2022 was the year that helped revive the global luxury yacht market following the pandemic and its varying travel restrictions. This year, key players are anticipating further growth and more exciting developments, building on the incredible growth seen in 2022.
Staying relevant and on top of the yacht 2023 industry trends will be critical to a brand’s success in the year ahead. Getting ahead of new experiences and developments can put your brand in a more competitive position, helping you to reach and engage with new and existing customers.
So, what will happen this year in yachting, and how can you utilise the latest yacht trends to your advantage?
We consider and explore the latest trends, developments, and growth opportunities that we expect to see from the yacht industry in 2023.
Luxury yachting 2023; the year ahead
1 – Expedition yachts and remote destinations
Expedition yachts have become increasingly popular throughout the industry, and we expect this yacht market trend to continue this year. There are many reasons explorer yachts are increasingly popular, including the fact that they enable a deeper connection to exploring nature and our oceans, which is now high on clients’ agendas.
Previously, expedition yachts were designed with simple form and function in mind. Today yacht designers are combining ultimate comfort and luxury alongside high technology and capabilities, allowing adventure and the possibility of reaching the most remote and off-the-beaten-track destinations.
Much of this expedition demand comes from the influx of younger clients, demanding something different from the norm and established yacht itineraries. The industry’s favourite locations will begin to lessen in popularity while other, more remote areas will rise to the fore. Adventures onboard expedition yachts can be had in the Arctic, Antarctic, South Pacific, and remote Atlantic. These are challenging cruising grounds, but ones that are now accessible on the world’s finest expedition vessels.
2 – Boom in charter & new build
The post-pandemic boom and other global supply chain factors have meant a record number of yachts on order or in build.
According to the latest figures from Boat International, there were more than 1,000 superyachts projects on global order books in 2022 – a rise of 24.7% compared to the previous year. Last year was the third year of consistent order book growth, and industry experts expect this trend to continue in 2023. There are now long waiting lists for new build yachts, which is one factor increasing the demand for the charter market.
Another factor resulting in charter market growth is the general increase and interest in the yachting industry, with more people trying it out and experimenting with travel options, driven by the desire to enjoy more exclusive and private travel experiences. The latest reports show that the global yacht charter market was valued at US$ 16.4 billion in 2021 and is expected to show a compounded annual growth rate of 25.6 between 2022 and 2030.
3 – Experiential yachting
What does experiential yachting mean? It simply means everything a yacht owner should enjoy onboard their vessel.
Here are six key takeaways from the International Experiential Yachting Forum 2022:
https://relevanceyacht.com/blog/the-best-experiential-yachting-forum-insights-2022/
4 – Greener solutions
Improving the industry’s footprint has been one initiative creeping higher and higher up the agenda. These eco-friendly advancements, from advanced green propulsion systems to sustainable onboard materials and carbon footprint offsetting, are now front a centre, with boat shows, such as the annual Monaco Yacht Show, dedicating an entire exhibition to sustainable initiatives. This year will see further commitments and more alternative solutions coming to the fore.
With more brokerages promoting the sustainability features of their yachts, designers and builders are integrating more alternative solutions to the businesses and brands servicing the industry. Every stakeholder should address the industry’s environmental impact and how they can minimise this in 2023 and beyond.
5 – New technology
The technology used onboard superyachts today and in recent years has developed extensively. This year we will see this continue, improving and enhancing the yacht experience. In terms of everyday technology, smart yachts will be the norm, increasing efficiency and the onboard experience. We have already seen the dawn of paperless yachts with charts and the increased uptake in cloud-based platforms.
In terms of other yachting 2023 technologies, the role of AI is picking up the pace throughout the industry, specifically through developments within design and navigational technology. Alongside AI, the realms of VR are also gaining momentum within the industry, with uses also in yacht design and entertainment onboard. This year will see even more innovative entertainment solutions for onboard experiences, enabling a more immersive yachting experience.
6 – Emerging markets
The past couple of years has seen a general shift in the interest in the yachting sector, partly driven by the growing number of Ultra-High-Net-Worth Individuals over the past couple of years. The global number of UHNWIs peaked at more than 400,000 individuals in 2021, according to the Wealth-X report. While the number of UHNWIs dipped by around 6% in 2022 (to 392,410) due to economic and political volatility, the number of global UHNWIs remains high compared to a decade ago.
Source: Wealth-X
While North America and Europe remain the world’s largest yacht consumers, 2023 yacht industry trends point to new and emerging markets. These include Southeast Asia, where leading brokerages are now expanding to. Other noteworthy markets are Japan and Canada, with industry experts forecasting enhanced levels of growth. Alongside these emerging markets, particular sectors within the industry look favourable, such as the sailing and catamaran yacht markets.
7 – GenZ influence
The Forbes 400 list last year identified 10 billionaires under 40. Over the next two decades, the average age of superyacht owners is predicted to be between 35 and 45. More younger clients will enter the 2023 yacht industry, whether for charter or purchase, and the influence of Gen Z will change the face of yachting.
The demands and experiences sought by this new target audience differ from the yachting industry’s traditional target audience. Younger clients demand bespoke and different design features with more innovative technology and a focus on wellness features. The use of the yacht will also change to meet this shift in the target audience, whether the vessel is used for remote working, adventure, or even philanthropy projects.
8 – Design tweaks
This year, 2023 yacht trends show that there will be further design shifts within the industry. The importance of sustainability and the need to conserve our oceans will continue to filter through to design. For designers to get ahead, they will need to use a more circular approach to design, using sustainable and responsible materials. Biophilic design will be more prominent throughout the industry, maximising natural light and merging the exterior and interior spaces onboard.
The younger generation will drive many of these design changes in how they want to use their yachts. For example, many expedition trips are usually longer; therefore, comfort will move higher up the agenda, replacing the traditional desire for a yacht as a status symbol. Clients will want to feel more at home and therefore include increased personalisation within the design, creating spaces where clients can switch off and feel comfortable.
The use of new technologies will also impact design features, predominately within the entertainment sector. Gone are standard AV systems; new entertainment technology concepts will evolve this year.
Relevance Yacht is an award-winning, full-service luxury digital marketing agency that works with the world’s leading luxury yacht brands. Our 360 marketing services include branding, SEO, paid and social advertising, media buying, social media, influencer marketing, PR, content marketing, and CRM. We help create a digital marketing strategy that aligns with current yachting 2023 industry trends. Contact Relevance Yacht to learn more.