Why Superyachts Are Getting Ever Bigger: The Trends Driving the Boom

Here at Yotspot, we’ve been the leading jobs board for the yachting industry for over 10 years. In that time, we’ve seen the industry evolve in many different ways especially with superyachts getting bigger and bigger.

Ultra high net worth individuals are demanding ever larger, more extravagant vessels. According to Boat International, 1,024 new superyachts were built or on order globally in 2022 with the average length being 101.2 m. This number increased yet again in 2023 to 1,203, which is a record.

This trend isn’t slowing down. As the BBC recently reported, demand for these vessels is “at record levels,” with shipyards struggling to keep up and wait lists stretching years into the future. 

So what’s behind this appetite for ever-bigger boats? 

1. New Money

One of the biggest drivers is the rise of new wealth. The world has a growing number of fresh millionaires and billionaires, many of them coming from fast-growing industries like tech.

This new demographic is fueling demand for bigger and more bespoke yachts. A 120 m+ vessel is no longer as unique as it once was. The industry has adapted accordingly, as owners are no longer just buying a templated design but specifying custom layouts, décor, and onboard features to reflect their personal tastes.

2. Privacy and Comfort

After the pandemic, privacy and exclusion has become even more important to yacht owners. The demand for larger vessels is correlated to an owner’s desire for absolute privacy, comfort, and self-sufficiency.

Owners want expansive indoor/outdoor spaces, cinemas, gourmet kitchens, helipads, saunas and room for every sort of facility. One yacht architect even likened modern superyachts to “floating islands,” complete with multi-storey waterfalls and complete spa facility BBC News, May 2024

3. The Explorer Yacht Trend

It’s not just about holidaying in the Bahamas anymore. Many owners are turning to adventure.

Explorer yachts, like the 182 m REV Ocean, are designed to go well beyond the usual holiday destinations. Equipped with research labs, submarines, and long-range capabilities, they let owners head for remote destinations that were once out of reach.

It’s the seagoing equivalent of the rise in demand for expedition travel on land. Think of it as a Land Rover at sea, but on a bigger scale.

The Future?

Despite record sales, the industry is also facing questions about sustainability. As this BBC article notes, there’s increasing pressure to curb emissions. Designers and shipyards are responding with hybrid propulsion systems, alternative fuels, and more efficient hull designs.

Want to work on a superyacht?

With such unprecedented growth, now is a great time to get into the Superyacht industry.  At Yotspot, we connect thousands of crew with jobs on yachts of all sizes. If you’re thinking of starting or advancing your yachting career, there’s never been a more exciting time.

Explore our jobs board today to see where a life at sea could take you.