The increase in travel and tourism activities is expected to drive the global catamaran market growth during the forecast period
The Global Catamaran Market was valued at USD 1.2 Bn in 2020 and is expected to reach USD 1.7 Bn by 2027, with a growing CAGR of 4.5% during the forecast period.
Technological development with using light-weight aluminium foil imparting the most superior multihull cruises with better speed, and enhanced stability in the sea are propelling the catamaran market. It is particularly used for luxurious and leisure applications through the upper-class end user. Additionally, development in terms of engine-powered ships are imparting tremendous speed, improved motion stability, excessive reliability, decrease accidental chances, higher fuel performance, and speeds. Thus, the catamaran market is proliferating the growth across the globe.
Based on the type, the catamaran market has been segmented into sailing catamarans and powered catamarans. The powered catamarans segment in the catamaran market is growing at the highest CAGR during the forecast period. The growth in this segment is attributed to the rise in cruising and racing events. Moreover, the high demand for a powered catamaran in the catamaran industry can be attributed to their properties such as efficiency, reliability, and increased space. However, the sailing catamaran in the catamaran market is growing at a moderate rate during the forecast period owing to the growing demand with travelling speeds that are 20-50% faster than similar length mono-hulls. Moreover, the rising popularity of sailing sports events like America’s Cup and Atlantic Rally for Cruisers has, in turn, led to increased demand for high-performance catamarans, thus it is accelerating the catamaran market segment growth.
The overall performance of these multihulls in water is drastically affected because of improper and unbalanced load placement, causing a lack of performance and fuel wastage. Moreover, these multi-hulls cannot point high in relation to the monohulls, alleviating the discomfort to the users. Windage factor, slamming of bridge deck because of excessive waves, and mild displacement enhance the handling complexity making training mandatory for the beginners. These are major factors to be able to avert the catamaran demand throughout the forecast period.
Global Catamaran Market by Region Outlook (Revenue, USD Million, 2021-2027)
In terms of geography, Europe dominate the catamaran market during the forecast period owing to the technologically advanced manufacturing infrastructure. Moreover, the region has the most experienced workforce in the catamaran industry that influence the demand of the catamaran to a great extent.
The Global Catamaran Industry Segmentation:
Global Catamaran Market by Type Industry Outlook (Revenue, USD Million, 2021-2027)
Global Catamaran Market by Size Industry Outlook (Revenue, USD Million, 2021-2027)
Global Catamaran Market by Application Industry Outlook (Revenue, USD Million, 2021-2027)
The key players operating in the catamaran market are: