Turkey has seen many generations of its people dedicated in the yacht building industry. It is the third largest yacht manufacturer of luxury yachts after the Netherlands and Italy. The yacht industry is distributed in three regions throughout the entire country.
Antalya Free Trade Zone
Istanbul’s Tuzla district
Bodrum in Mugla province
Yacht Market in Turkey
With immense experience in this business, Turkish yacht builders claim an output fleet of a total 391 vessels which are higher numbers than many of its competitors like the UK, Germany and the UAE. This output increased a little in the mid-90s and stayed consistent until 2006, after which, it saw a 76% boom but only within the next two years due to decrease in the foreign demands, global financial crisis and contraction of GDP.
The contraction died in 2013 and the Turkish yacht builders could see the spiking figures similar to the year of 2005. Since the economic crisis, the shipping industry decided to focus on a limited niche market which resulted in only 20%of exports from the yacht industry. The focus on only one type of particular product made them ahead from China in the business.
It believes in maintaining its quality while expanding its product range with efforts in improving the skill base through higher education, R@D in developing new technologies and searching for other niche markets where it can bring its expertise.
Business Partners and Estimate Earnings
The major customers of Turkish yacht builders are the USA, Qatar, Croatia, Netherlands, Russia, Portugal, Ivory Coast and Djibouti.
The Antalya Free Zone alone made around $93 million selling 47 yachts in 2019, thus making a total of 130 total yachts produced here and 111 returned for maintenance. An investment possible in the near future will bring the ability to build 50 yards (ca. 46 m) and 90 yards (ca. 82 m) capacity yachts in the coming years.
Turkish yacht builders’ offer such a deal which other manufacturers don’t. This is great craftsmanship with comparatively lower prices due to the high-quality goods developed itself in Turkey. Thus, the customer feels extremely comfortable with the marine expenses and wintering costs as they have a lot of experience in those areas.