The Italian recreational marine industry grew by 3.2% in 2024, with growth driven by the high-end of the market. Turnover in the small boat sector declined around 10%.
2024 consolidated the normalisation of growth, following an extended post-pandemic cycle that saw turnover double over four years.
The figures are from a report by Italian Marine Industry Association Market Intelligence and Research Department, in partnership with Fondazione Edison and presented at the Genoa International Boat Show.
“The closing figures of 2024 for the recreational boating sector are positive: turnover for the Italian industry grew by 3.2%, reaching an all-time high of €8.60 billion,” said Piero Formenti, president of the Italian Marine Industry Association.
Growth is driven by the high-end and superyacht segments, which maintain their position as global leaders.
Piero Formenti
“Growth is driven by the high-end and superyacht segments, which maintain their position as global leaders.”
And he said challenges remain for the smaller end of the market with a number of factors, particularly US tariffs causing uncertainty.
“The challenges facing this segment derive from a combination of factors, including interference in a number of markets from high levels of stocks, intensifying geopolitical tensions, contracting consumer confidence, and a national regulatory regime that is still too stifled by red tape.”
However, businesses expect to see a recovery in 2026/2027.
The total turnover of the recreational marine industry was €8.60 billion, with €2.55 billion – 29.7% – generated by domestic demand and €6.05 billion – 70.3% – by foreign markets.
World’s leading exporter
During 2024, the number of employees rose, reaching 31,480 jobs, up 2.6%, along with the industry’s GDP contribution, which rose to €7.40 billion (3.37‰ of national GDP).
The new build segment reached €5.4 billion with 89% of all Italian boatbuilding production destined for the export market.
“In 2024, Italy maintained its role as the world’s leading exporter in the boatbuilding industry,” said Marco Fortis, director and vice-chair of Fondazione Edison.
“Exports of recreational and sports boats exceed £4.3 billion, +7.5% compared to 2023, with around 90% of national production being exported.
Tariff-related uncertainties
“The US remains one of the most important markets – particularly for boats under 24 metres – although tariff-related uncertainties have affected order books.
“This reinforces a clear need to diversify outlet markets and enhance the role of trade events as platforms to strengthen business development through international partnerships.”
Recreational and sports boats are also among the sectors that have recorded the highest export growth since 2000 with sector exports expanding from €850 million in 2000 to €4.3 billion in 2024.
