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ITALIAN YACHTING PRODUCTION EXPORTS IN 2023 REACH A RECORD HIGH AT 4 BILLION EUROS
ITALY REMAINS THE UNCONTESTED LEADER IN SUPERYACHT PRODUCTION WITH 51.4% OF GLOBAL ORDERS.
In 2023, Italian yachting production recorded its best year to date, reaching the record figure of € 4 billion in exports, up by 15.9% compared to an already exceptional 2022, a result achieved despite the slowdown in the country’s overall economy, particularly in exports due to multiple critical factors on the international stage.
Among the factors contributing to success in exports is Italy’s continued uncontested global leadership in the production of superyachts with 600 yachts commissioned and/or under construction, for a total of over 22,000 linear metres, representing an absolute record of 51.4% of orders. In a markedly distant second and third place in the world ranking, Turkey reached 132 yachts under construction for approximately 6,000 metres in total and the Netherlands achieved 80 yachts with close to 5,000 metres commissioned.
These are the data analyses carried out by the Edison Foundation as presented in the sixth edition of “La Nautica in Cifre Monitor – Trend di mercato 2023/2024” (“Boating in Figures – Market trends 2023/2024”), a statistical report produced by the Italian Marine Industry Association’s Market Intelligence and Research Department that provides the latest official market trends recorded at the mid-nautical-year point, with indications on the global state of the Italian yachting industry as a whole.
A number of useful elements emerge from the results gained following a forecasting survey conducted by the Italian Marine Industry Association, identifying 2024 as a complex year, with a general normalisation of growth in the boating sector, following a long cycle of significant market development.
In relation to the results for the 2023 calendar year, turnover growth compared to 2022 is clearly prevalent among companies, with indicators that point to a positive close for the Italian yachting industry as a whole. Whereas for the superyacht sector the situation remains positive, for boatyards of units under 24 metres, 84% of the sample expect an improvement or to close in line with the previous year. In the boating equipment and engines segment, 8 out of 10 companies confirm a positive or stable 2023 final balance.
Sentiment regarding the year 2024, surveyed after the winter boat show season, confirms a differentiation of turnover trends between the high-end and the below 24-metre production industries.
The Italian superyacht industry upholds once again its global leadership, growing at a more moderate pace than in the three past years. The positive results are highlighted by the multi-year extension of order books, with 2 out of 3 companies recording an increase in their order books compared to 12 months ago.
As far as the smaller craft market is concerned, a contraction is expected in 2024 in some product segments and geographic areas, largely driven by economic factors external to the market, such as rising interest rates and access to credit, increasing international geopolitical tensions and the anticipation of the election results that will lead to new governmental arrangements in Europe and the US. On this basis, 2024 appears to be an articulated year, with turnover forecasts growing for 32%, stable for 32% and decreasing for 36% of the sample, and with an order portfolio that, as things stand, is in a state of growth or stability compared to 12 months ago for 44% of the companies surveyed.
At the same time, in the boating equipment and engines segment, 2024 is viewed as a year of transition: 82% of the sample expects to close the year in growth or in line with the previous year; the current order backlog also indicates a state of increase or stability for 65% of the sample.
From the nautical tourism sector, positive prospects for 2024 emerge from charter companies: all respondents have stated that this year will be even better than the previous. For half of the sample, moreover, the current sales results see an even higher number of weeks booked up than 12 months ago; the change in the average value of a week sold is stable or growing for three out of four respondents.
The sixth edition of Monitor also includes a new assessment of the impact of exogenous factors on the industry’s performance, including, for example, international political tensions, freight costs, rising interest rates, supply chain trends, logistical inefficiencies and rising energy prices.
The official closing figures for 2023 will be announced, as per tradition, during the presentation of the new edition of “La Nautica in Cifre LOG”at the 64th Genoa International Boat Show, scheduled to take place from 19th to 24th September 2024.
Download your copy of the new edition of Monitor by visiting lanauticaincifre.it
