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Report details growing yacht industry in China

Research and Markets' "China Yacht Industry Report 2010-2012" shows the country's domestic yacht industry is in its initial stages of development and that international brands dominate the medium and high-end market.

“Currently, the yacht manufacturing industry is still in the initial stage of development. There were only less than 400 boat manufacturers in the beginning of the year 2010, wherein 75 enterprises were mainly engaged in the manufacturing of yachts,” according to the report.

“International yacht brands dominate the medium and high-end yacht market in China, such as Ferretti (Italy), Azimut (Italy), Sunseeker (UK), Princess (UK) and Beneteau (France),” the report added. “Most Chinese enterprises focus on the medium and low-end yacht markets. Enterprises including Cheoy Lee, Xiamen Tangrong and Jet Tern Marine basically focus on export businesses, whereas their domestic business only accounts for a small proportion. At present, merely a few yacht manufacturers concentrate their efforts on developing the domestic market, which include Sunbird and Bestway.”

Chinese enterprises long have relied on resources that European and American businesses provide. For example, the companies hire European and American designers and advanced skilled workers and purchase yacht engines from the United States.

“Most enterprises have been engaged in the OEM business, and only a few possess independent R&D strength,” the report said.

“On the premise of long-term rapid economic development in China, the market size of the Chinese yacht industry has presented significant enlarging trends. In particular, with the rapid development of the large private yacht market, yacht club projects have mushroomed in many places, creating favorable opportunities for the development of the yacht industry in China,” the report added.

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