While yachting is often perceived as an activity for the privileged few, Lawrence Chow entered the world of sailing by spending about HK$16,000 (US$2,063) to buy a boat with two friends about 10 years ago.
“It is a small boat but very affordable, splitting between three people, and we can enjoy the water,” said Chow, who is now the chairman of the Hong Kong Boating Industry Association (HKBIA), which represents all sectors of the leisure marine sector and aims to make boating more accessible to the public.
Leisure-boat ownership in Hong Kong is growing faster than in other Asian markets, fuelled by younger consumers’ tendency to splurge on experiences and the recovery of travel after the Covid-19 pandemic.
The government has set out policies to support the city in attracting yacht sales and oceangoing travellers, which could make the city a centre for the industry’s further growth, according to experts.
The global leisure yacht market, valued at US$39 billion last year, was projected to reach US$43 billion by 2032, with a compound annual growth rate of 5 per cent, said Arthur Tay, CEO of marina developer and operator SUTL Enterprise. At the firm’s yachting festival in Singapore last week, he said this growth indicated strong global interest in leisure boating, luxury experiences and marina tourism.
The number of licensed pleasure vessels in Hong Kong more than doubled to 12,325 in 2024 from 2007, according to the Marine Department. The total far surpasses other Asian markets, including Singapore with about 4,000 pleasure crafts, mainland China with 6,000 and Japan with 7,113, based on separate industry estimates.
