Analysts expect the market to grow by just 1% in value terms as buyers postpone
Local yacht dealers and industry analysts are expecting modest growth at best for the Russian leisure marine sector in 2019, most likely achieving no more than 1% in value terms compared to 2018.
Following the crisis of 2014, when international sanctions were imposed following the crisis in the Ukraine, annual growth of the Russian leisure marine market has ranged between a lowly 1-3%
According to Russian analyst agency IndexBox, in 2018 about 8,000 yachts and boats were sold in Russia. In value terms, these figures amounted to RUB 10.9bn (US$170m).
IndexBox analysts claim growth would have been higher, had not potential buyers postponed purchases of new vessels because of the current economic instability in the country. This is despite the fact that the demand for yachting in the country is steadily growing.
Analysts predict market sales may grow towards the end of the current year, while the biggest growth is expected to be seen in the segment of 20ft-30ft yachts. Motorboats are expected to account for approximately 75% of sales with sailboats predicted to register around 25-28% over the next 1-2 years. However, the Russian Yachting Association expects demand for sailing vessels in Russia to continue to grow in the coming years, outstripping growth rates in the motor segment by some margin going forward.