The global yacht industry is expected to have a record-breaking year for 2023. The rise in tourism and escapism has seen an increase in purchases, designs, charters, and registrations already set for this year. This increase is bringing a variety of changes to the yachting industry with new trends emerging. We report on the yacht trends for 2023 and beyond, that will be of interest to you.

The Family Consideration Trend
Yacht purchases, designs, charters, and refurbishments have historically all been undertaken by one “man”. A new inclusive trend is developing with the consideration of partners and children in all yacht decision-making processes. It is no longer a one-person decision, but often a family project whereby everyone can have their say. This change in decision making is already having an impact on 2023 designs and refurbishments with children and partner requirements now being considered.

The “Explorer” Trend
Yacht owners and charter clients are planning to explore further than previous years. There is a desire to discover and explore very remote parts of the world for 2023. Owners and clients are planning on moving away from the usual, more crowded, Mediterranean, and Caribbean seas to explore extreme and remote areas from Antarctica to the Arctic Circle. This desire for exploration has seen explorer yachts, also called expedition yachts, become the second most popular type of vessel currently under construction, charter, and refurbishment.

The Sustainability and Sailing Yacht Trend
Sustainability within the yachting industry is expected to become a key issue in 2023, especially with a younger generation of yacht users. Younger clients are concerned about their global footprint and conservation. Their concern for the environment has seen an increase in the demand for sailing yachts for 2023. Additionally, this year, yacht builders are going to be increasingly focused on launching eco-conscious vessels, many of which will also incorporate greener materials.

The Yacht Safety Trend
2023 will also be the year yacht companies promote safety onboard. This promotion will see an increase in yacht safety devices using A.I. and technology. These include wearable devices for yourself and your pet that stop the yacht engines and alert the crew, should someone fall overboard. The Installation of fire, smoke, heat, gas, and flame detectors connected to A.I. are an emerging trend being installed. These devices can automatically call emergency services if required. There will also be devices that extend to the safety of the yacht itself. These devices include engineering sensors, smart gauges, and whole yacht A.I to protect and monitor critical onboard equipment.

The Metaverse and Virtual Reality Trend
Virtual reality and the Metaverse are expected to have an impact for the yacht industry for 2023. The Metaverse is part of the internet designed to be a universal, virtual world used with virtual reality headsets. In the past, virtual reality has been used with yacht purchases and chartering but with limited success due to the cost of set-up and client accessibility. With the launch of the Metaverse and cheaper VR headsets, the concept of viewing a yacht in a 3D, 360-degree environment is much more appealing and accessible. This will ultimately lead to more charter bookings and yacht sales, with clients being able to virtually step on board the yacht of their choice with minimum effort.

2023 is forecast to be a record-breaking year for the global yachting industry. The Europa Group is pleased to keep you up to date with the latest developments in the yacht industry. We register and manger both private and commercial vessels in ports of registry worldwide. Whatever the size of your vessel or intended vessel, contact us today to find out how we can tailor our services to help you with your vessel and marine needs.

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Europa Trust Company Ltd is part of the Europa Group. We have been based in Gibraltar for over 38 years and have built a reputation as a stable and reputable business.
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