Report sees yacht boom in China by 2020

Posted on

The number of yachts in China will increase to about 100,000 in 2020 from about 3,000 last year, with the value of China’s yacht business estimated to be 50 billion yuan ($8.16 billion) by then, the China Cruise and Yacht Industry Association said in its annual report, which was released in May.

The government’s support for marine tourism is also a positive signal for the industry, association secretary-general Zheng Weihang told ChinaDaily USA.

Improvement in the infrastructure for yachts, such as marinas, was urged in an outline for the tourism and leisure industry released by the State Council in February, Zheng said.

Also, China’s fast-growing economy is giving more people the ability to buy pleasure boats, which explains a surge in interest in boating and boat ownership in recent years. In addition, yacht builders are finding ways to make the boats easier to operate, industry insiders said.

“I think that in the near future, boating will become a new lifestyle for mainland residents, who prefer self-driving, just like it happened in Hong Kong,” said Lars Petersen, general manager of Jebsen Marine, the sole dealer of Italian yacht brand Riva and the United Kingdom’s Fairline.

He told the publication that China’s yacht industry is now in its first phase, but will soon move to the second stage in terms of different usage of the boats.

In the second stage, customers will increasingly change their use of boats from business purposes to entertainment activities, which will add to the demand for smaller yachts to enlarge the clients’ portfolios, Petersen said.

The industry’s trade group echoed Petersen’s words.

“Due to the growing number of wealthy people and an upgrade in consumption levels, the demand for small and medium-sized yachts will explode,” the association said in its report. “The market size of the private yacht market will be about 35 billion yuan by 2020.”

The increase in sales of private yachts is also an indication of the country’s improved luxury-consumption patterns.

Click here for the full report.

Welcome to TradeOnlyToday’s premium content! To continue reading, please register now, for access to 10 free stories per month. Or subscribe, for unlimited access to all TradeOnlyToday content!

Click here to Register ... it's free!

Basic subscription: Registered members get free access to 10 premium content stories each month!

Click here to Register!

Subscribe ... for unlimited access!

Individual subscription: $29 for unlimited site access for one year.

Small Business subscription: $140 for unlimited site access for up to 10 members of a company for one year.

Corporate subscription: $300 for unlimited site access for all members of a company for one year.

You may close this dialog after seconds.

Comments

One comment on “Report sees yacht boom in China by 2020

  1. frank

    Completely unrealistic unless the government opens up more waterways to public use. Right now, almost all waterways are closed to private pleasure vessels.

Leave a Reply

Your email address will not be published. Required fields are marked *

Comments are moderated and generally will be posted if they are on-topic and not abusive. For more information, please see our Comments Policy.

Vote Today

Should there be new boating-safety regulations after the three-boat crash in Florida?

View Results

Loading ... Loading ...

Search Boats for Sale

Length
Year
Price

Login to Trade Only Today

Lost Password