While North America is globally the largest yacht market followed by Europe, China is the most important emerging yacht market. Even though the current Chinese Government’s anti-corruption drive has dampened the market for luxury goods in China, the yacht industry’s outlook is bright.It is projected that the number of leisure boats and yachts in the country will reach 100,000 by 2020 from a mere 3,000 in 2012. The market in 2020 will be worth approximately USD 8.16 billion.
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The China anti-corruption campaign which commenced in November 2012 hit the industry and growth slowed down leading to players promoting more affordable yacht models to to an upper-middle-class and high-net-worth as opposed to ultra-high-net-worth crowd.While larger boats will not see much growth in sales in 2015-2016, smaller boats will maintain the sales momentum. It is projected that the number of yachts longer than 8 meters in China will reach 163,510 by of 2030.High investment in the sector and improving yacht infrastructure is boosting the industry.In 2013 saw two leading global yacht companies being taken over by Chinese business houses.
Overall, an abundant supply of labour and low cost of raw materials isinstrumental in making Chinathe new preferred manufacturing hub for yachts. This supported by increasing number of high net worth individuals and favourable regulations has spiked global interest in the country’s yacht market.
Why should the report be purchased?
The report ‘A Study of China's Yacht Market 2015’ highlights key drivers of and trends emerging in China’s yacht industry. The Initiatives and performance of key global players including Sunseeker International, Sanlorenzo SPA, Ferretti Group, Azimut Benetti, Princess Yachts International Plc, Gulf Craft Inc. and Brunswick Corporationhas been presented. The current market scenario and future prospects of the sector has also been examined.The report contains latest industry-related opinions.
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