Report: 66% of Italian superyacht firms see slowdown as exports reach €4.5bn

The Italian Marine Industry Association, Confindustria Nautica, has published its mid-year statistical report, Boating in Figures — Monitor, which analyses market trends for 2024/2025.

Following strong results through 2023, the boating industry experienced more complex economic conditions in 2024, leading to a “normalisation” of growth. The association’s Italian yacht market report reveals that high-end yacht manufacturers continue to see strong demand, while smaller craft producers face uncertainties in specific segments and markets. Indoor trade events in early 2024 reflected these trends.

The outlook for the Italian boating sector remains positive, supported by the superyacht segment, which maintains a global leadership position. Italy accounts for 572 of the 1,138 yachts over 24 metres currently under construction worldwide.

A survey conducted by Confindustria Nautica provides an assessment of market sentiment among industry professionals. It includes data on order book variations for superyachts between December 2023 and December 2024, as well as revenue forecasts for boats under 24 metres, equipment and engines for 2025.

Among companies in the superyacht segment, 34 per cent report stable or increasing order books, while 66 per cent indicate some level of contraction. Of those, half report reductions of up to 5 per cent, while the remaining half cite decreases between 5 and 10 per cent.

For boats under 24 metres, 22 per cent of businesses anticipate revenue growth in 2025, 45 per cent expect stability and 33 per cent foresee a decline. In the equipment and engines sector, 16 per cent expect growth, 63 per cent anticipate stability and 21 per cent project a contraction.

Within the charter sector, respondents are evenly split between those expecting increased turnover and those anticipating stability, while 7 per cent predict a decline of up to 5 per cent. In 2024, 79 per cent of charter operators report that the average value of weeks sold has either increased or remained stable.

A separate survey conducted by Italy’s national marinas association, Assomarinas, in September 2024 indicates a positive outlook for 2025. Projections suggest growth in key revenue factors for marinas, with berth sales expected to rise by 1.5 per cent and transit berths by 3.2 per cent.

Among external factors, interest rates remain a primary concern despite recent reductions by the European Central Bank. Political tensions and international conflicts are also seen as significant influences on consumer confidence.

Exports continue to be a major driver of growth for Italy’s boatbuilding industry. Data from Fondazione Edison, a scientific partner of “Nautica in Cifre,” recorded an all-time high in exports of Italian-built yachting units, reaching €4.5bn in September 2024. Italy remains the world’s largest exporter of boats and yachts.

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Concerns are emerging in Europe regarding tariff escalations and their potential impact on costs and supply chains in the yachting industry. The United States remains the primary international market for Italian boatbuilders, though sales have declined over the past year.

Italian yachts generally do not compete directly with US-produced models. At the same time, US exports to Italy have nearly doubled over the past twelve months compared to the previous year.