In a move to boost the Chinese boatbuilding industry and reach out to international brands, China’s boat show organisers have spared no effort in setting up consumer- oriented fairs that cater to the growing number of Chinese in the hunt for on-water fun.
Boatbuilders and equipment manufacturers from around the world have pencilled Chinese events into their diaries, trying to get the most out of china’s boating rush. So, what can we expect in the year ahead?
China boat shows
Business prospects in China are expected to reach high levels in the coming years. “In the next decade, boat ownership is likely to grow from its current number of 1,500 to more than 100,000,” says a report by the China Cruise and Yacht Industry Association (CCYIA) released in December 2011. The analysis also shows that the boating market could be worth between RMB 50bn-RMb 100bn (Us$8bn-Us$16bn) by 2021.
The CCYIA’s prediction is certainly viable. As the number of super-wealthy Chinese steadily expands, so too does the market for superyachts. The trend in sales is also being powered by a buoyant and increasingly boating-friendly Chinese middle-class. The majority of boat show organisers canvassed by IBI for this report described that, in addition to superyacht sales, the buzz surrounding 2012’s events were driven by wage-earning buyers looking for medium-sized and low-end boats.
NOTE: the above is an excerpt of the article featured in IBI magazine, December 2012. Subscribers can read and download the full report. IF you’re not a subscriber yet, please sign up!