The 2023 turnover reached an all-time high of 8.33 billion euros, highlighting the strength of an industry that has continued to grow in the post-pandemic years.
The Italian pleasure boating industry is reconfirmed as a sector of excellence, highly appreciated throughout the world, if we consider that pleasure and sports boats are in fourth place among the 20 manufacturing products whose exports grew the most between 2000 and 2023 (Source: Edison Foundation on Istat data).
The Italian pleasure boating industry in figures
According to the latest edition of the report ‘La nautica in cifre’ (produced on the initiative of Confindustria Nautica together with Fondazione Edison, under the patronage of the Italian Ministry of Infrastructures and Transport), the turnover of the Italian pleasure boating industry – which includes Italian Yachting, shipbuilding, production of accessories and marine engines – reached an all-time high of 8.33 billion euros in 2023 (the value for the previous year was 7.33 billion). This result confirms the solidity of the sector, which has continued to grow in the post-pandemic years.
A detailed analysis
Among the factors that fuelled the increase in turnover of more than 13% over the previous year were the performance of the shipbuilding industry. The total turnover of 8.33 billion euros derives 86% from domestic production and 14% from the sale of imported products. Domestic production generates revenue of almost 7.2 billion, 77.7% of which goes abroad. On the domestic market, production of approximately 1.6 billion is placed, to which is added, for import products, a value of approximately 968 million, for an overall total of 2.57 billion euros.
Today the Italian yachting industry employs almost 28 thousand employees, while the number of external employees is close to 4 thousand. The production and import of new units employs almost half of the employees and about 70% of the external workers who, on average, work at the companies for a period of at least nine months.
Shipbuilding that pleases abroad
Revenues from the construction and import of new yachts for 2023 exceed 5.1 billion euros, almost entirely from domestic production placed abroad. Sales of Italian products destined for the local market are worth around 519 million; added to the approximately 114 million in imports, they make up a figure of over 633 million.
Turnover from the sale of recreational craft with inboard, inboard-outboard and waterjet engines prevails, reaching 4.7 billion euros (about 91% of total turnover), largely from domestic production. The destination of the boats manufactured is mainly foreign markets.
Non-European countries are confirmed as the main destination of Italian sales beyond the borders: exports to non-EU markets amounted to 2.9 billion euros, corresponding to 72.4% of Italian exports in the sector, while those to the 27 EU countries amounted to 1.1 billion euros, equal to 27.6%. The total of 4 billion euros reveals an increase of 15.9% compared to 2022.
Among the top 15 destination countries for Italian exports, 6 are in the European Union, 9 are non-EU, with a total export value of 2.4 billion euros. The United States continues to be the most important market, globally, for Italian shipbuilding. Among the main non-EU countries to which Italian exports are directed are the Cayman Islands and the United Kingdom, while the main EU country is France, followed by Malta and Spain.
First place in the superyacht segment
With an export rate of 90%, Italian production of new yachts confirms its world leadership in SuperyachtProduction. The export success also concerns the areas of large inflatable units, components and accessories. A further survey on the trend in the production of superyachts over 24 m, involving a sample of manufacturers in this sector, shows that from 2010 to date sales have increased, in particular due to growth in exports.
In 2023, the value of Italian production almost quadrupled compared to 2010, with a positive trend from 2012 onwards, particularly in the last 3 years.
Refit, repair and garaging activities are characterised by an excellent overall 2023 turnover of more than 495 million euros (+17.8% compared to 2022). Being the provision of a service, this turnover is generated entirely by domestic production and is slightly skewed towards foreign-flagged vessels. The breakdown between services performed on EU and non-EU vessels is also balanced, with a slight preponderance of the latter.
Accommodation for every need
In Italy, there are three macro-categories of port facilities:
- marinas, entirely dedicated to pleasure boating;
- multi-purpose marinas, made up of several types of facilities that also have a portion dedicated only to pleasure boating;
- mooring points, consisting of seasonal facilities that do not have ‘fixed’ docks, but can be removed during the winter season, when the conformation of the site that houses them does not allow good protection from the action of the sea.
Most ports in Italy are multifunctional (459, or 58.2% of facilities), followed by berths (237, or 30.1%) and marinas (92,11.7%). Sicily and Sardinia record the highest number of facilities, 142 and 118 respectively, followed by Liguria and Campania (70), Apulia (69) and Tuscany (64) with over 60 facilities.
There are more than 168,000 berths in Italy. The region with the highest number of berths is Sardinia (22,899), followed by Liguria (21,290), Sicily, Campania, Tuscany and Friuli Venezia Giulia, with between 15 and 20 thousand. The lowest concentration is recorded in Molise and Basilicata, the regions with the lowest number of port facilities.
A strong sector despite the uncertain scenario
According to Confindustria Nautica, the first part of 2024 seems to be characterised by a normalisation of the sector’s growth, following the long cycle of strong development, and by a more evident differentiation of dynamics between high-end products and small boats. Specifically, the latter is experiencing uncertainties, caused by the presence in some markets of high stocks of pleasure craft, which are interfering with the sale of new models in some size segments.
However, the outlook for the future, for the Italian pleasure boating industry, remains positive. This is no small thing, considering the difficult external economic scenarios, with still too high interest rates, difficulties in accessing credit, and growing international geopolitical tensions.
ITALY – STATS & FACTS
ECONOMIC INDICATORS
GDP growth (2023)
- +0,9%
- (source: World Bank)
GDP growth per capita (2023)
- + 1.2%
- (source: Trading Economics)
High Net Worth Individuals
- In Italy, the population of high-net-worth individuals is expected to increase by 41% over a 5-year period, from 2 million in 2022 to more than 2.8 million in 2027 after a 5.9% drop in 2022, bucking the global average figure.
- (source: Knight Frank wealhreport)
Italy retail spending (September 2024)
- 1,2%
- (source: Trading Economics)
Consumer Confidence (November 2024)
- 96.6 index points
- (source: Trading Economics)
Unemployment (September 2024)
- 66,1%
- (source: Trading Economics)
New car sales (October 2024)
- 126,488 units sold (- 9.1% compared to October 2023)
- (source: Marklines)
BOATING MARKET INDICATORS
- Total Italian boat industry turnover (2023)
- 8.33 billion
Breakdown of global turnover derived from Italian production in the marine industry sector:
- 77.7% sales in foreign markets
- 22.3% sales on the domestic market
Imports
- 14% of the market
- (source: Confindustria Nautica)
Boat fleet registered in Italy
- up to 10 m 45.30%
- from 10.01 to 12 m 26.20%
- from 12.01 to 18 m 24.00%
- from 18,01 to 24 m 4.30%
- over 24 m 0.20%
Breakdown by propulsion of the registered fleet
- 75.80% motor
- 24.00 % sailing
- 0.20% pleasure boats
(source: MIT)
MARKET-LEADING ITALIAN COMPANIES IN THE SUPERYACHT SECTOR
- Azimut-Benetti
- Sanlorenzo
- The Italian Sea Group
- Overmarine
- Baglietto
- Cantiere delle Marche
- Palumbo
(source: Global Order Book 2024)
