During the Boating Economic Forecast conference at the 64th iteration of the Genova Boat Show, the statistical report published by the Research Division of Confindustria Nautica in partnership with Fondazione Edison and sponsored by the Ministry for Infrastructure and Transport, “Nautica in cifre -LOG [Boating in Numbers]” was presented.

“The pleasure boating sector – says Saverio Cecchi, president of Confindustria Nautica – proves it is very solid in 2023, following the reactive growth post pandemic. The turnover for the industrial sector has reached a historical high of 8.33 billion euros, which corresponds to exactly 1 billion more than 2022. The rise, equivalent to +13.6%, follows on the heels of the already consistent 20% growth of 2022.”

“The final balance that emerges from this 45th Nautica in Cifre report – noted engineer, Stefano Pagani Isnardi, manager for the Research Division of Confindustria Nautica – reflects our forecast for 2023, with the building sector growing by 14.8%, placing itself at the top of the confidence interval.”

Among other factors fuelling this boom has been the rise in exports for the shipbuilding division. In this regard, professor Marco Fortis, manager and vice-president of Fondazione Edison, as well as science coordinator for the study, mentioned that in 2023 the export of pleasure units built in Italy crossed the threshold of 4 billion euros, growing further in the first quarter of 2024, reaching a peak of 4.23 billion,

“In 2023 – continued Fortis – Italy has kept its position as top exporting country in the world in the shipbuilding sector, representing 19.3% of the world’s exports. This is the largest share ever recorded in our country. Italian boating is clearly strong on foreign markets, with the USA continuing to be the most important global market for our shipyards. Thanks to an export rate of 90%, Italy’s production of new pleasure craft units cements its top position for superyachts, with over half of global orders, as well as segments like rigid inflatable boats, components and accessories.”

The pleasure boating sector is one of the industries that, from the beginning of the new millennium, has recorded the highest level of exports. Keeping solely into account the most relevant manufacturing sectors for Italian commerce, meaning those that in 2023 have a surplus of over 2 billion euros, the pleasure and sports boating compartment is in fourth position for export growth, moving up two positions since 2022.

Even the compartment for “other transport vehicles” (transport vehicles that are not automobiles) has slowly grown over time. In terms of exports, compared to 2000, the bearing of shipbuilding has doubled, growing from 8.7% in 2000 to 18.5% in 2023. In regards to the impact of the Italian boating industry on the job market, the number of employees in 2023 rose to 30,690, with a significant growth of around 7%.

The contribution of the boating industry to the national GDP was over 7 billion euros in 2023, an increase of 14.2% compared to last year. Even the bearing of boating’s contribution to the GDP compared to the national GDP reached 3.38 per thousand, constant growth since 2013, showing more growth in the industry compared to the national economy, in particular over the last three years.

“The general context of these last 12 months – explained Pagani Isnardi – has changed, with changes in the boating market dynamic for various segments, Up until now, 2024 seems to show a normalisation of industry growth, after this cycle of strong growth, and by a more evident differentiation in the dynamics between high level products and small boats. Specifically, the latter is showing uncertainty, caused by the presence, in some markets, of a high level of pleasure boat stock, which interferes with the sales of new models for certain sizes.”

“Performance in the main autumn boat shows of 2024, starting with Genova – concluded the head of the research division for Confindustria Nautica – will clear the reference framework but the prospects for the future, at the level of Italian industry, should remain positive overall. And that is a lot considering the current external circumstances, with high interest rates, difficulty accessing credit, growing international geopolitical tensions and the wait for the results of the American elections.”