters under construction was planned; however, about 45% of these deliveries appear to have been postponed to the following year. Consequently, approximately 190 yachts over 30 meters are expected to be completed in 2023. This number is still significantly higher than the levels observed over the past decade.

With the addition of 161 new superyachts to the fleet in 2022, the number of operational superyachts over 30 meters surpassed 5,500. Since 1987, the fleet has grown more than sixfold, from 917 yachts to 5,555 yachts by the end of 2022.

Since 2012, the average annual fleet growth has been 3.1% per year. Fleet growth occurs not only with the completion of new yachts but also through the conversion of many commercial vessels into superyachts each year.

30-40m Yacht Market Data

During the 2008-2012 period, production increased from 3.2 yachts per shipyard to 5.4 yachts per shipyard in the 2018-2022 period, marking an increase of over 60%. The 30-40 meter yacht market is largely dominated by Italy, Taiwan, and Turkey.

Considering the large number of yachts under construction between 30 and 40 meters, there is a noticeable increase in orders. The number of active yachts between 30-40 meters increased to 3,523 in 2022.

40-50m Yacht Market Data

In 2022, the number of newly built yachts exceeded the five-year average of 34 units, with 37 yachts delivered. Consequently, the number of yachts operating between 40 and 50 meters increased to 1,186 in 2022.

The number of yachts built between 40 and 50 meters decreased from 191 units in the 2013-2017 period to 166 units, reflecting a 13% decline in the 2018-2022 period. In addition to the decrease in production, the number of shipyards building these yachts also declined by 19% over the past five years, from 70 to 57.

Sailing yacht production between 40 and 50 meters has stabilized over the past five years. Between 2018 and 2022, 21 sailing yachts were completed. With 16 yachts currently under construction, it is expected that production in the 40-50 meter sailing yacht market will remain stable over the next five years.

50-60m Yacht Market Data

The number of yachts operating between 50 and 60 meters increased to 383 in 2022. The construction of 7 new yachts in 2022 indicates a decrease compared to the five-year average of 10 yachts per year. Production in the 50-60 meter segment has decreased by 13% in the past five years, similar to the 40-50 meter segment.

With 80 yachts currently under construction, the outlook for this segment is positive, suggesting an increase in production over the next five years. Italy leads the segment with 39 yachts under construction, followed by the Netherlands with 16 yachts. Turkey ranks third with 11 projects under construction.

60-80m Yacht Market Data

The yacht fleet operating between 60 and 80 meters increased to 302 in 2022. This figure slightly exceeded the five-year average of 10.8 yachts, with 12 new yachts constructed in this segment.

The number of new yachts completed in this segment has shown strong growth in the past five years; the number of newly built yachts increased from 49 between 2013 and 2017 to 59 between 2018 and 2022.

Currently, 81 yachts are under construction across 32 shipyards. This indicates that production in the 60-80 meter segment is concentrated in highly specialized shipyards. The Netherlands and Italy maintain leadership in this segment with 31 and 28 projects, respectively, while Turkey continues to increase its presence with 14 projects under construction.

80m+ Yacht Market Data

In 2022, sales of newly built yachts over 80 meters declined, mirroring the overall new vehicle sales market. Excluding second-hand sales, sales of newly built yachts over 80 meters fell by nearly 50% from 13 units in 2021 to 7 units in 2022.

The upper segment of the superyacht industry saw a slight decrease in new builds in 2022, with only 7 new yachts added to the fleet compared to 10 in 2020 and 8 in 2021. Historical data over the past two decades shows that the number of yachts built over 80 meters continues to rise approximately every five years. The fleet of yachts exceeding 80 meters currently numbers 161, with 61 of these yachts exceeding 100 meters.

By the end of 2022, 43 yachts over 80 meters were under construction, a slight decrease from the 48 orders placed the previous year.

Of the 43 yachts under construction, at least 27 are over 100 meters. The number of shipyards operating in this segment continues to increase, with 20 shipyards building 43 yachts in the past five years, compared to 19 shipyards building 44 yachts previously.

