The Italian marine industry experienced a record turnover in 2023 with the yachting sector closing the year with turnover of €8.33 billion, an increase of €1 billion compared to 2022.
This 13.6% increase follows the already substantial 20% growth achieved in 2022.
One of the key factors fuelling the increase in turnover is the export of yachting units produced with an export rate of 90% of new yachting units – more than half of all global superyacht segments.
According to figures from the Italian Marine Industry Association, 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 number of employees is also on the rise, having reached 30,690 in 2023, an increase of around 7%.
Positive results
Growth in the yachting sector is predicted to normalise in 2024, with the diversification of market dynamics between high-end products and small boats expected to become more distinct.
“The picture illustrated so far suggests that the year 2024 could potentially close with the substantial stabilising of the yachting industry’s overall turnover,” said the association in a statement.
“As a matter of fact, the positive results achieved by 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.
“The predictions emerging from the same individual segments for 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.”
According to a survey of association members, 75% of the superyacht segment predicts a positive year-on-year closure while the remaining 25% are expecting stability.
The current order book’s performance highlights the normalisation of growth rates, with around two thirds of the companies involved predicting a limited order book reduction.
Boatbuilding production up to 24 metres is more complex with estimates for 2024 predicting a contraction in turnover for 60%, with negative figures from 5% to over 30%, stability for 18% of respondents, and growth for 22%.
Positive 2025
The trend for 2025 appears to be more positive with only a third of companies expecting a drop in turnover, and stable predictions for 45% respondents.
The marine engine sector is reporting a varied picture for 2024, with estimates for 2025 more positive, due to the anticipation effects of trends tied to the boatbuilding industry.
In the equipment segment, 39% of the industry expects growth for 2024 and 42% predict a contraction in turnover.
Companies’ forecasts for 2025 point to an improving picture but companies remain cautious in their estimates.
The majority of nautical tourism businesses experienced growth in turnover, with estimates for 2025 also looking promising.
