China Pleasure Boat Market
China’s heightened living standards has led to increasing demand for luxurious consumer goods. China’s pleasure boat industry is “set to sail.”
The number of yachts in China reached 100,000 by 2020 with a market value of $8.6 billion. The Cruise Yacht Branch of the China Transport Association predicts that from 2020 to 2025, the total number of yachts in China will grow from 38,100 to 163,510. There are 110 marinas and about 13,000 marina berths in China. The U.S. is the 3rd largest exporter of yachts and pleasure boats to China.
In August 2020, the Hainan Free Trade Port Construction Master Plan stipulated that by 2025 there will be zero tariffs for the island’s import of ships for transportation, tourism, and other operations. U.S. exporters will benefit from the exemption of import duties, value-added import tax, and consumption tax. This would effectively lower prices for American-manufactured yachts by up to 38% in China.
Domestic boat brands serve the low-end market in China, while mid-to-high-end customers favor imports. Chinese consumers seek family yachts, recreational fishing boats, water sports boats, superyachts, and new-energy boats.
For more information, contact Vivian Tian at firstname.lastname@example.org.