APRILE 2023 PAG.71 - Italian shipyards grows between 15 and 20%

 

The Italian yachting sector continues its positive trend, reaching a total production value of new boats equal to € 3.6 billion in 2021, an increase of 34% over the previous year. The sector’s contribution to the national GDP is 2.9‰: a figure that confirms the growing importance and competitiveness of the Italian yachting industry along with its current phase of significant expansion concerning the entire sector.

This is what emerges from the report put together by Deloitte for Confindustria Nautica, the Italian Marine Industry Association, entitled “The state of the art of the global yachting market” and presented today at Palazzo Mezzanotte, headquarters of the Italian Stock Exchange in Milan, in the presence of a selection of key operators from across the sector and leading representatives from the world of finance.

“Overall, what emerges is an expanding world market, featuring a yachting industry that has managed to shake off the difficulties of previous years. Italy is the second largest industry in the world. In this country, our companies are currently experiencing a dynamic moment in time, defining themselves as world leaders in the production of superyachts,” commented Tommaso Nastasi, Senior Partner and Value Creation Service Leader at Deloitte. “With this study we have set ourselves the objective of providing a global overview of the yachting industry for the financial community, outlining the current state of the sector and, above all, the prospects for development and competitive challenges for the coming years,” Nastasi stressed.

“The Italian yachting industry stands out once again as one of the driving sectors of the Made in Italy brand,” said Saverio Cecchi, President of the Italian Marine Industry Association, Confindustria Nautica. “Among the various marine economies, the yachting industry is the sector that has grown more than any other in 2021, achieving the greatest increase in turnover ever recorded (+31%), reaching a historical record in terms of exports and a 10% increase in direct employment. The tailwind continued to blow in 2022 and has continued to this day, especially due to the export exploits of shipbuilding and the skill of our entrepreneurs, who have successfully navigated the complex economic and political scenarios of recent years“.

The report, conducted by Deloitte for Confindustria Nautica, offers an overview of the volume and development of the yachting retail market at a global level by analysing the various business segments, the economic performance and competitive positioning of the Italian boating industry worldwide, the level of concentration of the sector related to M&A transactions, and an outlook for coming years.

At an international level, the yachting sector has recorded a significant degree of activity with over 300 M&A transactions carried out over the last 2 years. A number that confirms a great deal of dynamism and transformation in both the industrial and financial terms.

Global Market

In 2021, the value of the global shipbuilding market was €52 billion. Approximately 60% of this (EUR 29.2 billion) related to the production of new units, which grew by +10.7% compared to 2020 (+10.1% CAGR 2014-21), demonstrating significant resilience to the impact of the pandemic.

The new unit production market is mainly represented by powerboats (approx. 90%) and, globally, by North America and Europe (approx. 70%). In 2021, the superyacht segment recorded the delivery of 160 yachts over 30 metres and an order book of 509 vessels for a total estimated value of €14.4 billion.

The Italian Market

Italian shipyards’ production reached a value of €3.6 billion in 2021 (+34% compared to 2020) and saw a large increase in exports (+34.7%). Compared to the global market, Italian yards focus mainly on the production and sale of large yachts. Furthermore, in 2021 Italy was the second largest country in the world in terms of production, with a market share of around 12%.

Italy is the leading country in the global superyacht orderbook in terms of share (close to 49%) and historical growth. Furthermore, Italian yards are market leaders in the production of 30-60 metre yachts, holding a consolidated position on semi-custom superyachts with an average length of approximately 43 metres.