PRZOOM - /newswire/ -
Beijing, China, 2011/10/24 - ResearchInChina, the vertical portal for Chinese business intelligence, announces the release of a new report –China Yacht Industry Report, 2010-2012.
China has a mainland coastline and an island coastline of 18 thousand kilometers and 14 thousand kilometers respectively. The sea areas under the jurisdiction of the PRC reach 3 million km2. Besides, China has over 6500 islands and 24800 lakes in total, as well as four major rivers including the Yangtze River, the Yellow River, the Pearl River and the Heilongjiang River, and star-studded inland lakes and reservoirs. The vast and diversified water area definitely provides favorable natural condition for the development of yacht industry in China.
The developed area is concentrated mainly in the southeast of China, where there are abundant water resources such as inland rivers, lakes and offshore waters. The GDP per capita in coastal developed provinces like Guangdong achieved USD7000, and that in first-tier cities such as Beijing, Shanghai, Guangzhou and Shenzhen has reached USD10000, which all exceeded the threshold for rapid growth of yacht consumption.
Currently, yacht manufacturing industry is still in the initial stage of development. There were only less than 400 boat manufacturers in the beginning of the year 2010, wherein, 75 enterprises were mainly engaged in manufacturing of yacht, and approximately 40 enterprises realized the annual sales of over RMB10 million.
International yacht brands dominate the medium and high-end yacht market in China, such as Ferretti (Italy), Azimut (Italy), Sunseeker (UK), Princess (UK), and Beneteau (France) etc. Most of the Chinese enterprises focus on medium and low-end yacht market. Enterprises including Cheoy LEE, Xiamen Tangrong, and Jet Tern Marine basically focus on export business, whereas their domestic business only accounts for a small proportion. At present, merely a few yacht manufacturers concentrate their efforts on developing the domestic market, which include Sunbird and BESTWAY.
Meanwhile, from yacht design to key parts and manufacturing technology, Chinese enterprises have long relied on the resources provided by European and American enterprises. For instance, they hire European and American designers and advanced skilled workers, and purchase yacht engine from the United States. Most of enterprises have been engaged in the OEM business, and only a few possess independent R&D strength.
On the premise of long-term rapid economic development in China, market size of China yacht industry has presented significant enlarging trend. In particular, with the rapid development of large private yacht market, yacht club projects have mushroomed in many places, creating favorable opportunity for the development of yacht industry in China.