- UK superyacht industry sees revenues rise to £660 million, a 7.1% increase on 2017/18
- £308 million in GVA added to the UK economy in 2018/19, a 7% increase on the previous year
- Buoyant industry supports 5,155 jobs, a 1% increase on 2017/18
New figures released today, 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 last year.
The findings also highlight the sector’s impressive contribution to the UK economy with Britain’s 300 superyacht businesses accounting for £308 million in Gross Value Added (GVA) for the UK, a 7% increase from last year (which saw £287.5m in GVA).
Two-thirds (66%) of UK superyacht revenue is derived from exports. The US (41%) and Eurozone (13%) together account for over half of the UK export market. 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, due to its growing economy, 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, where British boatbuilders’ strong presence at major regional shows has increased sales. Many of the biggest manufacturers have also focused their efforts on expanding dealer networks across the region, resulting in strong sales figures.
The superyacht industry supported 5,155 FTE jobs in 2018/19, a 1% increase in 12 months. Over 60% of revenue is derived from the UK’s manufacturing and refit shipyards (a 12% increase on last year) and nearly three-quarters (70%) of jobs within the industry are in manufacturing, with new build and refit manufacturing recruitment growing 10.1% last year.
Lesley Robinson, CEO at British Marine, 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.”