The Italian nautical industry has returned to above 6 billion in turnover

Genoa - In 2021, the Italian nautical industry recorded a global turnover of €6,11 billion, up 31,1% from €4,66 billion in 2020. More importantly, it reintroduced the upward trend that had been ongoing since 2013, when the sector's turnover plummeted to €2,4 billion. This represents a return to the golden two-year period of 2017-2018, when annual turnover reached €6,2 billion. "The trend is now consolidated, and the still-impressive data from the first six months of this year tells us that 2022 will be another year of growth," explained Stefano Pagani Isnardi, Director of Research at Confindustria Nautica, who believes "stabilization is expected in 2023."

All the main sectors that contribute to the nautical industry's turnover have grown over the past year: shipbuilding is worth €4,09 billion (66,9% of the total), accessories €1,57 billion (25,7%), engines €450 (7,4%), and the refit of pleasure boats and vessels follows. In terms of contribution to GDP, the nautical sector has reached 2,89%.

Marco Fortis, director of the Edison Foundation, highlighted how the "pleasure and sport boats" sector, within the specific "other means of transport" segment, increased its share of exports from 8,7% in 2000 to 17,9% in 2021. Even in terms of the trade balance (which better measures the specialization of a given industry), the weight of pleasure and sport boats has increased, from 22,1% to 35,5%.

Pleasure and sport boats are also among the sectors that have seen the greatest export growth since the beginning of the new millennium: considering only the manufacturing sectors most relevant to the Italian trade balance, namely those with a trade surplus of more than €2 billion in 2021, the Pleasure and sport boats sector ranks 10th in terms of export growth. Specifically, exports in this sector increased from €850 million in 2000 to €3 billion in 2021, representing growth of €2,1 billion in absolute terms and a 247,6% increase in percentage terms.

Last year, Italy's top five export markets for recreational boats and yachts with inboard engines were, in order, the Cayman Islands ($543 million), the United States ($532 million), France ($268 million), the Marshall Islands ($245 million), and Malta ($241 million). In the ranking of the world's top ten exporting countries, Italy ranks second (almost $3,5 billion and a 16,1% share of the world total), behind the Netherlands. However, when looking at the trade balance, Italy climbs to first place with $3,1 billion.

Regarding the main regional production hubs, the so-called Northern Mediterranean cluster (Liguria and Tuscany) ranks first, with 122 companies, 3.722 employees, and a turnover of €1,8 billion. The Adriatic cluster follows, with 72 companies, 2.363 employees, and a turnover of €790 million. The next three most important geographical clusters are Lombardy, Naples, and Turin.

During the opening ceremony of the Genoa Boat Show, Saverio Cecchi, president of Confindustria Nautica, highlighted how the sector's production "grew by 31%, reaching €6,11 billion with 27 direct employees." In 2021, these figures "increased by 10% and, together with the supply chain, reached 90 employees." The nautical industry is therefore "the sector that has grown the most in percentage terms." Over 1000 boats are on display at the Genoa trade fair, featuring over 900 brands and 168 new models.

Carlo Maria Ferro, president of the Italian Ice Agency, said: "Talking about exports helps us look to the future with greater optimism: national exports in 2021 had already recovered 7,5 percentage points, above pre-pandemic levels, and the first six months of this year recorded a 22% increase. Breaking down the data, the nautical industry has been able to grow beyond 2020 levels and in the first six months of this year has grown faster than the national average, twice as fast as in 2019. Exporting nautical products means exporting the best of all Italian production."