2024 TURNOVER REACHES AN ALL-TIME HIGH OF €8.60 BILLION (+3.2%)
ITALY REMAINS THE LEADING EXPORTER ACROSS THE BOATBUILDING SECTOR
Today, 17th September, the Boating Economic Forecastconference was held in the Forum Hall of the 65th Genoa International Boat Show, which saw the presentation of the latest edition of Nautica in Cifre – LOG (Boating in Figures – LOG), the only formally recognised statistical report available for the sector, produced by the Italian Marine Industry Association Market Intelligence and Research Department, in partnership with Fondazione Edison.
“The closing figures of 2024 for the recreational boating sector are positive: turnover for the Italian industry grew by 3.2%, reaching an all-time high of €8.60 billion,” stated Piero Formenti, President of the Italian Marine Industry Association, during his opening address at the start of the conference. “Growth is driven bythe high-end and superyacht segments, which maintain their position as global leaders, while the small boat industry recorded a decline in turnover of approximately 10%. The challenges facing this segment derive from a combination of factors, including interference in a number of markets from high levels of stocks, intensifying geopolitical tensions, contracting consumer confidence, and a national regulatory regime that is still too stifled by red tape.”
Stefano Pagani Isnardi, Head of the Italian Marine Industry Association Research Department, outlined the data’s context: “Based on the sentiment gathered from Italy’s most prevalent businesses, the challenges causing the small boat segment’s current state, combined with the effects of commerce-related uncertainty with regards to US tariffs, could lead to a global slowdown of the sector, even in 2025. Businesses, however, also expect to see a recovery as early as 2026/2027. Andthe first signs of this reversal could already be visible in the performance of our Genoa International Boat Show, where innovative designs and a strong focus on new market demands and trends could trigger a renewal of boat owners’ confidence in the sector.”
2024 consolidated the normalisation of growth, following an extended post-pandemic cycle that saw turnover double over four years. Studies confirm the overall stability of the Italian boating industry and a clear divergence between high-end and small boat sectors. Of the total turnover (€8.60 billion), €2.55 billion (29.7%) was generated by the domestic demand and €6.05 billion (70.3%) by foreign markets.
87.8% of the sector’s total turnover was generated by domestic production, which amounted to €7.55 billion, while the sector’s continued internationalisation stands out in the 78% share allocated to exports (€5.90 billion). The number of employees also rose, reaching 31,480 jobs (+2.6%) along with the industry’s GDP contribution, whichrose to €7.40 billion (3.37‰ of national GDP).
Among the most effective factors driving performance throughout 2024, boatbuilding is at the forefront, with the new build segment reaching €5.4 billion and 89% of all Italian boatbuilding production destined for foreign markets.
“In 2024, Italy maintained its role as the world’s leading exporter in the boatbuilding industry,” commented Marco Fortis, Director and Vice-Chair of Fondazione Edison. “Exports of ‘recreational and sports boats’ exceed £4.3 billion (+7.5% compared to 2023), with around 90% of national production being exported. The US remains one of the most important markets – particularly for boats under 24 metres – although tariff-related uncertainties have affected order books. This reinforces a clear need to diversify outlet markets and enhance the role of trade events as platforms to strengthen business development through international partnerships.”
Reaffirming Italy’s leadership, specifically within the sector of recreational boating units and yachts with inboard engines, the Global Order Book 2024, a dedicated ranking system compiled every year by Showboats International magazine, places the Italian industry at the top of the global leaderboard for superyacht orders, with 572 yachts under construction, equal to a 50% market share. Turkey is in second place (with 146 yachts under construction), followed by the Netherlands (69 yachts) and the United Kingdom (81 yachts).
‘Recreational and sports boats’ are also among the sectors that have recorded the highest export growth since the beginning of the millennium: considering only the manufacturing sectors most relevant to Italy’s trade balance, i.e. those with a recorded trade surplus of more than €2 billion in 2024, the ‘recreational and sports boats’ sector ranks fifth in terms of export growth; in fact, sector exports have expanded from €850 million in 2000 to €4.3 billion in 2024, an increase of 405.8% in nominal terms.
Download the latest edition of Nautica in Cifre – LOG (Boating in Figures – LOG) at: https://lanauticaincifre.it/
Genoa, 17th September 2025
