News
INDUSTRY DATA: 2024 TO SEE YACHTING SECTOR’S GROWTH NORMALISE AND MARKET DYNAMICS BETWEEN HIGH-END PRODUCTS AND SMALLER BOATS BECOME MORE DISTINCT.
CECCHI: I THANK THE GOVERNMENT FOR THE MEASURES TAKEN, THOSE AIMED AT SMALL BUSINESSES UNDERGOING A SETBACK, YET WE ARE FACED WITH INEXPLICABLE OBSTRUCTIONS, SUCH AS THE HEALTH MINISTRY BLOCKING COURSES NECESSARY FOR OBTAINING THE NEW SIMPLIFIED PROFESSIONAL TITLE.
MELONI: THE YACHTING INDUSTRY IS A FUNDAMENTAL BUILDING BLOCK OF THE MARINE ECONOMY, ONE THE GOVERNMENT HAS DECIDED TO PLACE AT THE HEART OF ITS STRATEGIES.
On Thursday 12th December, the Italian Marine Industry Association’s Annual Members Assembly was held in Rome, bringing together representatives of the entire yachting supply chain, international speakers, and members of government to discuss the general global context, key policies for the Blue Economy, and regulations in support of the industry.
The private session of the Assembly, which opened with Association President Saverio Cecchi’s report on the current state of implementation with regards to the schedule and approval of the 2024 plan of association initiatives, also saw the illustration of the latest market trends resulting from a sector forecasting survey, carried out with a significant sample pool of member companies by the Italian Marine Industry Association’s Research Department, headed by Stefano Pagani Isnardi.
The year 2023 witnessed the industry’s turnover reach an all-time high of €8.33 billion, (an impressive € 1 billion leap since 2022, which in turn had achieved a growth of 20 per cent compared to 2021), and an all-time export record of €4.23 billion.
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. Within this context, the outlook for the Italian yachting industry remains positive overall, despite complex external economic scenarios, due in no small amount to the substantial contribution of the superyacht segment.
These estimates are further confirmed by the results of the market trends questionnaire drawn up by the Italian Marine Industry Association’s Research Department, outlining a differentiated situation for the shipbuilding industry.
Specifically, 75% of the sample representing the superyacht segment predicts a positive year-on-year closure while the remaining 25% are expecting stability.
Analysing shipbuilding production up to 24 metres (segments 2, 3 and 4), the picture that emerges, as predicted in recent months, appears to be somewhat more complex: the variety of target markets and product types leads to a more heterogeneous outcome: estimates for 2024 see a contraction in turnover for 60% of the sample, with negative figures ranging from 5% to over 30%, stability for 18% of respondents, and growth for 22%.
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.
The Members Assembly continued into the afternoon with its public session entitled “Nautica, la rotta tracciata dalle riforme nel contesto internazionale” (“Yachting, a new course set by recent reforms within a global context”).After opening speeches by the President of the Italian Marine Industry Association, Saverio Cecchi, the Italian Prime Minister, Giorgia Meloni, and the Italian Minister for Business Made in Italy, Adolfo Urso (via video connection) and Adm. Chief Nicola Carlone, Commander General of the Port Authority Corps – Italian Coast Guard, the Italian Minister for Tourism, Daniela Garnero Santanchè, the Italian Deputy Minister for Infrastructure and Transport, Edoardo Rixi, and the Budget Policy Advisor to the Prime Minister, Renato Loiero, took part in a debate moderated by the Italian Marine Industry Association’s Head of Institutional Relations, Roberto Neglia.
The session then continued with a focus on contextual factors that have the potential to impact the sector’s development, from factors such the general economic situation to budgetary policies and climate change, from artificial intelligence to industrial and labour policies. Those taking part in the discussion included Alessandro Plateroti, World News Director and columnist of Il Sole 24 Ore and Mediaset Group, Carlo Buontempo, Director of the EU’s Copernicus Climate Change Service (C3S), Francesco Minà, Founder & CEO of Innovative Human Touch, Patrizia Scarchilli, Director General for the Sea, Maritime Transport and Inland Waterways department of the Italian Ministry for Infrastructure and Transport, Pierpaolo Ribuffo, Head of the Sea Policy Department, and Giuseppe Romano, Head of New Skills for Transitions at the company Sviluppo Lavoro Italia Spa.
