Hich Type Of Language Development Is Seen In 4-Year-Olds Future of Boat and Yacht Industry in China and India

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Future of Boat and Yacht Industry in China and India

Almost all of us who have anything to do with pleasure boats wonder what the boat market will look like in the future? And where do you go from here? Do pleasure boats have a future? Will the trend of owning and selling boats become a bigger market or will it suffocate like many luxury goods due to the roller coaster of the world economy? What is happening in Asia in particular? Asia being the big part of the world economy, what part will it play in the boating industry? Which country will be the biggest market? China, India, Indonesia maybe? Important steps must be taken today, to create a better market in these countries for the future.

In Hong Kong, we understand the obvious saturation of the boat market and almost all boat sellers and manufacturers point to China. Many European manufacturers are also targeting India. Making these 2 countries the biggest potential boat markets.

Let’s talk about China first and we understand that in 2005 we had high hopes for the boat business in China, we thought that the boat industry will be huge for the year 2010. Well, we are in 2010 now and China clearly did not take it. that level of prediction, so the market is still slower than what industry experts predicted 4 or 5 years ago. The reason for this is China’s rules and regulations in the pleasure boat industry. Taxation and licensing rules are very unclear in China. In fact, the rules are different for different states in China. Mainly for new boats, the tax is about 40% of the value of the boat.

The infrastructure, however, is simply fantastic, the development of China’s ports in the fastest that can be hoped for. But what is missing from this picture is the number of pleasure boats floating on China’s waters. There are definitely buyers for an expensive high-end yacht, but the support and maintenance of that yacht is not experienced, it is restless and therefore expensive. In any country, even in Hong Kong, people are ready to shell out a substantial amount of money to own a luxury yacht, but what they are not willing to do, is to put a lot of time and spend more on maintenance and upkeep. Another thing that people are not willing to do is of course pay taxes and go through a long government procedure to acquire a license. However, this issue has been addressed by marine clubs in China. Few clubs now help to provide necessary licenses for their members who are willing to pay the cost of such a service. Another way to deal with this problem is for Chinese buyers to keep and use their boats in Hong Kong. This will obviously overcrowd Hong Kong’s marinas and won’t help much to boost sales in China.

One way to overcome this problem, to create better regulation in the future for pleasure boats in China, is for brokers in Hong Kong to sell more cheap/good quality used boats in China. If we stop hunting for customers only for high-end yachts worth several million euros and direct more marketing towards the younger and middle-rich clientele, It will create many more pleasure boats in the waters of China. The market will respond in a very positive way. The 2010 Forbes list confirms that there are 64 billionaires in China, making him No.2 on the Billionaires list. however, a point to note that there are more than 900,000 people whose net worth is more than 10 million RMB (USD 1.3m), Most of these people are under 39 years old. And also a larger and younger population that drops to 5 million RMB.

There are certainly more number of people who are willing to spend a little initially to try a boating adventure. We have to keep in mind that the boat lifestyle is not very common for China. So the importance should be given to bring more boats to China, which are not very expensive and good in quality.

This concept itself will fill the marinas, forcing management to grow and also provide decent opportunities for shipyards and engineers to work in this sector.

This will also force the government to seek to create manageable regulations in terms of licensing and taxation for pleasure yachts, and if the growth of this concept is healthy, it will undoubtedly create a much friendlier and hassle-free market for the very rich to buy the high. finish the yachts. In any case, China will have a large boat market, but to do it sooner rather than later depends on our actions today.

India! Let’s talk about India.

One of the biggest advantages that India has is that the Indian mindset and lifestyle is very adaptable to the Western lifestyle. India adapts and accepts Western ideas, culture and products very easily. A high number of Indian population speaks English. In India almost everyone understands you if you speak English. If you are a non-Indian company, you can easily find an educated workforce in India. It is also easy to set up a shipyard and train workers in a specialized industry in India because of India’s language skills and a good level of education among the population. India has been a British colony for over 150 years and the country’s rules and regulations are still similar to Britain’s in many ways. Another advantage for growing the boat market in India is the expertise of the Indian media and advertising professionals in terms of marketing.

India’s GDP growth is currently 7.2%, it is #5 in the list of billionaires and India currently has about 200,000 millionaires with a net worth of USD 1 million to 10 million, and a population much bigger than people who are worth a little less. India’s upper middle class population is expected to grow about 10 times in the next 10-15 years.

But here are the setbacks! India’s political system is a mess, corruption exists in many sectors and things become inefficient, especially if you want to start a new industry. An example of inefficiency in India is that to start a private company there are about 13 different legal procedures that one has to take and the time frame takes a minimum of 30 days. While in Hong Kong, this same procedure is done with high efficiency in less than 45 minutes.

A major concern is that infrastructure growth in India is incredibly slow. Due to its own democracy and differences in political groups, it is difficult to start any kind of infrastructure. The marina that should have been built more than 5 years ago in southern India is not yet ready. Therefore, the speed of the development of the navy and also the developments is much slower than they could be, if the political system was more healthy. Of course, the major problem remains for Indian boat owners to maintain their boats. Because currently there are no marinas with standard berthing facilities in India.

A good point again, being the largest democracy in the world, the rules and regulations are flexible in India, and with its plus points, if the luxury boat business gets off to a good start, as having few working marinas and a small number of boats to begin with, the Indian boat market will see faster growth than China’s boat market.

Traders and boat dealers in India also need to convey a message that boats are not only for the super rich and make them look more affordable and common in their marketing strategy, and to start this, boats more cheap and good quality should be floating. on the water. More power boat charter companies can also boost the industry at this early stage.

I’m also sure it won’t be too long until I can cruise the beautiful waters of India and China on a private yacht safely and with ease. Wait for that day.

For now enjoy Cruising

Baggy Sartape

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