Superyachts do the heavy lifting in Italian boatbuilding industry, says market forecast
Data released by the Italian Marine Industry Association suggest that 2024 could potentially close with the substantial stabilising of the yachting industry’s overall turnover.
The positive results achieved by Italian superyacht yards, thanks to the considerable weight the segment has in terms of business volume compared to the sector as a whole, offset the undoubtedly ‘critical situation’ experienced during this recent season by small boat companies in Italy, the association says.
Predictions emerging for the Italian market in 2025 appear to be encouraging, allowing for the possibility of a reversal of the current downward market trends in smaller segments as of spring next year. The association presented its forecast analysis on the sector’s market trends during its annual members’ assembly in December.
With an export rate of 90 per cent, Italian production of new yachting units continues to uphold its world leadership not only of the superyacht segment (representing more than half of all global orders), but of large inflatable units, components and equipment. Torino-based Azimut-Benetti Group was recently revealed as number one in the world, in the production of mega yachts over 24 metres.
Recent growth in the Italian yachting sector – exports are key
The association says that in 2023, the yachting sector closed with solid figures. The industry’s turnover reached an all-time high of €8.33 billion, which corresponds to an increase of exactly €1 billion compared to 2022. This 13.6 per cent increase follows the already substantial 20 per cent growth achieved in 2022.
One of the key factors fuelling this continued increase in turnover is the export of yachting units produced. In 2023, exports of yachts produced in Italy exceeded the €4 billion threshold, growing even further in the first four months of 2024 and reaching a peak of €4.23 billion.
The association expects growth in the yachting sector to normalise in 2024. Market dynamics between high-end products and small boats are expected to become more distinct. Within this context, the outlook for the Italian yachting industry remains positive overall due in no small amount to the substantial contribution of the superyacht segment, despite complex external economic scenarios.
Order books for Italian superyacht manufacturers set to reduce
The association recently undertook a market trends survey. That data shows 75 per cent of the sample representing the superyacht segment predicting a positive year-on-year closure. The remaining 25 per cent are expecting stability. About two thirds of the respondents indicated a limited order book reduction (contained between -5 per cent and -10 per cent) with the remainder of the sample split between a stable outlook and growth within a range of +5 per cent.
2024 contraction, boatbuilders predict stable 2025 (up to 24 metres)
Analysing boatbuilding production up to 24 metres is more complex. The variety of target markets and product types leads to a more diverse outcome, says the association. Estimates for 2024 see a contraction in turnover for 60 per cent of the sample, with negative figures ranging from 5 per cent to over 30 per cent, stability for 18 per cent of respondents, and growth for 22 per cent.
The trend for 2025 appears to be more positive. While the share of companies forecasting growth remains at 22 per cent, only a third of companies expect a drop in turnover, increasing stable predictions to 45 per cent of the sample.
Italian marine engine sector experience varied in 2024
The companies in the marine engine sector report a distinctly varied close to 2024, with an equal distribution of recorded growth (between +5 per cent and +20 per cent), stability and contraction (between -5 per cent and -20 per cent) in terms of turnover compared to the previous year. The type of product, and end use (superyacht yards, small boat companies, end users), has determined a clear distinction in sales results.
Estimates for 2025 are encouraging. One third of respondents expect to see an increase in turnover, while two thirds predict figures to stabilise in line with 2024.
Equipment segment end use determines turnover trends
With regards to the equipment and equipment segment, the distribution of respondents is fairly even for 2024. Thirty nine per cent of the sample expect growth and 42 per cent predict a contraction in turnover. As is the case for marine engines, the end use of the products sold determines a net distinction in turnover trend dynamics.
Companies’ forecasts for 2025 point to an improving picture but remain cautious in their estimates. Almost two thirds of the sample (63 per cent) indicate they predict a period of stability, 23 per cent foresee a contraction, and 14 per cent are expecting an improvement compared to 2024.
Marine tourism has satisfactory season
Nautical tourism businesses describe a particularly satisfactory 2024 season, with 63 per cent indicating a growth in turnover, 28 per cent stability, and only 9 per cent a reduction (compared to the previous year). Estimates for 2025 also look promising. More than half of the respondents (55 per cent) expect their turnover to continue its positive trend, 39 per cent predict the current situation will stabilise, and only 6 per cent foresee a possible contraction.
The Italian Marine Industry Association’s forecast and analysis was developed from a survey of its member companies. The prelim data it’s released will be replaced by official final figures. Those will be presented in the new edition of La Nautica in Cifre LOG (Yachting in Figures) statistical report book. Requests to access the data can be made on the association’s website.
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