, 2022-06-21 06:22:17,
China appears well-positioned to become a prominent yacht market, given its 14,484km-long coastline and a class of millionaires expected to cross the 20 million mark by the mid-2020s. Despite this, however, sales have been disappointing in the last 3-5 years due to high import tax and the inability of manufacturers to respond to Chinese client demands. In this article, we provide a general overview of China’s yacht market and discuss the differences in business outlook according to key stakeholders, ranging from optimism over market growth potential or concerns about limited domestic prospects. We also discuss the recent entry of Chinese capital in the industry and how Chinese companies are manufacturing for non-China markets. Finally, we look at opportunities for foreign investors in China’s boat market, including prospects for small and mid-cap companies, and showcase the success cases of Italian companies.
While North America and Europe remain in the lead as the world’s largest yacht consumers, the Asia-Pacific region has rapidly become one of the fastest-growing yacht markets. The yacht market in Asia has been skyrocketing post-pandemic, with increased purchases and a growing interest in sailing – sparking what industry experts define as a ‘boom’. On the one hand, countries like Taiwan and China have increased their market share with new builds by locally-based shipyards. However, boat sales to the region are also on the rise.
As of 2021, Asian ownership of superyachts over 40 meters in service accounted for 5.8 percent of the global superyacht fleet. The number of Asian-owned yachts has progressively increased, from 91 at the beginning of 2016 to 109 at the start of 2021. Countries like Singapore have become active once again in the yacht…
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