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Rising Demand for Luxury Consumer Goods to Augur Well for China Yacht Industry

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Published on : Sep 21, 2016

ALBANY, New York, September 21, 2016: ResearchMoz.us has recently announced the addition of a new report, titled “Research Report on China Yacht Industry, 2017-2021” to its repository. It presents insights into the factors favoring growth of the yacht industry in China between 2017 and 2021. Besides this, the factors inhibiting the market’s trajectory is evaluated as well. The report also includes exhaustive information on the recent policies impacting the yacht industry in China. 

Yacht is a small sized boat, mainly used for the purpose of water entertainment. Despite its size, yachts are inbuilt with modern navigation features. It also has features for sports, entertainment, and leisure. Demand for yachts is visibly high in developed countries, however, currently the industry has been witnessing strong growth in China. Since, yachts are mostly like private cars, but to enjoy water entertainment, they are operated by tourism enterprises for consumption, while only a few are owned privately. 

Because of their nature as an entertainment tool, a yacht functions quite differently than cruise or high speed ships serving as transportation tools. It is thus considered the next generation of durable consumer goods like cars. The yacht industry is undergoing development in China hence it provides immense opportunities for manufacturers and sales agents to capitalize on. This also provides leading manufacturers with opportunities to attract domestic customers. 

In the last 20 years, several yacht manufacturers, sales agents, component manufacturers, clubs, and exhibition organizers have entered the yacht industry in China. Presently, the yacht clubs are developing at a rapid pace, which has been supporting the expansion of the market for yacht in China. Furthermore, the robust tourism industry in China will augment the growth of the China yacht industry. 

According to the report, the output volume of yachts in China increased from 29,100 in 2011 to 48,300 in 2013. This represents a considerable development trend. Companies or units and individuals constitute the yacht consumers in China. 

Meanwhile, yachts being luxury consumer goods, economic slump witnessed in the country led to downturn in the shipbuilding and associated industries. Furthermore, the demand witnessed by the market has remained limited, which resulted into intense competition among the key players operating in the industry.

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Asia Pacific exhibits immense potential for the expansion of the yacht market. With the rising purchasing power of consumers and their increasing willingness to spend on luxury goods, the demand for yachts in the tourism industry and for individual purchase is expected to increase. 

The report forecasts the CAGR that the yacht industry is likely to exhibit between 2017 and 2021. The impact of the prevailing economic scenario on the industry will be evaluated as well. It also profiles some of the leading players operating in the market to study the market’s vendor landscape.

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