The yacht refit industry has experienced a transformative year in 2024, marked by advancements in technology, evolving workforce dynamics, and a renewed focus on sustainability. This annual report provides a detailed overview of key developments, challenges, and trends shaping the refit sector.
The refit sector continues to grow, rivaling new-build projects in revenue and complexity. In 2024, over €2.8 billion was spent on refitting yachts over 30 meters, reflecting a 15% increase from the previous year. This growth highlights the critical role of refits in extending yacht lifespans and ensuring high standards of luxury and safety.
The industry’s reliance on skilled labor is both a strength and a vulnerability. A significant portion of the workforce is nearing retirement, creating an urgent need for new talent. Despite efforts, the industry struggles to attract younger generations to trade-based careers.
Environmental consciousness has driven shipyards to adopt greener practices, including waste management systems, energy-efficient operations, and sustainable materials.
Refits are inherently complex, often described as a “state of emergency.” Common challenges include supply chain disruptions, scope creep, and tight deadlines.
Technological advancements are reshaping the industry. From digital twins to robotics, innovation is improving precision and efficiency in refit projects.
The 2024 Yacht Refit Report predicts continued growth, with investments in infrastructure and workforce development at the forefront. Shipyards are expanding their global presence to meet demand, particularly in emerging markets like Southeast Asia and the Middle East.
This year’s refit sector developments underscore its critical role in the superyacht industry. As demand grows, addressing workforce and sustainability challenges will be vital to ensuring continued success.
2024 Yacht Industry Insights: Explore Our Annual Reports
Dive into the latest trends, challenges, and innovations shaping the yacht industry with our comprehensive 2024 reports. From sustainability advancements and new build technologies to insights from captains and owners, these reports provide a detailed look at the state of yachting today:
Stay informed and inspired as we chart the course of the yachting industry’s dynamic landscape.
Experience an eco-luxury yacht charter aboard VOYAGER, a 90’ 2″ Ocean Alexander motor yacht available for a Seattle yacht charter and adventures through the Pacific Northwest, British Columbia, and Alaska. With sustainable cuisine, modern design, and a deep commitment to the environment, VOYAGER redefines luxury on the water.
Chartering your yacht is more than a revenue stream—it’s a smart, strategic approach to ownership. With the right guidance, it becomes a powerful tool to offset operational costs, retain a high-performing crew, and increase your vessel’s long-term value. At Worth Avenue Yachts, our luxury yacht management services are crafted to make every aspect of the process seamless, profitable, and tailored to your goals. Through expert charter management, global marketing exposure, and curated guest experiences, we help yacht owners transform their investment into an opportunity—one that blends sophistication with smart strategy.
Chartering isn’t simply about renting out your yacht; it’s a strategic approach to ownership. With the support of a dedicated charter management team, owners can enjoy the benefits of additional revenue without sacrificing personal use. A well-structured program ensures your yacht is available for charter during peak seasons and high-demand destinations, while still offering the flexibility to accommodate your own cruising plans.
The 2025 Palm Beach International Boat Show, taking place from March 20-23, is a must-attend event featuring luxury yachts, cutting-edge marine technology, and VIP experiences, with Worth Avenue Yachts showcasing an exclusive selection of yachts for sale and charter. Beyond the show, visitors can indulge in fine dining at Palm Beach’s top restaurants, shop high-end boutiques on Worth Avenue, and explore scenic outdoor attractions. Click to learn more.
As part of our partnership, Superyacht Bar will bring its world-class luxury spirits and concierge services to the Palm Beach International Boat Show, offering yacht owners and enthusiasts an opportunity to elevate their onboard experience. Click to learn more about Superyacht Bar at the 2025 PBIBS.
Exploring the coastlines of Mozambique and Tanzania via a luxury yacht charter offers travelers an exclusive and immersive experience. In a discussion with Captain Sean and Will Jones of Journeys by Design, they highlight the region’s pristine beaches, rich Swahili culture, and abundant marine life.
