Market Research Report
Research Report on Yacht Industry in China, 2014-2018
|Published by||China Research and Intelligence||Product code||307099|
|Published||Content info||60 Pages
Delivery time: 1-2 business days
|Research Report on Yacht Industry in China, 2014-2018|
|Published: July 2, 2014||Content info: 60 Pages||
Before the 21st century, yacht is considered as a luxurious product for the rich in China. However, the tourist industry prospers and people's consumption concept changes as Chinese economy develops. Yacht becomes increasingly popular among ordinary consumers in China.
The complete industry chain of yacht economy includes yacht development, design, manufacture, yacht club services, related entertainment, tourism, business activities, training and examination of yacht driving licenses, dock construction, management, yacht maintenance, club construction, operation, management, accessory manufacture, internal environment decoration and professional insurance.
Although global yacht market shrank during the financial crisis in 2008, the yacht market in China kept increasing. Market size of yachts was CNY 9 billion (USD 1.45 billion) in China in 2013, up by 30% YOY. The output value of yacht club, yacht driving training and related tourist industries was far higher than the market size of yachts in China.
As the yacht industry prospers in China in recent years, Chinese people, especially white-collar workers, become increasingly fond of yacht sports. According to CRI, the number of yacht clubs exceeded 100 by the end of 2013 with over 40 of them interviewed by CRI.
Market demand for yachts exhibits upward trend as economy develops and residents' purchasing power increases. On one hand, the import volume of luxurious yachts increases as demand for luxury goods, including luxurious yachts, from the rich grows. In China, the rich population (with the financial assets exceeding USD 1 million) is approximately 5-10 million, including business owners, executives in foreign companies, officials, employees in monopoly state-owned enterprises, and artists. The group's pursuit for luxury goods shifts from luxurious cars, watches and villas to luxurious yachts and private jets. However, the expenditures on purchase and maintenance of private jets are high, while Chinese government takes strict control over private jets. Luxurious yacht is obviously a more realistic choice. On the other hand, the sales volume of medium and low-end yachts grows rapidly in China. As a few groups can afford luxurious yachts, the middle-class group mainly focuses on medium and low-priced yachts.
It is expected that the annual growth rate of yacht market will remain above 20% in the next few years. Many opportunities exist for manufacturers, trading enterprises and service enterprises in the industry.
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