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Yachting Economic Impact Symposium Sheds Light on Superyacht Market Dominance

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Yachting Economic Impact Symposium Sheds Light On Superyacht Market Dominance

In a recent symposium organized by the Yacht Club de Monaco, insights into the economic impact of yachting globally took center stage. The symposium, dubbed ‘La Belle Classe Superyachts,’ focused on the dominance of the superyacht market, highlighting the southern region of France and the Principality. Key stakeholders and professionals gathered to analyze current trends, challenges, and future opportunities in the sector.

According to a report by Superyacht Times, the global superyacht market saw over 200 deliveries in 2023, amounting to an estimated total value exceeding 5.9 billion euros, with the majority of yachts over 30 meters being built in Europe. Italian shipyards, including Ferretti Group, Azimut Benetti Group, and Sanlorenzo, continued to lead the market with significant contributions.

The Yachting Monaco cluster and the Regional Tourism Committee played pivotal roles in showcasing the southern region of France’s attractiveness to the global superyacht fleet. The sector’s economic impact in the area has been substantial, with a focus on stable growth and sustainable practices at the forefront of discussions.

An industry study conducted by Earthcase brought to light the economic significance of yachting, with a special focus on the Provence-Alpes-Côte d’Azur region. The study, endorsed by the CRT and ADN Tourisme, aimed to provide concrete data to shape industry policies and recommendations based on verifiable facts.

Meanwhile, the Principality of Monaco saw a detailed study conducted by Imsee, shedding light on the thriving yachting sector’s economic contributions. Revenue from yachting activities in Monaco in 2022 surpassed 567.1 million euros, accounting for a notable percentage of the Principality’s total revenue. The study also highlighted the employment opportunities and business establishments directly linked to the maritime and yachting economy in Monaco.

Rachel Adams

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