PRESENTED IN MILAN: “THE STATE OF THE ART OF THE GLOBAL YACHTING MARKET” PROVIDED BY DELOITTE FOR THE ITALIAN MARINE INDUSTRY ASSOCIATION

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%.

The global yachting market is worth €52 billion in 2021 and around 60% of that value relates to new boat production €29.2 billion is the global market value of new boat production in 2021 with a growth of +10.7% compared to 2020 (+10.1% CAGR 2014-21)

In Italy, the yachting production value stands at €3.6 billion in 2021 (+34% compared to 2020).

Growth expectations for 2022 at global level are showing double figures (+15%-20%), a prediction that is higher than in 2021 and that is driven by the motor segment Forecasts for the production of new yachts in Italy for 2022 are between 15-20% compared to the previous year Italian shipyards confirm their world leadership in the superyacht segment with a 49% share of total global orders.

More than 300 M&A deals have been carried out in the yachting sector in the last two years on a global level, 50% of which are focused on the downstream part of the yachting supply chain. 1 in 5 deals realised are in the yacht manufacturing industry.

60% of deals are made by investors active in the yachting industry; financial investors account for 15-20% of deals.

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.

MARKET OUTLOOK

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 a Deloitte market survey of shipyards associated with the Italian Marine Industry Association, 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 2022 and 2023, with North America registering stronger growth in the longer term.

Growth expectations for 2022 globally are in the double digits (+15%-20%), higher than in 2021 and driven by the motor segment.

Once the presentation of the study had reached its conclusion, the event’s moderator Simone Spetia gave way to the scheduled roundtable discussion, which was attended by: Barbara Amerio, CEO and Sustainability Director Permare Group, Maurizio Balducci, CEO Overmarine Group, Carla Demaria, Sanlorenzo – Executive Director and CEO Bluegame, Stefano de Vivo, Chief Commercial Officer Ferretti Group & Managing Director Wally, Fabio Planamente, CEO of Cantiere del Pardo S.p.A, Marzia Bartolomei Corsi, Senior Partner of Fondo Italiano Investimento SGR, Dario Cenci, Senior Partner of Armònia SGR, Michele Semenzato, Managing Partner of Wise Equity.

The event was concluded by Ernesto Lanzillo, Partner at Deloitte and Deloitte Private Leader Italia.