China to Dominate APAC Yacht Market through 2025, Predicts SRI in Its New Topical Report Recently Published at MarketPublishers.com
03 Feb 2017 • by Natalie Aster
LONDON – The USA and Europe have traditionally been the key yacht markets globally. They are likely to keep on dominating the global yacht market in the coming years. Given the increasing share of wealthy population in the Middle East, the yacht market in this region is also gaining traction. Meanwhile, the younger wealthy population in Brazil and Russia has exhibited explicit interest in yachting as well.
Today, China is recognised as the most significant emerging yacht market. Even though, the ongoing anti-corruption measures taken by the Chinese government have considerably hampered the country’s luxury goods market, the outlook of China’s yacht market is bright. For instance, the number of yachts and leisure boats in the country by the year 2020 is predicted to hit the 100,000 mark. As of 2012, this number stood at only 3,000. In terms of value, China’s market for yachts will be worth around USD 8.16 billion in 2020.
During 2017-2025, the yacht market in China is poised to grow considerably, registering a great CAGR of nearly 30%. The number of yachts that exceed 8 meters long is slated to amount to 163,510 by the year 2030. By 2025, China is anticipated to become the dominant yacht market in APAC.
New in-demand research report “Study of China's Yacht Market 2016” drawn up by Smart Research Insights (SRI) examines the current scenario in the Chinese yacht market and canvasses its future growth prospects.
Moreover, this research study traces light on the key drivers and restraints of the market growth and identifies all the emerging trends, opportunities and challenges. This study touches upon the regulative issues, delves deep into the competitive landscape and investigates the situation across the major geographical markets. Granular profiles of the leading market participants, including Sunseeker International, Sanlorenzo SPA, Ferretti Group, Azimut Benetti, Princess Yachts International, Gulf Craft, Brunswick Corporation, Sunbird Yacht Manufacturing, Cheoy Lee Shipyards Limited and Shanghai Double Happiness Yacht are available here.
Other insightful publications by Smart Research Insights (SRI) are available at its page.