Deloitte confirms forecast: shipbuilding industry continues to grow

Presented in Milan ‘The State of the Art of the Global Yachting Market’ study provided by Deloitte for the Italian Marine Industry Association. Good news for the Italian yachting industry

The Italian shiybuilding industry continues to grow, recording staggering figures. According to the study entitled “The State of the Art of the Global Yachting Market”, carried out by Deloitte for the Italian Marine Industry Association, Confindustria Nautica, revenue forecasts for Italian shipyards in 2022 continue to show double figures, with a predicted growth rate of between 15 and 20%.

In Italy, the yachting market is an increasingly growing sector, reaching a total production value of new boats equal to € 3.6 billion in 2021, with an increase of 34% over the previous year. The sector’s contribution to the national GDP is 2.9%.

“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 both a national and an international level, the trends are absolutely promising. 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). The new unit production market is mainly represented by powerboats (approx. 90%) and, globally, by North America and Europe (approx. 70%).

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%), focusing most efforts 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.

The production at the heart of the Italian shipbuilding industry is estimated to have reached around €4.1 – 4.3 billion in 2022.  The expectation of global growth is in the double digits compared to 2021, driven by the motor segment (inboard and outboard) and also due to the orders collected over previous years.

According to the Deloitte market survey, the inboard segment will register the highest growth rates in the short term, while boats between 80-150 feet are expected to lead the market in terms of future growth, followed by the 40-60 feet units. Geographically, Europe and North America are expected to drive the growth.

In short, perspectives are truly promising, and while they confirm the expansion of the yachting market globally, they also highlight the role of Italy as a leader thanks to the skill of the shipyards and the expertise of the professional figures who gravitate around this sector.