Record turnover for pleasure boats at 8,6 billion but small boats slow down
The number of employees reached 31.480 units (+2,6%); half of them are employed by construction sites
The year 2024 consolidated the growth phase of the Italian nautical market after the long post-pandemic cycle, which saw turnover double in four years. The recently concluded nautical year recorded a total turnover of €8,6 billion, approximately €270 million more than in 2023 (an increase of 3,2%, which, in turn, follows the already significant 13,6% growth achieved in 2023 compared to the previous year). Of this €8,6 billion turnover, €2,55 billion (29,7%) was generated by the domestic market and €6,05 billion (70,3%) by foreign markets. Compared to 2019 (pre-pandemic level), turnover increased by 80% in nominal terms (equivalent to a compound annual growth rate of approximately 12,5%). over the last 10 years it has grown by almost two and a half times (+247%, +13,2% annualized).
These figures emerge from the latest edition of the Nautica in Cifre report, produced by the Confindustria Nautica Research Department in partnership with the Edison Foundation and recently released. The analyses confirm the overall resilience of the Italian nautical industry and the clear differentiation between the high-end segment and the small-scale nautical industry, which has slowed down over the past twelve months.
Domestic production accounted for 87,8% of the sector's total turnover, amounting to €7,55 billion. The sector's internationalization is evident in the 78% share of exports (€5,9 billion). Employees reached 31.480, up 2,6% from 30.690 in 2023, and its contribution to GDP rose to €7,4 billion.
Specifically, the new vessel construction sector, which alone employs more than half the industry's workforce, employs 17.510 people, a 3,7% increase. The refit, repair, and storage sector also grew significantly, reaching 4.640 workers (+7,9%). Conversely, the accessories and components sector, which employs 8.470 people (over a quarter of the total), saw a slight decline of 1,7%, while the engine sector, with 860 workers, saw the sharpest decline (-2,3%).
The role of shipbuilding is among the key drivers of 2024 performance: the new vessel construction segment reached €5,4 billion; 89% of Italian shipbuilding's domestic production was sold abroad.
The largest contribution to national production comes, as mentioned, from the new vessel construction segment: in the year under consideration, the turnover of this sector was equal to 5,4 billion euros (72,0%); this is followed by accessories and components with 1,54 billion euros (20,4%), refit, repair and storage activities (505 million; 6,7%) and engines (68,5 million, 0,9%).
Confirming Italy's leadership in the specific sector of inboard-engine pleasure boats and yachts, the Global Order Book 2024, the special ranking compiled annually by Showboats International magazine, has placed the Italian industry at the top of the world for superyacht orders, with 572 yachts under construction, equal to a 50% share. Turkey follows (with 146 yachts under construction), the Netherlands (69 yachts), and the United Kingdom (81 yachts).
Piero Formenti, president of Confindustria Nautica, commented on the figures: "Turnover in the Italian industrial sector grew by 3,2%, reaching an all-time high of €8,6 billion. Growth was driven by the high-end and superyacht segments, which remain global leaders, while the small-scale nautical industry saw a decline in turnover of around 10%. This segment's difficulties stem from a combination of factors, including the interference in some markets of large inventories of pleasure boats, growing geopolitical tensions, declining consumer confidence, and a national regulatory regime that remains overly bureaucratic."
Stefano Pagani Isnardi, Director of the Research Office of Confindustria Nautica, outlined the current situation, saying: "Based on the sentiment of the main Italian operators, the causes of the suffering of the small nautical industry, combined with the effects of the trade uncertainty of US tariffs, could lead to a slowdown in the sector globally even in 2025. However, entrepreneurs expect a recovery as early as 2026/2027."
Marco Fortis, Director and Vice President of Fondazione Edison, added: "In 2024, Italy confirmed its position as the world's leading exporter of nautical shipbuilding. Exports of pleasure and sport boats exceeded €4,3 billion (+7,5% over 2023), with an export share of domestic production around 90%. The US remains among the most important markets—particularly for vessels under 24 meters—although tariff uncertainties have impacted orders; this reinforces the need to diversify outlet markets."
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