In recent years, Asia has rapidly been becoming a major yachting hub. Taiwan has been leading the charge, but, more recently, other countries in the region, particularly in Southeast Asia are all posed to experience major growth in the motor yacht industry.
At last year’s Asia Pacific Yachting Conference, Mykolas Rambus, CEO of Wealth-X, said, “Southeast Asia is still a new and uncharted market for the yachting industry, presenting huge opportunities as well as complex challenges for companies seeking to grow their business.”
What is Driving the Asian Yacht Market?
Pure economic factors are one reason for the boon in the Asian yacht industry. While shipyards in the US are hurting and are seeing a number of closings and acquisitions, their Asian counterparts thrive, simply because their costs of operation are so much lower. But, the industry is being driven by more than just the economy. There is a change of attitude toward boating in the region that is picking up steam.
People in the area are slowly but surely moving away from the purchase of smaller boats and lower quality production yachts, and are now becoming more interested in custom built and higher quality motor yachts. There is a growing understanding of pleasure yachting in the area.
Most of that change in perspective is stimulated by emerging wealth in China. However, it also has a lot to do with what the region has to offer as a yachting destination.
Southeast Asia is well-known for its islands filled with exotic beauty. These areas are also the home of some of the best SCUBA diving and sport fishing in the world. That is all creating major opportunities for charter yacht businesses. A recent report by the World Travel and Tourism Council said that Southeast Asia is expected to be the fastest growing global sub-region over the next decade.
Taiwan Continues to Set the Example
At the recent Sydney Boat Show, held July 30th-August 3, leading Taiwanese yacht builder, Horizon, introduced its new E84.
This is just another indication of how the Taiwanese shipbuilders are carving out new markets, and becoming more competitive. On a recent trip to the region, we have seen firsthand how the quality of these Taiwanese boats continues to not only improve, but evolve to meet the needs and desires of today’s yacht buyers.
What this all means is, there will likely be more and more yacht buyers becoming aware of what Asia has to offer both as ship builders, and as a yachting destination. Which means there will likely be new yacht owners, and even existing yacht owners that can benefit from FYM’s services and our knowledge of the region.
At FYM we understand that a relationship with a yacht owner should not begin and end with the purchase of your boat. Too often buyers, particularly first time yacht owners, purchase their dream of a lifetime, and then fail to realize just how to get the most out of it. That is why our sister company, world-class yacht brokers 26 North Yachts, had the vision to offer complete yacht management through FYM.