Italian nautical production reaches 5,5 billion, 70% from large yachts

Milan – The report, "The State of the Art of the Global Yachting Market," produced by Deloitte in collaboration with Confindustria Nautica, was presented at the Italian Stock Exchange in Milan. According to data presented by Tommaso Nastasi, Strategy & Value Creation Leader at Deloitte Advisory Italy, the global market for new boatbuilding has stabilized in the period 2023-2025 (-2.1%, reaching €33,3 billion), while the Italian shipbuilding industry is bucking the global market trend (approximately +5% in the period 2023-2025). Approximately 70% of Italian production value is attributable to large yachts and superyachts, confirming the specialization of Italian shipbuilding in the high-end segment of the market.

"The study confirms the resilience and competitiveness of the Italian nautical industry in a complex and constantly evolving international context," said Piero Formenti, president of Confindustria Nautica. "While globally we are seeing a normalization of growth and greater challenges for some segments of the small boating industry, Italy continues to strengthen its position, outperforming the global market in order intake and consolidating its leadership in the high-value superyacht sector. In this scenario, the Association's advocacy work remains crucial, as with the recent Sea Resource Valorization Law, along with the role of the Genoa International Boat Show, which in times of heightened economic and geopolitical complexity remains a strategic platform for discussion, development, and openness to international markets for the entire industry. Opportunities like these for discussion with the financial world certainly constitute a significant opportunity to learn about new tools that support the consolidation and capital strengthening processes for companies."

Looking at the tables created for the study presented by Nastasi, it is clear that the global new market is worth around 33 billion euros, while in the period 2023/2025 there was a contraction of 2,1%. Nastasi emphasizes that “In 2024 the market recorded -3% and -1% in 2025, so it makes no sense to talk about a crisis in the sector but rather of a stabilization of demand. It's also important to note that if we look at the 2025 data and compare it to the pre-Covid 2019 data, the 2025 market values ​​are approximately 1,5 times larger and therefore it is a market that is growing overall. Furthermore, if we compare the nautical sector with the global trend of gross domestic product, we note that between 20220 and 2025 the sector grew by 6,4% against 2,5% of gross domestic product. Regarding the number of superyachts, in 2025 the market was around 700 boats, a decidedly high number compared to the pre-Covid figure of around 500 boats. We're talking about over 200 more units, and we know they are very important boats both in terms of value and, above all, in terms of complexity as a product. We note that the order book between 2023 and 2025 has contracted by 1%, but here too we underline the fact that it is essentially a stable market. The value of the 2024 order book is close to 30 billion euros, and 55% of this is represented by megayachts measuring 60 meters or more, a market that is therefore tending towards increasingly larger boats. New order trends indicate market growth in the 40-60 metre sector, rising from 34% to 41%, a growth in the number of steel hulls from 35% to 36%, and a growth in units over 500 GT, rising from 14% to 17%—boats that are not only larger but also richer in terms of content. A comparison between Italy and the global market shows that our industry grew by 1,3% in the 2020-2025 period, compared to a -2,1% decline for the global market. These figures confirm the resilience of the Italian nautical industry in the face of international competition. The value of production in Italian shipbuilding is estimated between 5,4 and 5,5 billion euros in 2025, in contrast to the global trend in recreational boating (-2.1% in the same period). Around 70% of production is attributable to large yachts and superyachts. The fact that Italy relies 93% on the large inboard boat segment underscores its strong global leadership, while further accentuating its limited diversification compared to global averages in terms of propulsion types (outboards and inflatable boats account for 4%, sailing boats for 3%, ed.). When we talk about large boats we are not only referring to superyachts, but also to all the premium segments. Companies that managed to have a distinctive positioning were at an advantage. Exports are the core destination market of the Italian nautical industry, accounting for 90% of the total (70% of which is destined for non-EU countries), with a growth rate of nearly 16% compared to a domestic market of around 10%, which grew by 9,7% from 2019 to 2024, confirming the sector's vocation for export. Regarding the 2024 global superyacht market, Italy has a market share of 56% in volume and 36% in value, with a gain of 2 points compared to the previous year, confirming the fact that Italian shipyards, and we see this as a business strategy, are starting to make increasingly larger boats and to compete better with Nordic shipyards. Italy dominates the market in the 30-40-60 metre sector with around 60% of production, which drops to 34% in the sector over 60 metres”.

For 2026, market sentiment points to further stabilization in the global recreational boating market, with a slight expected contraction of approximately -0,7%, an improvement compared to the trend observed in 2024–2025. The premium and superyacht segments continue to demonstrate greater resilience compared to the overall market trend (+0,9%), confirming the countercyclical nature of the high-end segment. For the period 2026–2029, the outlook points to a gradual recovery in demand, with expected growth of approximately 3% annually. The main exogenous risk factors remain geopolitical tensions—with more significant impacts on small boats and potential inflationary pressures on raw materials and semi-finished products—and trade barriers introduced by the United States, which have already put pressure on the sector's average margins and impacted operators' go-to-market strategies.

"Tariffs and trade tensions," said Antonio Solinas, Deputy Business Leader of Deloitte Advisory Italy, "represent one of the main factors of uncertainty for the sector's sales performance and margin expectations. For an industrial sector like the nautical sector, which makes a significant contribution to the country's trade surplus, it is essential to rigorously analyze the customs strategies adopted, verify the full use of available regulatory benefits, and explore opportunities in new export markets that are less exposed to tariff turbulence, or production diversification paths through alliances with international operators."

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