Unlike other businesses in the travel and hospitality sectors, during COVID, the superyacht market reached record-high demand and sales. Though the pandemic is behind us, the future of the superyacht industry continues to look bright. Globally, it brought in $10.29 billion in revenue in 2022, and by 2032, it’s estimated to reach $25.68 billion.
Superyachts differ from traditional yachts in that they’re typically much longer and more spacious. Over the years, these unique luxury yachts have undergone numerous changes, and they continue to boast state-of-the-art technology and ever-increasing amenities. Given all their bells and whistles, designing a coverage plan for one could get tricky.
There are several significant superyacht design trends to watch out for this year. Staying ahead of the curve will allow you to better identify emerging risks for your clients and ensure they have the proper insurance protection..
1. Space over Speed
The layout of superyachts continues to change each year, and moving into 2024, many luxury travelers are seeking space over some of the traditional superyacht characteristics like speed and agility. Families and friends are taking to the seas, seeking the privacy, exclusivity, and elegance that yachting offers. According to Moravia Yachting, a global luxury yacht charter, there’s a surge in demand for yachts that can accommodate more than 12 guests — like the Agape Rose, which sleeps 24, or the Anthea that sleeps 20.
How does this trend translate to actual yacht design? Keep an eye out for vessels that feature more cabins and flexible sleeping arrangements, roomier common spaces, higher ceilings, and more family-friendly layouts.
2. Unique Interior Designs
Luxury yachts are seeing more unique and varied interior designs that blend modernity with tradition. These are just a few examples of the design features we can expect to see more of in the coming years:
- Textured ceilings: Do not fear — this is not a resurgence of the popcorn ceilings that characterized homes of the ’70s and ’80s. These ceilings elevate the entire feeling of the space, using creative materials and imaginative designs — like the O’Rea’s playful nod to ocean waves with its “wooden wave” ceilings or the KB6’s tropics-inspired thatched ceilings.
- Staircase layouts: Over-the-top staircases have always been a way to create a dramatic visual effect in a yacht’s design. The Alchemy is leading the way in a new design that centralizes the staircase and makes the main and upper deck saloons more accessible to each other.
- Blended indoor/outdoor spaces: Newer yacht designs are seeking to reimagine the relationship between indoor and outdoor spaces. Benetti’s B.Now 50 Oasis deck, for example, features a sheltered deck, a pool that is just steps away from the ocean, and flexible seating that allows guests to easily take advantage of both sun and shade.
3. Continued Emphasis on Sustainability and Efficiency
More eco-friendly yachts are hitting the seas. 2023 saw significant increases in the need for sustainability among yacht designers, builders, and customers. Superyachts are now being built with longer-lasting materials that reduce their environmental impact, as opposed to unsustainable or toxic materials. These newer, more eco-friendly materials are often reusable, so when a yacht retires, builders can strip them out and use them in another boat. Builders are also replacing hard plastics with wood, which has functioned as a traditional boat material for thousands of years.
Not only are yacht designers and builders using more sustainable and eco-friendly materials in their designs, they’re also incorporating technologies that support sustainable practices. This can take the form of hybrid propulsion systems, solar panels, energy-efficient lighting, and more.
There is also a growing market of consumers pushing for greater fuel efficiency and travel range in their superyachts. Rising fuel costs are encouraging designers to think about how to maximize fuel efficiency and minimize costs. Not only that, but there’s an increase in yacht buyers (and renters) interested in exploring more remote and harder-to-reach locations like Antarctica, the Galapagos Islands, and the South Pacific. For these travelers, ports for refueling aren’t plentiful. As a result, more superyachts are being built that can sail greater distances on a single tank of fuel.
4. Innovations in Technology
Having state-of-the-art technology features has become the earmark of luxury travel. High-speed internet — enabled by low-earth-orbit satellites like Starlink — is making everything from streaming favorite shows to working remotely hassle-free. And long gone are the days of standard-sized entertainment screens, installed in the usual places like cabins and salons. New superyacht designs are pushing the limits on what technology can offer by featuring screens alongside swimming pools or jaw-dropping floor-to-ceiling video walls.
Advances in superyacht technology don’t stop at entertainment and aesthetics. Some superyachts come enabled with AI-powered yacht managers, able to handle administrative and safety checks. Other new superyacht designs leverage stabilizing technologies that can make ocean voyages more comfortable for even the most seasick-prone travelers.
Superyacht Protection with Jencap
Superyachts are some of the most expensive assets on the market, and their owners often spend a lot over the years to keep them maintained. More often than not, ensuring these impressive pieces of property can be a complex undertaking. Understanding the changing trends in superyacht design can help you better understand the risks the policy needs to cover.
Whether your clients use their yachts for their personal pleasure or to conduct business, it’s important to make sure that you offer them the right yacht insurance coverage and help them understand the risks involved. Our first-rate team at Jencap is ready to help you find the coverage that’s tailor-fit for your clients. We invite you to contact us to get started.
