Yachting: the global shipbuilding market reaches €34.8 billion, up +7%.
In 2024, a slowdown is expected, with the large yacht segment bucking the trend.
After a decline in 2025 also due to tariff uncertainties, a recovery is expected in 2026/2027.
Milan, September 2025 – 2023 was a record year for the global yacht industry: the global market reached €34.8 billion, up +7.3% compared to 2022. In 2024, growth is expected to steady: global estimates forecast a contraction of around -5%. The premium and large yacht segments are bucking the trend, with expected growth of +5–10% depending on market tier. Sector performance could be affected by new trade tensions, with U.S. tariffs expected to hit mainly small and medium-sized boats. For the Italian industry, however, growth is still expected in 2024, driven by a production mix that is primarily concentrated, in terms of production value, on the large yacht segment.
These are the main findings from “The State of the Art of the Global Yachting Market 2025 Edition”, report by Deloitte, in collaboration with Confindustria Nautica, analyzing the global yachting market. Now in its third edition, the study was unveiled in preview at Borsa Italiana’s headquarters, Palazzo Mezzanotte, during the opening press conference of the 65th Genoa International Boat Show.
“Deloitte’s study makes it possible to update Italy’s positioning within the global yachting industry: this is a strategic knowledge element for industry operators, on the eve of the release of the Nautica in Cifre 2024 final data for the Italian yachting industry, which will be communicated by our Research Department in Genoa, Wednesday, September 17, before the opening of the International Boat Show,” said Marina Stella, Director General of Confindustria Nautica, who also highlighted “how industry operators reported in interviews the importance of boat shows and industry events as a strategic factor for business expansion, clearly visible for the Italian industry through the significant and growing contribution to the national trade surplus”.
Italy is the world’s leading yacht exporter: 90% of Italian production is destined for export, representing about 13% of the national trade surplus, up sharply from 3% in 2015. In the superyacht segment, Italy maintains a leadership with 54% of orders by units and 34% by value, driven by the 30–60 meters segment: “The Italian yacht-building industry continues to stand out as a global player, combining industrial leadership and export capability mainly in large yachts,” commented Tommaso Nastasi, Partner and Value Creation Service Leader at Deloitte Italy. “Despite the market slowdown, the sector shows stronger fundamentals than in previous years and remains well positioned to capture future demand for high-value boats, supported by the growth of private wealth and a unique global competitive positioning”.
Global yachting: 2023 performance outpaced global GDP, slowdown expected in 2024
In 2023, the global new-build market reached €34.8 billion, up +7.3% compared to 2022. The market outpaced global GDP growth (+2%), in line with the wealth growth of Ultra High Net Worth Individuals (with net worth over $30 million) and equity markets. North America and Europe consolidated their leadership positions, accounting for 72% of the final market. Overall, for 2024, a global contraction of around -5% is expected, driven mainly by the decline in small boats, partially offset by Premium Brands and Superyachts. For the Italian industry, growth is still expected in 2024, supported by a production mix primarily focused, in terms of production value, on the large yacht segment.
Superyachts: in 2023 the global order book reached 696, the highest level since 2009
Between 2019 and 2023, the Superyacht segment recorded revenue growth of +6.5%, surpassing “experiential luxury” (+3.8%); sector profitability reached 15%, close to the experiential luxury average (17%), but with the strongest margin increase since 2018 (+9 percentage points). The Global Order Book reached 696 units in 2023, the highest level since 2009, thanks to the post-Covid rebound, but stabilization is expected from 2024 onwards. The segment of yachts over 60 meters accounted for only 15% of units, but 57% of value. Deliveries reached 212 units in 2023, the highest since 2008, driven by 30–40 meters boats, the target of a new generation of owners; about 235 units are expected in 2024.
Industry sentiment for the future: tariffs weigh on demand and margins
Leading Italian operators, interviewed on 2024 results and forecasts for the following three years, estimate more moderate growth for 2024 compared to the previous year and a slowdown in 2025, with a recovery expected in 2026/2027. The expectation is that the yacht and superyacht market (>80 ft) will continue to drive overall sector performance. Among the critical factors for the future, Italian operators interviewed pointed to tariff uncertainty, with an impact on demand and margins, price list revisions, the effects of dealer “destocking” launched in the 2024/25 season, and the arrival of new generations of consumers, increasingly focused on product and production-cycle sustainability, digitalization, and customized, lifestyle-oriented design.
“Tariffs are one of the main uncertainty factors shaping expectations for sales and margin performance in 2025,” stressed Ernesto Lanzillo, Partner and Private Leader at Deloitte Italy. “For an industrial sector such as yachting, which has a very significant weight on the country’s trade surplus, it is even more important to critically review the customs strategies adopted so far. It is necessary to ensure that all available regulatory advantages have been leveraged, while also analyzing opportunities in new export markets less exposed to tariff turbulence, or production relocation through alliances with international players. The role of industry fairs therefore regains great importance, not only to increase product visibility, but also to establish strategic connections among international operators.”