Statements
Saverio Cecchi, President of the Italian Marine Industry Association
“In a context that sees growth prospects only for the superyacht sector, the Italian Marine Industry Association remains committed to supporting the yachting supply chain in its entirety particularly the small boats industry, with the additional aim of strengthening our domestic market,” stated Cecchi. “From the entry into force of the Italian Boating Code’s Implementation Regulations to the recent draft law referred to as the “Valorizzazione della risorsa mare” (a bill aimed at “recognising and enhancing the value of the sea as a resource”) soon to be issued, from the renewal of the Genoa International Boat Show to the overseas initiatives in partnership with the Italian Trade Agency, the Association is at the helm of the Italian yachting sector, guiding it towards regulatory simplification, reduced obligations for users, and a competitive future for the Italian flag – on the one hand – and a sustainable future on the other. We have witnessed a great number of positive responses, for which I thank the Government, starting with Prime Minister Meloni, along with other surprisingly negative ones, such as the stance taken by the Ministry of Health, blocking the courses necessary for the achievement of the Simplified Professional Title for months, or the Revenue and Customs Agency, from which we have been waiting for answers for over a year now“.
Giorgia Meloni, Italian Prime Minister
“Let me first of all thank the companies that are members of the Italian Marine Industry Association, who with their hard work contribute to making the yachting industry one of the leading Made in Italy sectors. A sector that is synonymous worldwide with Italian excellence and innovation, an extraordinary synthesis that combines the history of tradition alongside the ability to innovate with cutting-edge technology. The yachting industry is a fundamental building block of the marine economy, one the government has decided to place at the heart of its strategies. Just a few days ago, we approved the “Valorizzazione risorsa mare” bill, which contains specific measures for the yachting industry”.
Adolfo Urso, Minister for Business Made in Italy
“Yachting plays a leading role among those strategic sectors that define the new industrial policies, as has already been outlined in the green book “Made in Italy 2030”. Estimates for 2024 point to a normalisation of growth for the sector, which must be sustained through structural and systemic actions. In this sphere, actions and resources must be correctly channelled, creating events capable of attracting specialists, international exhibitors, and buyers, as is already the case each and every year for the Genoa International Boat Show“.
Daniela Garnero Santanchè, Minister for Tourism
“The yachting industry brings wealth to our nation. The government’s task is to create the right conditions and attractiveness in order for the sector to be increasingly competitive. Our ministry has implemented many initiatives aimed at promoting and enhancing boating tourism, a package of resources for tourism training, and Wi-fi access for public marinas. We have worked closely with the Italian Marine Industry Association and will continue to do so in the future”.
Edoardo Rixi, Deputy Minister for Infrastructure and Transport “We are and want to remain the leaders of the yachting industry. We cannot slow down the simplification process nor the collaboration between the public and private sectors. This Government benefits from a unified vision with regards to the sea and wants to work as a team.
We find ourselves at the beginning of a clear path for the Blue Economy with many points that still need improving, and we will ensure the Italian yachting industry remains increasingly competitive and at the forefront of the sector worldwide. To do this we need to update and digitalise a number of processes. As far as reforming ports is concerned, we are absolutely open to move ahead, without exception, and touch upon the plethora of matters involved, never abandoning the fundamental teamwork between ministries, including the allocation of disused or underused areas to the yachting industry. However, we will need to resolve the issue regarding the constraints of the superintendencies“.
Renato Loiero, Budget Policy Advisor to the Prime Minister
“The first three budget laws passed by the government are based on three cardinal principles: prudence, selectivity and merit. With regards to the latter, the tax cut in favour of the middle class is made in such a way as to be structural. The measures in question are worth €14 billion and target the highest income classes. The course set in motion is therefore one aimed at the progressive reduction of the tax burden on the upper bracket. In the future this will, of course, also support the domestic social yachting market. The spread and lowering of rates resulting from the government’s prudent policy will be a key factor in enhancing competitiveness while also balancing out potential custom duties”.
The Assembly thenapproved the 2025 budget. “The approval of the budget, which highlights a solid capital structure, is a tangible confirmation of the success achieved by the numerous projects either already implemented or underway. Our association has demonstrated great responsiveness and sturdiness, strengthening its economic and financial position and its ability to generate value, clearly reflected in the continued growth of its membership base and in the quality representation it provides,” commented the Association’s General Manager, Marina Stella. “This year has excelled with excellent results to the benefit of the entire supply chain, thanks in no small part to its own consolidation, from our Research Department to the Institutional Relations and Communication Departments, and the complete renewal of the Genoa International Boat Show, now the first logistic exhibition platform in the world specifically designed for the yachting industry”.
The Italian Marine Industry Association’s achievements in 2024 include the many internationalisation projects implementedin cooperation with the Italian Ministry for Foreign Affairs and International Cooperation and the Italian Trade Agency, along with the presentation of the industry at the Milan Stock Exchange, the expansion of initiatives under the Association’s Research Department, which constantly monitors the sector providing data analyses and interpretations aimed at supporting the sector’s sustainable and efficient growth, a key element of which is the Boating Economic Forecast, the third edition of the World Yachting Sustainability Forum, and the Genoa International Boat Show, the only logistic platform in the world designed specifically for a yachting exhibition, which received the ISO 20121 Certification for sustainable event management from RINA during the Association Assembly.
