Yacht

Boating, exports grow but tariffs weigh on the US

The unknown factor of the conflict in the Middle East faces the market. Formenti: 'The sector shows solidity and adaptability'

by Raoul de Forcade

6 March 2026

4' min read

Translated by AI

Versione italiana

Key points

Political tensions worry
The crisis in Iran
The forecast for the current year

4' min read

Translated by AI

Versione italiana

The global geopolitical situation and the Trump administration's tariff impositions are weighing on the Italian boating industry, but the sector is holding up overall, particularly in exports. This is what emerges from the figures gathered by Confindustria nautica and published in the annual Monitor on the sector's market trends, compiled with the support of its scientific partner Fondazione Edison; numbers to which can be added those gathered by Fondazione Symbola, with the report Geography of the nautical supply chain. The supply chain, moreover, is confirmed as one of the most relevant in the made-in-Italy manufacturing sector: in 2024, the sector generated over 13 billion euros of added value and almost 168 thousand employees, with a 5.6% growth in employment.

The tariffs imposed by the US on Italian-made boats are affecting exports to that country, which in November 2025 are down 20% on the same period in 2024: exports then were around €600 million, today at €481 million. Despite this, says Marco Fortis, vice-president of Fondazione Edison, the Italian boating industry 'is on the highest podium among exporters worldwide: in the last sliding year (November 2024-October 2025) exports reached and exceeded 4 billion euros (they were 4.33 in November 2025, ndr), registering one of the best results ever and confirming itself as one of the sectors with the highest growth rates in the last decade (the fifth in absolute terms, considering the Ateco sectors with exports in 2024 exceeding 2 billion euros)".

Political tensions are worrying

As part of the report, companies pointed out the exogenous factors with the greatest impact on industry performance. Among the various factors, political tensions are indicated as the most disruptive element. High interest rates, then, appear to be very relevant, together with labour costs, which are indicated to be of great importance. Despite the gradual reduction in criticality in recent seasons, stocks are still a problem with a significant impact for many operators.

"In a global context characterised by significant economic and geopolitical changes," says the Chairman of Confindustria nautica, Piero Formenti, "the Italian pleasure boating industry continues to demonstrate solidity, adaptability, and strategic vision. The large ones maintain significant growth dynamics; the medium segment slows down but confirms a good resilience; the small ones and the social boating sector are more dependent on consumer confidence, which is currently mitigated by complex economic conditions".

The crisis in Iran

Looking to the future, moreover, there is the unknown factor of the Middle East conflict, with the ongoing crisis in Iran. Paradoxically, however, notes Formenti, "the situation could favour small boats, as was the case with the sales boom in the post-Covid period. The winds of war, of course, stop travel tourism to the countries involved and neighbouring areas. It is possible, therefore, that we will aim to stay in the Mediterranean, perhaps by buying small boats'.

As far as the current nautical year (September 2025 - August 2026) is concerned, the statistical survey on turnover estimates conducted (in November and December 2025) on a sample of Confindustria nautica members shows that, after the good results recorded in 2024, supported in particular by the growth of the superyacht sector, companies in the nautical industry are aware that they have to reckon with an increasingly complex economic environment. And, in any case, it is still the manufacturers of larger yachts who paint a more optimistic picture.

The forecast for the current year

Whereas in the previous 12 months, there were no forecasts of growth for large yachts, now 25% of the companies foresee a deterioration of between 5 and 10 percentage points compared to 2024. Another 25% expect stability while 50% of the sample forecast growth by 2025. The turnover outlook for the other, smaller vessels is different: more than half of the sample (54%) expects a decrease, while the remaining 46% are equally divided between the companies expecting a stable or growing turnover compared to 2024.

Amongst marine engine manufacturers, the scenario is more balanced: 50% of respondents expect stability, while the remaining 50% are equally divided between companies estimating growth and those expecting a contraction in turnover. While for accessories, 40% expect a stable figure for 2025 compared to 2024, and the remainder of the sample is equally divided between companies estimating an improvement (30%) and those expecting a contraction in revenues (30%).

As far as nautical tourism is concerned, with ports and services dedicated to pleasure boating, the change in turnover expected by 50% of the sample is positive, while 37% expect a result in line with the previous year, and only 13% of companies estimate a slight loss (within -5%). Lastly, in the nautical charter sector, the responses picture an overall positive situation: 57% expect growth, while 14% expect a stable figure in line with 2024, and 29% of companies foresee a drop in turnover.

The boating industry, says Domenico Sturabotti, director of Symbola, "confirms itself as a powerful economic multiplier: for every euro produced by the shipyards, a total of 5.2 euros of added value is activated and, for every employee employed in the core, 7.1 jobs are generated along the entire chain. And compared to previous assessments, the weight of shipbuilding on the whole chain is increasing. this is happening for two reasons: its added value is growing and, in the more structured companies, a process of internalisation of activities is taking place".

Raoul de Forcaderedattore
Luogo: Genova
Lingue parlate: italiano, inglese
Argomenti: shipping, nautica, economia, finanza.
Scheda autore
Trust project