Revelatory Shifts in Data Governance: How the EU Data Act Recasts the Business Models of the Superyacht Industry

The superyacht industry, increasingly embracing connectivity, digitalisation, and data-driven services is about to experience a sea change as the EU Data Act takes effect. This legislation, officially termed Regulation (EU) 2023/2854, was unveiled in December 2023 and came into play in January 2024. The Act’s stipulations gradually apply till 2027, leading to comprehensive alterations in contracts, business prototypes, and data governance throughout the superyacht sector.

The Act also establishes a fairness system for B2B contract terms that unjustly limit access to or use of data. It imposes new design responsibilities for connected products released from September 2026. Moreover, the Act completely forbids switching costs for cloud/data-processing services from January 2027 onward.

For the superyacht industry, heavily reliant on data from several connected systems, such as engine sensors, IoT systems, navigation and monitoring networks, the Data Act has crucial implications. Being a ‘user’ of a connected product under the new law allows you to access product and related service data upon request. This shift can potentially turn the tide for OEMs, platform providers and charter businesses. Therefore, it is indispensable to realign your business models, contracts, and data governance systems proactively to stay afloat in this new digital era.