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Yacht Maintenance and Refit Market Size - By Service (Maintenance, Refit), By Yacht (Superyacht, Luxury Yacht, Sailing Yacht, Motor Yacht), By End-User (Private Owners, Charter Companies, Commercial Operators) & Forecast, 2024 – 2032

  • Report ID: GMI10961
  • Published Date: Aug 2024
  • Report Format: PDF

Yacht Maintenance and Refit Market Size

Yacht Maintenance and Refit Market size was valued at USD 2.5 billion in 2023 and expected to grow at over 8% CAGR between 2024 and 2032, owing to the rising disposable income and wealth of individuals. According to the Capgemini’s World Wealth Report 2024, the rebounding markets and a brighter outlook has increased the global HNWI wealth by 4.7% as compared to 2022 and the HNWI population by 5.1% during the same period.
 

Yacht Maintenance and Refit Market

The growing wealth among high-net-worth individuals (HNWIs) and ultra-high-net worth individuals across the globe is increasing the demand for luxury goods including yachts. This demographic invests in both new yachts and maintains their existing fleet. As more individuals acquire yachts, the demand for maintenance and refit services increases, especially among people which prioritize luxury and modern facilities.
 

The increasing number of aging yachts drives demand for both routine maintenance and refit services, driving the yacht maintenance and refit market growth. As yachts age, they require more frequent and extensive maintenance to remain operational and attractive. Older yachts also tend to undergo refits to update their systems, interiors, and exteriors to match current standards and owner preferences.
 

Furthermore, the evolving maritime regulations regarding environmental standards, safety and emissions increases the need for older yachts to install new exhaust systems to lower emissions, adding ballast water treatment systems and upgrading fire safety equipment. Also, many aging yachts undergo regular surveys to ensure they meet the necessary legal requirements for operation. These surveys often uncover areas needing repair or refit, further driving the demand for these services.
 

The cost of high-quality essential materials required for yacht maintenance and refit including marine-grade steel, teak wood, advanced composites is a major concern. This rise in material costs can reduce profit margins and hinder the growth of the yacht maintenance and refit market. Additionally, the industry is heavily dependent on specialized, skilled labor. A shortage of such skilled workers can lead to increased labor costs, delayed projects, and reduce the overall quality of service. Moreover, training and retaining such specialized talent is expensive and time-consuming.
 

Yacht Maintenance and Refit Market Trends

Innovations in yacht design, materials, and onboard technology are driving owners to upgrade their vessels. Modern features like advanced navigation systems, eco-friendly engines, and smart systems for comfort are now standard. This trend is leading to more refits as owners update older yachts, and it also increases the demand for maintenance services to keep these advanced systems running smoothly. Additionally, safety is a top priority for yachts, especially with more intensive use for personal and charter purposes. Regular maintenance is crucial to ensure all systems are operating properly, while refits often involve upgrading safety equipment and improving structural integrity.
 

Stricter environmental regulations concerning emissions are forcing yacht owners to make modifications to comply with new standards. These include the installation of more efficient engines, waste treatment systems, and eco-friendly hull materials. Yacht refit and maintenance companies are launching new innovative services to help yacht owners lower the environmental impact of their yachts. For instance, in April 2023, MB92 Group, a superyacht refit and maintenance company launched ‘Refit for the Future’, a new service for superyacht owners to help them reduce the environmental impact of their yachts, lower the operating and financing costs and protect re-sale value.
 

Yacht Maintenance and Refit Market Analysis

Yacht Maintenance and Refit Market Size, By Service, 2022 – 2032, (USD Billion)

Based on service, the market is segmented into maintenance and refit. The refit segment held around 70% of the market share in 2023 and is expected to cross USD 3.2 billion by 2032. The growth of refit services can be attributed to the growing emphasis of yacht owners on customizing their vessels to show personal tastes or to update their yachts based on latest trends in luxury design. Refit allows extensive personalization including redesigning interiors, upgrading entertainment systems and modifying layouts.
 

Additionally, the growing charter market demands yachts with high standards of luxury and functionality. Yacht owners refit their yachts to make them more attractive to charter clients, focusing on luxury amenities, enhanced performance and improved safety.
 

 Yacht Maintenance and Refit Market Share, By Yacht, 2023

Based on yacht, the yacht maintenance and refit market is divided into superyachts, luxury yachts, sailing yachts and motor yachts. The superyacht segment held around 39% of the market in 2023. Superyachts are equipped with modern technologies, including sophisticated navigation systems, entertainment systems, and automated controls. Maintaining and upgrading these systems requires specialized knowledge and equipment.
 

Also, due to their large size and complexity, superyachts need extensive maintenance and refit projects which demand significant resources and expertise. Superyachts are often highly customized with unique design elements, luxury amenities, and personal touches. Maintaining and updating these bespoke features requires tailored solutions and skilled craftsmen. This is expected to increase the adoption of yacht maintenance and refit services in superyachts.
 

