The Italian recreational boating industry continues to grow, reaching a total value of new boat production of 3,6 billion euros in 2021, an increase of 34% over the previous year. The sector’s contribution to national GDP is 2,9‰: a figure that confirms the growing importance and competitiveness of the Italian boating industry and the strong expansionary phase of the entire sector. These findings – among others – emerge from the report by Deloitte for Confindustria Nautica “The state of the art of the global yachting market” presented in April at Palazzo Mezzanotte, headquarters of the Italian Stock Exchange in Milan, in the presence of some of the main players in the sector and leading figures from the financial world. «Overall, an expanding world market emerges with a boating industry that has fully left behind the difficulties of previous years. Italy is the second largest industry in the world. In Italy, our companies are experiencing a moment of strong dynamism and are world leaders in the production of superyachts», commented Tommaso Nastasi, senior partner and value creation service leader at Deloitte. «With this study we set ourselves the goal of providing a global framework of the marine industry for the financial community, drawing an overview of the current state of the sector and especially the prospects for development and competitive challenges for the coming years», Nastasi stressed.
The report conducted by Deloitte for Confindustria Nautica provides an overview of the sizing and evolution of the recreational boating retail market globally by analyzing the different business segments, the economic performance and competitive positioning of the Italian boating industry in the world, the level of concentration of the sector related to M&A transactions, and the outlook for the coming years. «The Italian yachting industry stands out once again as one of the leading sectors of Made in Italy», said Saverio Cecchi, president of Confindustria Nautica. «Among the economies of the sea, the boating industry is the sector that has grown more than any other in 2021, with the best increase in turnover ever (+31 percent), registering an all-time record in exports and a 10 percent increase in direct employment. The tailwind also blew in 2022 and continues to this day, mainly due to the export exploits of shipbuilding production and the skill of our entrepreneurs, who have skillfully navigated the complex economic and political scenarios of recent years.
Internationally, The yachting industry has experienced great entrepreneurial ferment with more than 300 M&A deals carried out over the past 2 years. A number that confirms the figure of great dynamism and transformation at the level of industrial and financial structure.
Global market for boatbuilding
In 2021, the value of the global boatbuilding market was 52 billion. Approximately 60 percent (29.2 billion) related to new boat production, which grew by +10.7 percent over 2020 (+10.1 percent CAGR 2014-21), demonstrating great resilience to the impact of the pandemic.
The new construction market is mainly represented by powerboats (about 90 percent) and territorially by North America and Europe (about 70 percent). In 2021, The superyacht sector recorded the delivery of 160 units over 30 meters and an order book of 509 units with a total value estimated at 14,4 billion euros.
Italian boating market outlook
Italian shipyards’ production reached €3,6 billion in 2021 (+34% compared to 2020) and saw an increase in exports (+34,7%). Compared to the global market, Italian shipyards mainly focus on the production and sale of large boats. In addition, in 2021 Italy was the second largest country in the world in terms of production, with a market share of about 12 percent. Italy represents the first country within the global superyacht orderbook in terms of share (about 49%) and historical growth. In addition, Italian shipyards are market leaders in the production of 30-60 meter yachts, holding an established position on semi-custom superyachts with an average length of about 43 meters.
Global boating market outlook
Italian shipbuilding production is estimated at about 4.1 to 4.3 billion euros in 2022. The global growth expectation is double-digit higher than 2021 and driven by the engine segment (inboard and outboard), also thanks to the orders collected in previous years. According to a Deloitte market survey of shipyards associated with Confindustria Nautica, the inboard segment will register the highest growth rates in the short term, while boats between 80-150 feet are expected to lead the market in terms of future growth, followed by 40-60 foot units. Geographically, Europe and North America are expected to lead growth in 2022 and 2023, North America then registering stronger growth in the long term. Growth expectations for 2022 globally are in double digits (+15%-20%), higher than in 2021 and driven by the motor segment.
Key findings and figures of the Italian boating industry today
The global boating market has reached 52 billion euros in 2021, and about 60 percent is related to the production of new boats;
29.2 billion is the market value of global new boat production in 2021 with +10.7% growth over 2020 (+10.1% CAGR 2014-21). In Italy, the value of production of recreational units stood at €3.6 billion in 2021 (+34% compared to 2020).
Growth expectations for 2022 globally are in double digits (+15%-20%), higher than in 2021 and driven by the engine segment;
Closing forecasts for the production of new pleasure craft in Italy for 2022 are between 15-20% over the previous year;
Italian shipyards confirm world leadership in the superyacht segment with a 49% share of total global orders.
More than 300 M&A deals have been made in the yachting sector in the last two years globally, 50% of which are focused on the downstream part of the nautical supply chain. 1/5 of the deals made are in the boat manufacturing shipbuilding industry.
60% of deals are made by investors active in the yachting sector; financial investors account for 15-20% of deals.
