Global nautical sector at 33 billion and Italian one at 4,4 billion according to 2022 data
Good forecasts for 2023 for new builds in Italy with growth between 5% and 15%, global retail market with expected annual growth of 6% between 2024 and 2026
The picture that emerges from the second analysis study of the evolution of the global nautical market drawn up by Confindustria Nautica in collaboration with Deloitte Entitled “The state of the art of the global yachting market,” presented by Director General Marina Stella in Milan, it outlines a global nautical market that continues to grow and which, in the last year for which data is available, 2022, reached 33 billion, of which over 25 billion for superyachts alone.
The trend is also expected to expand in the Italian shipbuilding industry, which, with a turnover of €4,4 billion, recorded a 20% increase over the previous year. In Italy, too, a significant share, 70%, is generated by shipyards specializing in the production of superyachts, where Italy is the undisputed world leader with a 54% market share in terms of volume and 31% in terms of order book value.
These are the numbers presented by the study in relation to the reference market and the evolution of consumption models.
In global nautical market, New construction saw 11% growth and a turnover of €33 billion. This significant increase is due to rising prices, but above all to increased demand from new buyers. Geographically, North America and Europe dominate the market, representing approximately 70% of the global market. Regarding propulsion, motorboats account for approximately 90% of the market. In North America, outboard engines dominate (approximately 70%), while inboard engines dominate in Europe (approximately 50%).
In superyacht market order book It saw a 21% increase compared to 2021, reaching a value of €25,3 billion, reaching 600 units. Sixty percent of the value is generated by the segment of vessels over 60 meters. Demand for new orders is fueled above all by the 30-40 metre segment of vessels made of steel and composite materials, thanks to the growing presence of new buyers.
The penetration of the nautical sector into the luxury market: in 2019, "high-end" boats accounted for 1%. Yachting growth over the years has been remarkable, reaching +5,4% (also in terms of margins, which have always been below the average of other luxury sectors, the increase from 2015 to 2022 was 5,5%),
In 2022, in relation to the ownership and market penetrationInternationally, there is a slight contraction in potential demand (-4% 2022 vs. 2021 number of "billionaires"), however, the superyacht order book is bucking the trend (+21% 2022 vs. 2021). The superyacht market, however, continues to have limited penetration of potential demand (around 3%), revealing significant untapped potential. For the coming years, U-HNWI growth forecasts are positive (+5% CAGR 23-28), primarily driven by emerging markets.
From 2021 to 2023 the nautical market witnessed approximately 400 operations of M&A, concentrated mainly in the downstream segments of the value chain (approximately 57%) and primarily in North America (approximately 58%). Nautical industry operators accounted for approximately 60% of these M&A transactions, while financial investors contributed approximately 20%, marking a slight increase compared to the previous period (+3%). In Italy they register 30 M&A transactions, of which approximately 50% relates to nautical components and accessories, while approximately 40% concerns shipyards active in the construction of boats.
The production value of the Italian shipbuilding It is worth approximately €4,4 billion in 2022, up 20% from the previous year. Seventy percent of this is generated by shipyards that also produce superyachts. Compared to the global market, Italian shipyards are primarily focused on the production and sale of inboard vessels (91% vs. 52%), recording a compound annual growth rate of 15,6% from 2017 to 2022. Export figures are also significant: nearly 90% of domestic production is destined for international markets.
Il Italian recreational boating sector The sector continues to be highly fragmented, with a high presence of small and medium-sized manufacturers. Ninety percent of the operators generate 17% of national production, while the top ten represent 83% of the sector. In the superyacht segment, Italian shipbuilding is the world leader, with a 54% market share in terms of volume and 31% in terms of order backlog value. Furthermore, Italian shipbuilding is the world's second-largest industry, with a market share of nearly 15% of international nautical production—up 2 percentage points from the previous year—a share that reaches approximately 25% in the inboard segment.
Finally, these are the Italian and global studio market forecasts for 2023 (Final data is not yet available and will be presented by Confindustria Nautica on September 19th at the 64th Genoa International Boat Show): the growth in the value of production in the Italian shipbuilding industry (new builds) is estimated at an average increase of between 5% and 15%, partly driven by deliveries of orders collected during the Covid period.
Growth is also expected in global nautical retail market (new builds) at +8%, then normalizing over the next three years with an expected compound annual growth rate of 6% between 2024 and 2026. Large yachts will be the main driver of market growth, while the craft boat segment is expected to slow. Sailing will continue its upward trend with a growth rate of around +3% to +5%.
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