Europe Yacht Maintenance and Refit Market Size, 2022 -2032, (USD Million)

Europe holds around 40% of the yacht maintenance and refit market share in 2023, driven by the presence of renowned charter destinations such as the Mediterranean, including the French Riviera and the Italian coast, which creates a high demand for yachts to remain in new condition. Additionally, European countries implement stringent maritime safety and environmental regulations, such as the EU's Marine Strategy Framework Directive influences maintenance and refit schedules. Also, to meet standards from classification societies such as Lloyd's Register or Bureau Veritas, yachts must undergo regular inspections and updates.
 

The U.S. has a significant number of affluent individuals, particularly in states like Florida and California, driving demand for yacht maintenance and refits. Additionally, the U.S. Coast Guard enforces stringent maritime safety regulations, including vessel inspections and certifications, impacting maintenance schedules.
 

Rapidly increasing wealth in countries such as China, Japan, and Australia is expanding the yacht market, leading to higher demand for maintenance and refit services. Furthermore, new markets in Southeast Asia drive growth in yacht ownership and the need for specialized maintenance services.
 

Yacht Maintenance and Refit Market Share

Lurssen Yachts and MB92 Group hold a significant market share of around 10% in the yacht maintenance and refit industry in 2023. Lurssen invests heavily in modern shipyards and facilities, such as their comprehensive refit and maintenance centers in Germany, to handle large and complex superyacht projects. The company also incorporates the latest technology and equipment in their refit operations to ensure high-quality workmanship and efficiency.
 

MB92 provides a broad range of services, including structural modifications, technical upgrades, and aesthetic enhancements, ensuring comprehensive support for yacht owners. They also offer specialized services, such as painting, engineering, and electrical work, to cater to the changing needs of their clients. The company also emphasizes delivering a high level of customer service, including personalized project management and direct communication with clients throughout the refit process.
 

Yacht Maintenance and Refit Market Companies

Major companies operating in the yacht maintenance and refit industry are:

  • Amico & Co
  • Benetti Yachts
  • Derecktor Shipyards
  • Heesen Yachts
  • Lurssen Yachts
  • MB92 Group
  • Monaco Marine
  • Northrop & Johnson
  • Oceanco
  • Pendennis Shipyard
     

Yacht Maintenance and Refit Industry News

  • In April 2024, Dynamiq Yachts launched its refit operations in Antalya Free Zone Turkey. Through the launch of new refit operations, the company aims to become the major shipyard for all refit needs including routine seasonal upkeep and extensive modifications such as complex conversion.
     
  • In July 2023, the Puerto Rico Ports Authority and Isla Borinquen LLC announced a long-term lease agreement to develop San Juan Yacht & Ship. This new superyacht maintenance and refit yard will be located at Pier 15 near the Convention Center in San Juan, Puerto Rico. The project features a 196-meter dry dock, a 289-meter outfitting pier, and 8 acres of uplands, allowing it to accommodate yachts and commercial vessels up to 190 meters in length.
     

The yacht maintenance and refit market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2021 to 2032, for the following segments:

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Market, By Service

  • Maintenance
    • Routine maintenance
    • Seasonal preparation
    • Preventive maintenance
  • Refit
    • Interior refit
    • Exterior refit
    • Technology upgrades
    • Engine & propulsion upgrades
    • Others

Market, By Yacht

  • Superyacht
    • Maintenance
      • Routine maintenance
      • Seasonal preparation
      • Preventive maintenance
    • Refit
      • Interior refit
      • Exterior refit
      • Technology upgrades
      • Engine & propulsion upgrades
      • Others
  • Luxury yacht
    • Maintenance
      • Routine maintenance
      • Seasonal preparation
      • Preventive maintenance
    • Refit
      • Interior refit
      • Exterior refit
      • Technology upgrades
      • Engine & propulsion upgrades
      • Others
  • Sailing yacht
    • Maintenance
      • Routine maintenance
      • Seasonal preparation
      • Preventive maintenance
    • Refit
      • Interior refit
      • Exterior refit
      • Technology upgrades
      • Engine & propulsion upgrades
      • Others
  • Motor yacht
    • Maintenance
      • Routine maintenance
      • Seasonal preparation
      • Preventive maintenance
    • Refit
      • Interior refit
      • Exterior refit
      • Technology upgrades
      • Engine & propulsion upgrades
      • Others

Market, By End-User

  • Private owners
  • Charter companies
  • Commercial operators

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Nordics
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • ANZ
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • MEA
    • South Africa
    • UAE
    • Saudi Arabia
    • Rest of MEA

 

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of yacht maintenance and refit reached USD 2.5 billion in 2023 and is set to register over 8% CAGR between 2024 and 2032, owing to the rising disposable income and wealth of individuals.

The superyacht segment held 39% revenue share in 2023, driven by advanced technologies, large size, and custom features.

Europe market accounted for 40% revenue share in 2023, led by the presence of renowned charter destinations and stringent maritime regulations.

Amico & Co, Benetti Yachts, Derecktor Shipyards, Heesen Yachts, Lurssen Yachts, MB92 Group, Monaco Marine, Northrop & Johnson, Oceanco, and Pendennis Shipyard.

Yacht Maintenance and Refit Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 22
  • Tables & Figures: 220
  • Countries covered: 25
  • Pages: 280
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