Azimut|Benetti Group - Steering the future of luxury yachting

Italy’s resurgent economic growth is underpinned by its high-quality, export-oriented manufacturing base. The sector is thriving in 2021: Italian manufacturing growth hit its highest levels on record in November 2021 when its Purchasing Manager’s Index rose to hit 62.8, up from 61.1 in October.

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The health crisis brought unexpected windfalls to many industries, and yachting was one of them. According to a recent forecast released by Confindustria Nautica, the Italian Marine Industry Association, the Italian yachting market is forecast to grow by between 18.8% and 23.8% this year, bringing its total global turnover to between €5.5 and €6 billion, against €4.7 billion in 2020. Order books are filling up as the rich and famous seek a safer way to see the world, and the luxury yacht market in particular is slated for a period of major expansion. Compound annual growth is forecast at 11.3% in the years to 2025, and leading Italian yacht maker Azimut|Benetti Group is already feeling the benefits of soaring demand - as evidenced by its top position on Boat International's 2022 Global Order Book ranking, for the 22nd year running.

Established in 1969 when Paolo Vitelli, young university student, began chartering and sailing boats, Azimut|Benetti has risen to become the pre-eminent player in the luxury yachting market. More than 50 years later Vitelli, still President of Azimut Benetti Group, attributed his success to a strong focus on internationalization and innovation.