It is projected that the number of leisure boats and yachts in China 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.
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.
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 an upper-middle-class and high-net-worth as opposed to ultra-high-net-worth crowd. While larger boats did not see much growth in sales in 2015-2016, smaller boats are will maintain the sales momentum.
It is estimated that if China makes it more convenient and attractive to buy yachts then the market can double to what it currently is by 2020. It is projected that the number of yachts longer than 8 meters in China will reach 163,510 by of 2030. The yacht industry in China is projected to grow at a compound average annual growth rate of 30% in the period 2015-2025 and the country is expected to become the largest Asian yacht market over this period.
The Initiatives and performance of key global players including Sunseeker International, Sanlorenzo SPA, Ferretti Group, Azimut Benetti, Princess Yachts International Plc., Gulf Craft Inc., Brunswick Corporation, Sunbird Yacht Manufacturing Co., Cheoy Lee Shipyards Limited and Shanghai Double Happiness Yacht Co. has been presented.
The current market scenario and future prospects of the sector has also been examined.
Key Topics Covered:
1. Global Yacht Market
2. China Yacht Market
3. Competitive Landscape
4. Other Asian Yacht Markets
5. List of Charts and Graphs
- Azimut Benetti
- Brunswick Corporation
- Cheoy Lee Shipyards Limited
- Ferretti Group
- Gulf Craft Inc.
- Princess Yachts International Plc.
- Sanlorenzo SPA
- Shanghai Double Happiness Yacht Co.
- Sunbird Yacht Manufacturing Co.
- Sunseeker International
For more information about this report visit http://www.researchandmarkets.com/research/xv6nhf/study_of_chinas