Italy enjoyed a record year for exported yachts and remains the leader in superyacht production with over half of global orders, followed by Turkey and the Netherlands, according to a recently published Confindustria Nautica (the Italian marine industry association) report.

Stefano Pagani Isnardi of Confindustria Nautica

For some for 15 years, Stefano Pagani Isnardi has worked at Confindustria Nautica (the Italian Marine Industry Association) and as Head of Research and Market Intelligence there since 2019.

With a PhD in engineering, his career began in transport and urban planning before joining Confindustria Nautica in 2009, establishing the Research and Project Development Department to manage technical, statistical and research-related issues, dealing at an international level with institutional stakeholders and marine federations.

He is also Chair of the International Council of Marine Industry Associations (Icomia) Superyacht Division and Icomia Market Intelligence Taskforce; Vice Chair of the Icomia Technical Committee; and a Member of the European Boating Industry Executive Committee and the ISO TC8/SC12 committee for large yachts.

Here he reflects on Italy’s record-breaking year of superyacht exports:

“Italian yachting production achieved its best year ever in 2023, reaching the record figure of €4 billion in exports, up 15.9 per cent year-on-year – achieved despite the country’s overall economic slowdown, particularly in exports due to multiple international factors.

Among factors contributing to this success is Italy’s continued global leadership in the production of superyachts, with 600 yachts commissioned and/or under construction amounting to over 22,000 linear metres and representing an absolute record of 51.4 per cent of orders around the world.

Turkey had 132 yachts under construction (totalling about 6,000m) and the Netherlands had 80 totalling nearly 5,000m to sit a distant second and third place respectively in the table.

The above data was compiled by the Edison Foundation and presented in the sixth edition of La Nautica in Cifre: Monitor (Boating in Figures: Monitor), revealing market trends for 2023/24. The statistical report produced by the Italian Marine Industry Association’s Market Intelligence and Research Department provides the latest official market trends recorded at the mid-nautical-year point, with indications on the global state of the Italian yachting industry.

Italian export of pleasure and sports boats in € millions; Data supplied by La Nautica in Cifre

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 2023, turnover growth compared to 2022 is prevalent among companies. Whereas the situation remains positive for the superyacht sector, for boatyards producing units under 24m, 84 per cent of those who responded expect to improve or be similar to the previous year. In boating equipment and engines segments, eight out of 10 companies confirmed a positive or stable 2023 final balance

Sentiment regarding 2024, surveyed after the winter boat show season, confirmed a differentiation of turnover trends between the superyacht and sub-24m production industries.

The Italian superyacht industry has grown each year since 2020 and these positive results are highlighted by the multi-year extension of order books, with two out of three 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 election results in Europe and the US.

The Genoa International Boat Show is held annually in September

On this basis, 2024 appears to be an up-and-down year, with turnover forecasts ‘growing’ for 32 per cent of the companies surveyed, ‘stable’ for 32 per cent and ‘decreasing’ for 36 per cent. As things stand, the order portfolio is in a state of growth or stability compared to 12 months ago for 44 per cent of companies.

At the same time, in the boating equipment and engines segment, 2024 is viewed as a year of transition. About 82 per cent of those surveyed expect to close the year with growth or keep in line with 2023, while the current order backlog also indicates a state of increase or stability for 65 per cent.

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, more weeks have been booked than 12 months ago, while the change in the average value of a week’s charter sold is stable or growing for three out of every four respondents.

The sixth edition of Monitor includes a new assessment of the impact of external factors on the industry’s performance, includin, international political tensions, freight costs, rising interest rates, supply chain trends, logistical inefficiencies and rising energy prices.

As per tradition, the official closing figures for the previous year will be announced during the presentation of the new La Nautica in Cifre LOG at the Genoa International Boat Show, with the 64th edition of Italy’s largest boat show to be held from September 19-24.”
confindustrianautica.net
salonenautico.com