Market Trends of Asia Pacific Luxury Yacht Industry
Motorized Luxury Yacht Type Segment to Fuel the Market Demand -
Motorized luxury yachts are high-end watercraft equipped with powerful engines for propulsion, offering lavish amenities and comfort for leisure cruising. The rising disposable incomes across the region enable more individuals to afford to be part of motorized luxury yachts. Its numerous benefits are gaining popularity among consumers in the region. These include high speed, greater privacy in each room, easier handling without requiring sailing knowledge, an attractive appearance on the water, and the added convenience of usually coming with a crew so that users do not have to worry about the boat.
The growing tourism industry across the Asia-Pacific region also attracts a steady stream of high-net-worth travelers seeking unique and extravagant experiences. Motor luxury yachts are popular for their speed and power. These yachts are designed to be sleek and stylish, without the restrictions of sails and rigging that come with other types of boats.
In 2023, The growth in international visitor arrivals that started in early 2022 gained momentum in early 2023, with over 93.3 million foreign arrivals added, marking a substantial increase compared to the previous period. This boosted the tourism rate for early 2023 to more than 68 percent of the early 2019 international visitor arrival levels. Furthermore, numerous manufacturers are developing and launching new motorized yachts, which are expected to contribute to the growth of this segment in the coming years. For instance,
In December 2022, Riviera Australia Pty. Ltd launched a new 46 Sports Motor Yacht in Australia. The new 46 Sports Motor Yacht comes with a capacity for six adults sleeping on board. The designers have provided a 500-liter water tank and 151-liter holding tank with luxurious amenities.
Owing to these factors, the adoption of motorized luxury yachts is increasing in the region. Such positive trends are expected to enhance the growth of the Asia-Pacific luxury yacht market over the forecast period.
China is Anticipated to Hold a Significant Market Share -
The luxury yacht market in China is experiencing a significant upswing driven by the burgeoning wealth of the country's elite and a growing interest in maritime leisure activities. Moreover, the luxury yacht industry in China is witnessing a shift in consumer preferences with a notable inclination towards customization and exclusivity. Chinese yacht buyers strongly prefer tailor-made solutions that reflect their personal style and status, pushing manufacturers to offer bespoke design options.
The rise of yacht clubs and marinas in coastal cities such as Shanghai, Qingdao, and Sanya is emblematic of the growing yachting culture in China. These hubs provide the necessary infrastructure for yacht mooring and maintenance and serve as social venues where the elite can congregate, further embedding yachting within the luxury lifestyle narrative. The development of these facilities is instrumental in fostering a yachting community that offers networking opportunities and promotes nautical sports and leisure activities among the affluent Chinese population.
China’s prime natural geographical location, a series of tourist attractions, and tourist sites have been formed in coastal areas. The length of China's coastline is about 32,000 km, of which 18,400 km are on the mainland, extending from the Yalu River at the China-Korea border to the China-Vietnam border. The country's deep-seated connection to the sea has fostered a thriving yacht industry, renowned worldwide for its exquisite craftsmanship, elegant designs, and pioneering technology.
In the fourth quarter of 2023, approximately 1.22 billion domestic tourist trips were made in China, significantly exceeding the figure for the same period in 2022. Hence, owing to these factors, the China country segment is expected to see significant market growth and will likely create opportunities for the luxury yacht market over the forecast period.
