Thailand could be the next home for a luxury yacht boom after "wealthy residents of Thailand caught the sailing bug during the COVID-19 pandemic," according to a new Nikkei Asia report.
The enthusiasm wound up boosting marinas, yacht brokers, and related industries. Yacht traffic at Phuket, Koh Samui, and Pattaya surged 63% from 2022 to 2024, with over 2,000 trips through Phuket alone, according to the Ministry of Transport, the report says.
Recognizing the economic potential, Prime Minister Paetongtarn Shinawatra attended the Phuket boat show on Jan. 12. The global luxury yacht market, valued at $8.75 billion in 2024, is projected to grow to $17.3 billion by 2032, with the Asia-Pacific leading growth due to rising incomes, maritime tourism, and government support.
Paetongtarn said at the show: "The government is ready to fully support luxury marine tourism to continue to grow more."
Lies Sol, a Phuket-based charter manager for yacht brokerage Northrop & Johnson told Nikkei: "The main aim is to get Thai people more familiar with yachting and let them grow into luxury yachts. Before you buy, why don't you charter and learn what is essential for you?"
The Nikkei report says that Thailand's Transport Ministry plans to lower the yacht charter license size requirement from 29 meters to 24 meters, increasing options for day trips and tours.
Former Prime Minister Thaksin Shinawatra has reportedly used chartered yachts for private political meetings, including with Malaysia's Prime Minister Anwar Ibrahim.
At the Phuket boat show, Thai buyers remained discreet, while Russian, Chinese, British, and Australian enthusiasts were prominent. Over 5,000 visitors attended the expo, showcasing 50 yachts, since its debut in 2023.
As the report notes, competition from Malaysia and Indonesia is strong due to tax exemptions and relaxed regulations, drawing yacht owners away from Thailand.
And while Thailand promotes yachting as a luxury lifestyle, fuel costs, environmental concerns, and limited infrastructure remain challenges. Despite this, rising local interest, a strong resale market, and regional collaboration to position the Andaman Sea as a global yachting hub indicate significant growth potential.
Thailand could be the next home for a luxury yacht boom after “wealthy residents of Thailand caught the sailing bug during the COVID-19 pandemic,” according to a new Nikkei Asia report.
The enthusiasm wound up boosting marinas, yacht brokers, and related industries. Yacht traffic at Phuket, Koh Samui, and Pattaya surged 63% from 2022 to 2024, with over 2,000 trips through Phuket alone, according to the Ministry of Transport, the report says.
Recognizing the economic potential, Prime Minister Paetongtarn Shinawatra attended the Phuket boat show on Jan. 12. The global luxury yacht market, valued at $8.75 billion in 2024, is projected to grow to $17.3 billion by 2032, with the Asia-Pacific leading growth due to rising incomes, maritime tourism, and government support.
Paetongtarn said at the show: “The government is ready to fully support luxury marine tourism to continue to grow more.”
Lies Sol, a Phuket-based charter manager for yacht brokerage Northrop & Johnson told Nikkei: “The main aim is to get Thai people more familiar with yachting and let them grow into luxury yachts. Before you buy, why don’t you charter and learn what is essential for you?”
The Nikkei report says that Thailand’s Transport Ministry plans to lower the yacht charter license size requirement from 29 meters to 24 meters, increasing options for day trips and tours.
Former Prime Minister Thaksin Shinawatra has reportedly used chartered yachts for private political meetings, including with Malaysia’s Prime Minister Anwar Ibrahim.
At the Phuket boat show, Thai buyers remained discreet, while Russian, Chinese, British, and Australian enthusiasts were prominent. Over 5,000 visitors attended the expo, showcasing 50 yachts, since its debut in 2023.
As the report notes, competition from Malaysia and Indonesia is strong due to tax exemptions and relaxed regulations, drawing yacht owners away from Thailand.
And while Thailand promotes yachting as a luxury lifestyle, fuel costs, environmental concerns, and limited infrastructure remain challenges. Despite this, rising local interest, a strong resale market, and regional collaboration to position the Andaman Sea as a global yachting hub indicate significant growth potential.
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