For a few years now the demand for new Sailing Yachts and general size of the market has certainly been in decline. Stated to be a third of the size it was in 2009. Since that time, year-on-year figures have seen an annual decline, which has been replicated in the Motoryacht market place, with the exception of Superyachts. This particular demographic is still performing well with long order books supported by the continued demand for this luxurious lifestyle acquisition.
Undoubtedly, the aftermath of the financial crisis has seen the industry take a turn for the worse and in more recent years leisure time has been influenced with those that look to enjoy a more sustainable wind powered water craft having less time on their hands to take their craft to water. A view we share with many who have the same keen sailing interest as ourselves at Glover & Howe.
The motoryacht industry has seen a greater demand for cleaner fuel with an emphasis on ecologically sensitive power units to meet with stringent regulations. However, for those that enjoy exploring watercraft, sailing is undoubtedly the greenest mode of transport, and this is seeing the younger educated and environmentally conscious generations beginning to buy boats. There is now a renewed focus towards the activity of sailing as it meets with a conscious approach to sustainability and demonstrated by positive 2019 figures for new watercraft.
Sustainability is proving a factor for new enthusiasts
Manufacturers of sailing yachts will need to educate that new generation of boat owners on the virtues of sustainable watercraft, providing an opportunity for this part of the market place to expand, generate interest and grow to attract new enthusiastic sailing boat owners. It is true to say the market is anticipating this to happen with greater emphasis on the environment and new boat owners wanting to ensure they reduce their own impact.
Sailing is an addictive pastime and nurturing market demand through education and inspiring interest will see the anticipated bumper year in 2019 for new sailing craft continue to sail upwards rather than furthering any form of downturn.
Glover & Howe are specialist insurers of all forms of watercraft, from the small sailing enthusiasts craft to the luxury Superyacht. Our insurance cover is comprehensive and detailed. For further information about the insurance cover contact our team today.