2021’s global turnover for Italian marine industry circa €6bn

Expo Dubai 2020 saw the official presentation of a statistical report compiled by the Research Department of the Italian Marine Industry Association. The Monitor report provides an overview of Italy’s boating sector, focusing on the state of the industry as of the current yachting year’s halfway point.

President of the Italian Marine Industry Association, Saverio Cecchi, got into the meat of his presentation saying: “We have a strong propensity for export, with an export rate of 86% of our national production in terms of leisure units. We are world leaders when it comes to building superyachts (accounting for over 50% of orders worldwide), RIBS, components and equipment.

“The estimated growth in global turnover of the sector is confirmed at +23.8%, with a potential variation of ± 5%. The latest indications suggest that the definitive figures (due September) will almost certainly be in the upper range of current estimates. In this scenario, the global turnover of the Italian boating industry could touch the threshold of six billion euros, which would see a return to the record levels we saw in the two-year period between 2007/2008.”

The preliminary 2021 data derives from statistical surveys conducted in September 2021 and February 2022, and is based on a sample of associated companies.

Cited among the principle factors that have fuelled this growth is exports of nautical goods, which, in the rolling year ending in October 2021, reached its highest historical value of three billion euros (data processed by the Edison Foundation).

“Other decisive factors,” says Andrea Razeto, vice president of the association, “are the order books of the Italian superyacht shipyards, which in many cases are full for the next three years, and the excellent performance of the nautical accessories and marine engines sectors. Expectations for the current nautical year (September 2021 – August 2022) are also very positive.”

For the production boat sector, 88 per cent of the sample indicate continued growth compared to the previous nautical year, although this value is slightly lower for the equipment and engine sectors at 77 per cent. While no shipyards foresee a reduction in turnover for the current nautical year, among the equipment/engine manufacturers only 8 per cent of respondents report a possible contraction. However, they were collected prior to the beginning of the Russia-Ukraine conflict thus any relating estimates do not account for the respective consequences with regards to the world economy.

As for the current crisis in Ukraine, Cecchi confirmed the Association’s intention to monitor the situation as it develops.