During the pandemic, there was a surge in yacht sales, but now some owners are selling their boats to return to land, according to Richard Allen, COO of Simpson Marine. The yachting industry saw a significant increase in sales in 2021 compared to 2019, leading to more boats being sold in the brokerage market.
Prices in the pre-owned yacht market have slightly decreased from their peak during the pandemic, with demand still high for new builds. However, Paolo Casani, CEO of Camper & Nicholsons, expects a reduction in prices by 2024.
In Asia, some yacht buyers are upgrading to larger vessels rather than selling their boats. The yachting market in Asia is growing, but not as rapidly as expected due to various factors like culture, lifestyle, and infrastructure challenges.
The industry faces obstacles such as complex regulations and high import taxes in Asia. Lobbying efforts are underway to make it easier to import boats and improve the movement of boats between countries in the region.
The global marine leisure market is projected to reach $46.5 billion by 2027, benefiting the economy through job creation and tourism revenue. Alternative ownership models like fractional ownership and boat clubs are making yachting more accessible to a wider range of people.
The pandemic-era saw a surge in yacht sales, with many people buying boats for the first time. However, some yacht owners are now returning to dry land as they seek new travel experiences. Yacht sales have slowed down, with more boats hitting the brokerage market, resulting in slightly lower prices. In Asia, some buyers are upgrading to larger vessels instead of selling their yachts. The continent’s yachting market is growing, but the pace is slower than expected due to various factors such as culture, lifestyle, and infrastructure. Complex visa requirements and high import taxes are hindering the growth of the industry in the region. The International Council of Marine Industry Associations is working to address these issues and facilitate easier access for boats in the region.
The global marine leisure market is expected to reach $46.5 billion by 2027, creating job opportunities and generating tourism revenue. New ownership models, such as fractional ownership and subscription-based services, are making yachting more affordable and accessible to a wider audience. Boat clubs, where members pay a monthly fee for the use of a boat, are becoming increasingly popular as they offer access to yachts without the hassle of ownership. The yachting industry is seen as a positive and lucrative sector for countries to embrace, as it contributes to economic growth and supports various businesses related to boat building and servicing.
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