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.
A catamaran is a multi-hulled watercraft offering parallel hulls of identical size. It is a geometry-stabilized craft, deriving its stability from its huge beam, in preference to ballasted keel with a monohull boat. Catamarans are classified into powered catamarans and sailing catamarans. It offers numerous benefits that include sufficient space, relaxing comfort, and sailing stability in contrast to a traditional monohull.
High emphasis on the layout to enhance the boating structure via multi-hulls and enhance travelling velocity with over 20 nautical miles are predicted to be the prominent features fuelling the catamaran market growth. Various benefits offered which includes adequate space, enjoy comfort, and cruising stability in evaluation to traditional monohull counterparts along with yachts, boats, and cruises have offered significant industry traction to these designs. For instance, in February 2021, the South African producer Robertson & Caine launched the Leopard 42 on the Miami Boat Show in February 2021 to replace the Leopard 40. This new sailing catamaran is inspired by the larger models and gains a brand new lounge area on the roof.
In addition, the increasing travel and tourism activities across the globe due to the rising disposable income of the population is one of the significant factors that drives the growth of the market during the forecast period. For instance, according to secondary sources, in the global economy the contribution of the travel & tourism sector is around USD 9.25 trillion. Moreover, increasing recreational activities across the globe propels the demand for the catamaran market throughout the forecast period.
Based on the type, the powered catamarans segment in the catamaran market is growing at the highest CAGR during the forecast period due to the rise in cruising and racing events
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 powered catamarans in the catamaran market can be attributed to their properties such as efficiency, reliability, and increased space. However, the sailing catamaran in the catamaran market is witnessing a moderate growth 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 accelerating the catamaran market segment growth.
Based on the size, the medium size segment in the catamaran market show a significant growth rate during the forecast period owing to its application in chartering services
Based on the size, the global catamaran market has been segmented into small, medium, and large size. The medium size segment in the catamaran market shows a significant growth rate during the forecast period. The growth in this segment is attributed to its application in chartering services. However, the large size segment in the catamaran market is growing at a relatively high pace as compared to the other segment due to its growing demand for larger space and other application areas.
Based on region, Europe dominated the catamaran market during the forecast period owing to the technologically advanced manufacturing infrastructure
Based on region, the global catamaran market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe to 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 market that influence the demand of the catamaran to a great extent. However, the North American catamaran market is expected to grow at a significant rate during the forecast period. The growth in this region is attributed to the increasing spending on luxury boating such as powered cats, yachts, cruisers, and others. Moreover, the growth in this region is mainly driven by the high spending on recreational activities, especially in the boating industry. Thus, proliferating the growth of the catamaran market to a significant level in the region.
The report also provides an in-depth analysis of Catamaran market dynamics such as drivers, restraints, opportunities, and challenges:
In early 2020, the COVID-19 pandemic started to spread around the world, millions of people globally had been infected with COVID-19 disease, and major nations around the globe have carried out foot prohibitions and work stoppage orders. Except for the medical supplies and life support products industries, most industries were substantially impacted, and Catamaran industries have also been significantly affected. The catamaran market have a significant impact due to the closure of all activities such as travel & tourism, recreational activities, adventure and others. For instance, according to the United Nation World Tourism Organization (UNWTO), the international tourism expected to decline over 70% in 2020. However, the gradual reopening of the economies accelerates the growth of the global catamaran market.
*Note: A detailed analysis specific to the catamaran market will be provided in the report
The report also provides an in-depth analysis of key trends in the catamaran market:
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Market Overview & Competitive Landscape
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