THE BOATING INDUSTRY FIGURES FROM THE “BOATING ECONOMIC FORECAST” CONFERENCE

+23.8% ESTIMATED GLOBAL REVENUE GROWTH FOR 2021

SIGNIFICANT BOOST IN SHIPYARD EXPORTS

EXCELLENT PERFORMANCE BY SUPERYACHTS, EQUIPMENT AND MARINE ENGINES


The Italian industry’s estimated global revenue is +23.8% for the 2021 solar year, with a possible variation of ±5% determining a total value of 5.5 to 6.0 billion euros.

The data collected as of 31st August 2021 by the Italian Marine Industry Association Market Analysis Department, based on a significant pool of businesses, shows overwhelmingly positive results for the entire boating sector.

These figures were presented to a global audience this afternoon at the 61st Genoa International Boat Show during the 4th edition of the Boating Economic Forecast by Stefano Pagani Isnardi – Italian Marine Industry Association Market Analysis Department, Marco Fortis – Edison Foundation – Cattolica University, andCarlo Mescieri – President of the Italian Leasing Association.

This growth goes beyond the Italian industry’s post-lockdown recovery. There are a number of factors involved, including a significant increase in shipyard exports which, over the course the year leading up to 30th June 2021, reached a historical peak of 2.8 billion euros, order portfolios of Italian superyachts which for many operators cover the next three years, and the exceptional performance recorded for the boating equipment and marine engines segments.

If the fourth quarter of 2021 reaches the higher end of the recorded estimates, this would be the Italian boating industry will return to the same revenue high point as was recorded over the 2007/2008 period.

With regards to the closing financial figures for 2020, what emerges from the figures published in the latest edition of La Nautica in Cifre LOG report is that the previous estimates of substantial industry-wide stability have been confirmed despite the difficulties and complexities brought on by the pandemic.

The boating industry’s global revenue for 2020 reached 4.66 billion euros, representing a +1.36% growth in shipyard production, determined by the early reopening of industrial activities, a key change in the regulatory framework that the Italian Marine Industry Association – Confindustria Nautica was able to achieve through an open dialogue with the Government.

The components sector (boating equipment and marine engines) in 2020 recorded an average contraction of 8.7%, mainly due to the effects of production activities being shut down during the first months of the lockdown period and to the interruption of supply chains and connected logistics.

Also worthy of mention with regards to 2020 are two very positive findings, that seem to anticipate the significant growth the sector is currently experiencing: an increase of 2.4% in jobs, overtaking the 24,000 mark, and a key increase in the boating sector’s contribution to the nation’s GDP, growing from 2.22‰ to 2,37‰, demonstrating a better performance compared to the national economy as a whole.

During his speech, Carlo Mescieri, President of the Italian Leasing Association – Assilea, illustrated the reduction in nautical leasing contracts with regards to large yachts which, over the course of the period from January to July 2021, reached a total of 175 new contracts signed for a value of 136 million euros (-57.7% compared to the same period of the previous year). The average size of operations has been halved, hitting 777,000 euros. It is estimated that the reduction, due to the leasing reform wanted by the EU Commission, will see Italy lose out on 40 million euros in VAT. The current tax system encourages foreign owners to sign nautical leasing contracts in Malta or other extra-European countries, when at first they used to opt for Italy. 

The data presentation was followed by a roundtable entitled “Onboard for reopening the borders. What scenarios await the yachting industry and nautical tourism?” which was began with an opening statement by Vice President of Italy’s Marine Industry Association – Confindustria Nautica, Maurizio Balducci and Andrea Benveduti, Regional Council Member for Economics.

Carlo Maria Ferro, President of the Italian Trade Agency, underlined how the boating sector is closely tied to export. “The more we keep looking at these numbers the more they get better. The boating industry’s strong point is its supply chain and its ability to create successful opportunities for large brands throughout the supply chain. We have invited 10 start-up businesses to showcase their innovative designs to the world in a dedicated section of the Show, displaying their sustainable materials and electric productions. In view of such positive figures, I would like to put forward a proposal: why not offer incentives to exporters giving them the opportunity to pay less taxes?” 

The Made in Italy brand – stated Barbara Beltrame Giacomello,  Vice President of the General Confederation of Italian Industry and delegate for Internationalisation– is a core asset for the country. The potential of “attractive and well-made” goods is worth 135 billion. There is also a lot of potential in regions such as China, the Middle East and India where by 2025 there will be a lot more wealth. The real challenge in the future will be reaching these markets”

Mauro Alfonso, CEO of SIMEST continued the discussions: “The Italian shipyard sector and boating industry as a whole are the crown jewels of the Made in Italy brand, however, in order to ensure the industry will continue its growth within this new global scenario, it will be important for all businesses of all sizes, especially small and medium enterprises specialised in small-scale high-quality production, to work towards the internationalisation of their brands and to invest in innovation and sustainability”.

Alessandro Mazzoni, Senior Broker & Business Developer Equinoxe International followed by illustrating the latest trends within the sales and charter segments for large yachts, with a particular focus on Italy’s potential as a destination for international boating.

At the end of the event, Prof. Marco Fortis offered his closing statement: “The Italian boating industry has shown a commercial balance of almost 3 billion dollars, twice that of the Netherlands. We are currently consolidating a 12-month export figure that will be enormous compared to the past and compared to any previous record. This is a magical time for Italian exports and for value added to our manufacturing segment. 

Among the Euro countries the first six months of the year have shown Italy as the absolute leader in terms of growth not just in terms of GDP, where we are more or less on the same level as France, but especially in manufacturing, with a +11% positive trend reached over the course of the first half of the year. Industry 4.0 has undoubtedly played a key role, strengthening the system. The dynamic we are currently witnessing is therefore not just a bounce-back effect from after lockdown, it is a sign of structural reinforcement. This means that we have not only become more competitive, but also transformed from foreign borrowers into foreign creditors”.

The latest “La Nautica in Cifre LOG” report (Boating in Figures)can be downloaded from the official website lanauticaincifre.it

16th September 2021