Certification of Boats and Yachts

Building a new yacht is an exciting yet complex process that requires professional oversight and continuous supervision from start to finish. The construction process has the potential to impact the yacht's quality, lifespan, and cost. Incorrect choices regarding team or location can lead to additional costs, delays, and frustration.

Having comprehensive knowledge of every aspect of the yacht construction process — practical, legal, financial, and environmental — and collaborating with a skilled team ensures the smoothest journey possible. An independent and reliable classification society that performs third-party inspections throughout the project is essential for representing you and overseeing the project from start to finish.

Although classification is not mandatory for yachts, building a private yacht under class provides the only evidence that the vessel has been designed, constructed, and operated in compliance with international/national regulations and technical standards. This is particularly important for insurance and resale purposes.

Classification societies are responsible for ensuring that yachts meet specific design, construction, and maintenance standards, and they issue compliance certificates for yachts that meet these standards. Additionally, they conduct periodic inspections to ensure that yachts continue to meet these standards over time. Some also provide additional services, such as collision avoidance, navigation and stability calculations, and other special services.

Building a yacht "in compliance with classification" begins with the plan approval process, where the new build surveyors follow certain stages, starting from the suitability of materials used for construction, and continues with regular inspections after the yacht is launched.

Advantages of Classification Certificate:

  • For yachts wishing to trade or already in commercial service, this is a direct regulatory requirement.

  • Classification only provides a minimum safety standard. Maintaining such a standard on any yacht is in the best interest of the owners.

  • If your yacht is classified, insuring it will be both easier and more affordable.

  • The value of a yacht with a classification certificate is significantly higher than the same specifications of a yacht without it.

  • Reliability

Classification rules have been developed to evaluate the structural integrity of the yacht's core components, the reliability and functionality of the propulsion system, steering systems, power generation, and all other equipment installed on the yacht.

Türk Loydu, as an independent and impartial classification society, works to ensure that every element of a project is addressed efficiently and to the highest standards. In this context, Türk Loydu provides ongoing professional support in the classification of newly built steel, aluminum, wood, and composite yachts, including the inspection and approval of the yacht, machinery, and electrical projects, conducting surveys, performing port and sea trials, and certifying the vessel.

CE Certification for Yachts Smaller than 24m

The differences in capital strength and technological development between European Union member countries have led to the establishment of minimum requirements for products to ensure free movement of products without compromising health, safety, environment, and consumer protection. According to the European Union's New Approach Directives, products that meet the regulatory requirements must bear the CE mark. To affix the CE mark, the requirements of the relevant directive must be met, and for certain products, the inspection process may be left to the manufacturer, while other products are managed by Authorized Bodies authorized by the EU with an identification number.

In this regard, Türk Loydu, an independent and impartial organization in the maritime sector, provides services as an Authorized Body under the 2013-53-EU Recreational Craft Directive, valid for vessels between 2.5 to 24 meters, personal watercraft, and certain components.

Türk Loydu has been authorized by the European Union under identification number 1785 and is one of the organizations capable of issuing CE certificates. To date, it has issued CE certificates by conducting the necessary inspections for many yachts as required by the standard.

Why Türk Loydu

Türk Loydu ensures that the yacht retains the expected level of safety throughout its operational lifespan and warranty period by providing periodic inspections from the construction phase to the operational stage, in collaboration with yacht manufacturers, shipyards, and yacht owners.

All materials, machinery, and equipment to be used in yachts built under Türk Loydu supervision are inspected, tested, and certified by expert personnel according to Türk Loydu rules to ensure safe navigation, safety of life and property, prevention of environmental pollution, and the fulfillment of any special conditions related to specific purposes.

Türk Loydu offers on-site certification services to manufacturers and suppliers worldwide with its expert surveyors.

Continuously aiming to improve the services it provides to yacht manufacturers, Türk Loydu has serviced a total of 250 yachts and boats to date and is a classification society that offers fast and reliable services, where you can get prompt answers to your issues. With its customer-oriented structure, Türk Loydu provides quality services at reasonable costs.

With Türk Loydu's classification certificate, your adventures in distant seas with your yacht will be assured. Our yacht group will support you in obtaining the classification certificate without compromising the unique designs of your vessels, alongside compliance with the rules and alternative solutions.

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