Volvo, founded in 1927 and whose headquarters are in Gothenburg, already has a strong affinity with the sport.

The multinational manufacturing company is the title sponsor of the Volvo Ocean Race, one of the most famous events in the sport, held every three years.

World Sailing claim the partnership is "a signal of the Volvo Ocean Race's commitment to the sport and future of offshore sailing".

The agreement incorporates Volvo Group, who specialise in trucks, buses, construction equipment and marine and industrial engines, and Volvo Car Group.

"World Sailing is delighted to partner with Volvo as they have been fully committed to developing sailing worldwide for many years," World Sailing President Kim Andersen said.

"They are an ambitious, forward thinking partner who match World Sailing's vision and mission for the entire sport. 

"They will be a crucial partner for World Sailing, working with us across all of our titled events, sustainability programmes and will have exclusivity in the automotive sector.

"It is vital that World Sailing continue to aid growth across all aspects of the sport and our partnership with the Volvo Ocean Race allows us to be closely aligned with one of sports major events."

Volvo, who were the main sponsor of the Youth Sailing World Championships from 1999 to 2010, have thrown their support behind World Sailing's bid to stage an offshore racing showcase event at the Tokyo 2020 Olympic Games.

"We see the Volvo Ocean Race at the apex of the offshore sailing pyramid," said Volvo Ocean Race chief executive Mark Turner.

"The partnership with World Sailing is important for us to show a long-term commitment to the sport and, equally, World Sailing's support and understanding of the Volvo Ocean Race does.

"But we need to create some steps underneath it like the Volvo Ocean Race Academies and ultimately a closer link to any Olympic offshore showcase event if approved by the International Olympic Committee. 

"If and when that goes through, the Volvo Ocean Race will be uniquely positioned to provide a path towards the Olympic Games, with a qualification or test event potentially taking place at one of our stopovers."