LONDON, Jan. 31, 2017 /PRNewswire/ --
The traditional markets, of US and Europe, have continued to dominate the yacht industry. As the US recovered from the impact of the global recession, an increasing number of customers from this region regained their interest in the yachting industry. However, the affluence of the Middle East is shifting the industry dynamics towards this region, owing to the larger share wealthy clientele. The other key markets include Brazil and Russia, where the younger wealthy population has shown an explicit interest in yachting.
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.
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 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.
Why should the report be purchased?
The report 'A Study of China's Yacht Market 2016' 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., 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.The report contains latest industry-related opinions.
Research methodology and delivery time
Smart Research Insights has conducted in depth secondary research to arrive at key insights. Data collected from key public industry sources and publications has been scanned and analyzed impartially to present a clear picture of the industry. All recent developments which impact the sector dynamics have been captured and used to support the research hypothesis.
The report is available as single-site single-user license. The delivery time for the electronic version of the report is 3 business days as each copy undergoes thorough quality check and is updated with the most recent information available.The delivery time for hard copies is approximately4 business days, as each hard copy is custom printed for the client.
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