Latest Trend and Development in China Yacht Industry 2017-2021
Description
Yacht is a small sized boat for water entertainment. It possesses functions such as navigation, sport, entertainment and leisure to meet individual and family needs to enjoy life.
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Most yachts are private like cars in developed countries while they are operated by tourism enterprises for consumption and only a few are private in developing countries. Yachts are entertainment tools in nature, which is different from high speed and cruise ships as transportation tools. It will be the next generation of durable consumer goods in families like cars.
The yacht industry and market are in the development stage in China so it is emerging for manufacturers, sales agents and domestic consumers. In recent 20 years, there are numerous yacht manufacturers, component manufacturers, brand sales agents, yacht consumers, clubs and exhibitions in this industry in China. Presently, yacht clubs develop rapidly and pave the foundation for the next rise of yachts. The consumption of fishing boats, sailing ships and leisure crafts with retail prices between CNY 500,000 to CNY 1 million will form an economic scale. The yacht industry is expected to develop rapidly as an entertainment tool in the growing leisure tourism demand with houses and cars in China in the next few years.
According to CRI, the output volume of yachts increased from 29,100 in 2011 to 48,300 in 2015, which presented a good development trend.
Yacht consumers include companies or units and individuals in China. Generally, non-tourism companies purchase yachts for business talks, signing contracts, company activities and parties while tourism ones are for providing consumers with offshore services. In contrast, individual consumers purchase yachts for leisure and recreation while some take it as a representative of the status. In recent years, individual consumers increased for the growth of rich people and the economy in China.
With the slump growth rate of economy, the shipbuilding and relevant industries were in downturn. Meanwhile, yachts as luxury consumer goods are relatively small in range for consumers while foreign yacht manufacturing industry develops earlier with mature technologies and brand effects. Therefore, the competition is intense in the industry due to the limited market demand. There are hundreds of qualified yacht manufacturers with low barriers to entry while the aggregate market share of top 5 ones was less than 10% in China in 2015.
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North American is the leading yacht consumer following Europe around the world. However, Asia-Pacific becomes one of the fastest growing yacht markets. The yacht market possesses a positive development in Asia-Pacific regions and it grows with the purchasing power in China. China becomes a manufacturer of yachts for low costs of manpower and raw materials. According to CRI, manufacturing costs of yachts is 20% to 30% lower in China than that in Europe or North American countries. The yacht market is expected to remain an annual growth rate of over 10% because of the increasing high-income earners and yacht registration policies in China in the next few years.
Through this report, readers can acquire the following information:
-Development Environment of Yacht Industry in China
-Development Status of Yacht Industry in China
-Industry Chain of Yachts in China
-Supply and Demand Status of Yachts in China
-Analysis on Import and Export of Yachts in China
-Key Enterprises and Their Operation Status in China Yacht Industry
-Competition Status of Yacht Industry in China
-Major Driving Forces and Market Opportunities in China Yacht Industry
-Risks and Challenges in China Yacht Industry
-Development Trend of China Yacht Industry, 2017-2021
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