Study of China ' s Yacht Market 2016 Executive Summary :
Study of China ' s Yacht Market 2016 Executive Summary :
The traditional markets , of US and Europe , have continued to dominate the yacht industry . As the US recovered from the impact of the global recession , an increasing number of customers from this region regained their interest in the yachting industry . However , the affluence of the Middle East is shifting the industry dynamics towards this region , owing to the larger share wealthy clientele . The other key markets include Brazil and Russia , where the younger wealthy population has shown an explicit interest in yachting .
While North America is globally the largest yacht market followed by Europe , China is the most important emerging yacht market . Even though the current Chinese Government ’ s anti-corruption drive has dampened the market for luxury goods in China , the yacht industry ’ s outlook is bright . It is projected that the number of leisure boats and yachts in the country will reach 100,000 by 2020 from a mere 3,000 in 2012 . The market in 2020 will be worth approximately USD 8.16 billion .
The China anti-corruption campaign which commenced in November 2012 hit the industry and growth slowed down leading to players promoting more affordable yacht models to to an upper-middle-class and high-net-worth as opposed to ultra-high-net-worth crowd . While larger boats did not see much growth in sales in 2015-2016 , smaller boats are will maintain the sales momentum .