The Italian Marine Industry Association, having convened yesterday for its Annual Members’ Meeting, took the opportunity to present a forecast analysis on the sector’s performance carried out by the Association’s Research Department on the basis of a survey conducted on a large sample of member companies.
In 2023, the boating sector continued in its solid upward trend: the industrial sector’s turnover reached an all-time high of €8.33 billion, exactly €1 billion more than in 2022. The 13.6% increase follows the already substantial 20% growth recorded in 2022.
Among the factors driving this continued increase in turnover is, first and foremost, a substantial boom in exports of boatbuilding production: in 2023, exports of recreational units produced in Italy exceeded the €4 billion threshold, growing further in the first four months of 2024 to reach a peak of €4.23 billion.
The Italian boating industry clearly demonstrates a strong propensity for foreign markets: with an export rate of 90%, Italian production of new recreational units confirms its world leadership in the superyachts segment – boasting over half of global orders – as well as in the large inflatable, components and equipment segments.
The number of employees also grew, rising to 30,690 in 2023, a significant increase of around 7%.
2024 will see a normalisation of growth across the boating sector with a more evident diversification of dynamics between high-end products and smaller boats. In this context, the outlook for the Italian boating industry remains positive overall, despite the complex external economic scenario, thanks in no small part to the substantial contribution of the superyacht segment.
These estimates have already been confirmed by the results shown by the market trend questionnaire conducted by the Italian Marine Industry Association’s Research Department, which showcases a diversified situation for boatbuilding.
Specifically, the superyacht sector predicts a positive 2024 compared to the previous year for 75% of the sample and stable for the remaining 25%. The current order book trend highlights the normalisation of growth rates, with around two-thirds of companies indicating a limited reduction in their order books (between -5% and -10%) and the remainder of the sample divided between stabilisation and growth of up to +5%.
Analysing boatbuilding production up to 24 metres (sectors 2, 3 and 4), the picture that emerges, as expected in recent months, appears more complex: the variety of destination markets and product types leads to more heterogeneous results. The estimates for the end of 2024 show a decline in turnover for 60% of the sample, with forecasts ranging from -5% to over -30%, stability for 18% of respondents, and growth for 22%. The trends for 2025 appear more positive: while the share of companies expecting growth remains at 22%, only a third of companies expect a decline in turnover, increasing the stability estimates to 45% of the overall sample.
Companies operating in the marine engine segment recorded a markedly varied close to 2024, with an equal distribution between growth (between +5% and +20%), stability, and decline (between -5% and -20%) in turnover compared to the previous year: the type of products and their final destination (superyacht yards, small boat companies, end users) determined a clear diversification in sales results. Estimates for 2025 are encouraging, however, due to the anticipatory effect of boatbuilding trends: within the sample, one third of respondents expect turnover to increase and two thirds predict stability compared to 2024.
In the components and equipment segment, a fairly even distribution of respondents was recorded, between forecasts of growth (39%) and decline (42%) in turnover for 2024: as before, the final destination of sales determines a differentiation in turnover trends. Forecasts for 2025 point to an improving picture, but estimates remain cautious: almost two-thirds of the sample (63%) indicate stability as the more likely outcome, 23% expect a reduction and 14% an improvement on 2024.
Finally, the analysis of nautical tourism businesses (sectors 7 and 9) describes a more than satisfactory 2024 season, with 63% of the sample reporting growth in turnover, 28% stability and only 9% a reduction compared to the previous year. Estimates for 2025 also look promising: over half of respondents (55%) expect further growth in turnover, 39% expect previous figures to be maintained and only 6% expect a possible decline.
In summary, pending the official final figures – which will be presented in the new edition of the statistical market analysis book La Nautica in Cifre LOG at the 65th Genoa International Boat Show – the picture outlined above suggests that 2024 may end with substantial stability in overall boating industry turnover. The positive results of superyacht yards, thanks to the significant overall weight the segment holds within the sector as a whole, offset the undoubtedly critical situation experienced during the season by smaller boat companies. The forecasts emerging from the individual market segments for 2025 appear encouraging, allowing us to predict a possible reversal of the current downward market trends in the smaller segments starting next spring.