Superyacht industry grows for a seventh year
New figures released by British Marine association, Superyacht UK, at the annual Monaco Yacht Show, show that Britain’s superyacht industry recorded its seventh year of consecutive growth in 2018/2019.
The industry generated revenues rising to £660 million, representing an increase of 7.1% on the previous year. The findings also highlight the sector’s contribution to the UK economy with a 7% increase in the value that Britain’s 300 superyacht businesses add.
Lesley Robinson, British Marine’s chief executive, said, “As UK businesses set sail to Monaco Yacht Show this week to showcase the best of our British superyacht industry, we are delighted to see the UK sector grow for the seventh year in a row.
“The UK is the third largest builder of superyachts in the world and these new figures show that ‘British built’ continues to remain in high demand across the globe.”
British luxury products prove popular
Two-thirds of UK superyacht revenue is derived from exports with just over half coming from the US and Eurozone. The US export market has grown substantially in recent years, with the US share of British superyacht exports growing from 34% in 2018 to 41% in 2019, thanks to the increasing popularity of British luxury products and strong marketing efforts of UK boatbuilders. Other growth regions include emerging markets in Southeast Asia and the Middle East.
The superyacht industry supported 5,155 FTE jobs in 2018/19, a 1% increase in 12 months. More than 60% of revenue is derived from the UK’s manufacturing and refit shipyards and 70% of jobs within the industry are in manufacturing, with new build and refit manufacturing recruitment growing 10.1% last year.
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