Catamaran Market to Reach USD 2.74 billion by 2032, Driven by Growing Demand for Leisure and Recreational Activities
Market Overview
The global catamaran market was valued at US$ 1.4 Billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.3% from 2022 to 2032. The global catamaran market was valued at US$ 1.4 Billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.3% from 2022 to 2032. The increase in leisure tourism and racing events and the increasing disposable income of people across the globe are some of the key factors driving the growth of the catamaran industry.
Growth Factors
Catamarans have long been appealing because of their stability and size, and they make ideal live-aboard boats for blue water cruising ships for long-distance voyages. By definition, a catamaran has a greater internal room than a monohull due to its two-hull construction. Modern cruising catamaran designs, on the other hand, have progressively evolved into their style, combining the sleek appearance of performance cats with the extra comfort of a luxury yacht.
Due to the advancements in design and technology, boat manufacturers are producing catamarans that are quicker and more fuel-efficient. As a result, a slew of devoted monohull owners has switched to catamaran ownership. In November 2021, The Martini 7.0, a 165-foot catamaran yacht with unique technology that gives passengers seasickness treatment, was introduced by Servo Yachts LLC.
Because of new technologies, the private, commercial, and military sectors of catamaran design are quickly advancing. Advanced materials and 3D printing will alter catamaran design and building methodologies, while new sustainable fuels will aid in decreasing or even eliminating emissions in the maritime sector.
Innovative hull designs, cutting-edge engine combinations, well-designed floor layouts, and improved power sources will define catamaran designs in the near future. These futuristic catamarans would be controlled by digital displays that included GPS, fish locating software, a 360-degree camera, an automatic docking system, and modern marine music systems. Catamaran production would revolutionize and become quite convenient for regular use with the help of Simplified control design, Smartphone integration for better accessibility, State-of-the-art technology that replaces steering wheels with intelligent screens and two throttles with a single joystick, and Advanced HVAC systems.
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Factors Restraining Market Growth?
High research costs, regulatory compliance, and infrastructure/funding challenges are likely to restrain the catamaran market growth. Additionally, catamarans cannot self-right after capsizing, unlike monohull sailboats.
The growth of the catamaran market is attributed to the following factors:
Increasing demand for leisure and recreational activities
Growing popularity of boating as a leisure activity
Advantages of catamarans over monohull boats, such as more space, comfort, and stability
Increasing disposable income
Change in consumer preferences
Growth in focus on health & wellness
The catamaran market faces a number of challenges, including:
- High cost of ownership: Catamarans are typically more expensive to purchase and maintain than monohull boats. This can be a barrier to entry for some potential buyers.
- Limited infrastructure: Catamarans require specialized marinas and boatyards. This can be a challenge in some areas, particularly in developing countries.
- Lack of awareness: Catamarans are not as well-known as monohull boats. This can make it difficult for boat manufacturers to reach potential customers.
- Regulatory challenges: Catamarans are subject to the same regulations as monohull boats. However, there are some additional regulations that apply specifically to catamarans, such as those related to stability and safety.
- Technical challenges: Catamarans are more complex to design and build than monohull boats. This can lead to higher costs and longer production times.
- Capsize risk: Catamarans are less likely to capsize than monohull boats, but it is still possible. This can be a concern for some potential buyers.
Catamarans are versatile vessels with a wide range of applications, including:
- Leisure and recreation: Catamarans are popular for cruising, sailing, fishing, and other leisure activities. They offer a number of advantages over monohull boats, such as more space, comfort, and stability.
- Passenger transport: Catamarans are also used for passenger transport, such as ferries and tour boats. They are well-suited for this purpose because they can carry a large number of passengers in comfort and safety.
- Commercial fishing: Catamarans are used by commercial fishermen because they are stable and can carry a lot of gear. They are also relatively fuel-efficient, which is important for commercial fishing operations.
- Military and law enforcement: Catamarans are used by the military and law enforcement for a variety of purposes, such as patrol boats, search and rescue boats, and special operations vessels. They are well-suited for these roles because they are fast, maneuverable, and can operate in a variety of sea conditions.
Market Segmentation: Key Segments in Catamaran Industry Research
By Product Type
Sailing Catamarans
Sport
Leisure
Transport
Others
Power Catamarans
Sport
Leisure
Transport
Others
By Size
Small
Medium
Large
By Application
Sport
Leisure
Transport
Others
By Region
North America
Latin America
Europe
Asia Pacific
Middle East & Africa
Key Players
Some of the key players in the catamaran market include:
Fountaine Pajot
Lagoon
Robertson and Caine
Leopard Catamarans
Outremer
Bali Catamarans
Privilege Catamarans
Sunreef Yachts
Gunboat
Neel Trimarans
Outremer
McConaghy
Future Outlook
The catamaran market is expected to witness significant growth in the coming years, driven by the factors mentioned above. The growing demand for leisure and recreational activities, the increasing popularity of boating, and the advantages of catamarans over monohull boats are expected to fuel the growth of the market.
In addition, the growing disposable income and changing consumer preferences in the Asia-Pacific region are expected to further boost the growth of the catamaran market.
COVID-19 pandemic
The COVID-19 pandemic had a negative impact on the sector, which was worsened by the worldwide lockdowns and limitations on travel and tourism. Lockdowns caused production facilities to close, labor shortages, and raw material shortages as a result of disruptions in the supply chain. Temporary firm closures placed a severe financial burden on industry members.
However, the catamaran business is expected to grow in the years to come, owing to government attempts to boost maritime tourism and OEM investments in new product advancements. In the second half of 2020, growth in water sports and boating activities in Europe and North America raised the demand for smaller boats.
Customers cannot demand a refund during the Coronavirus pandemic period, but they can reschedule, according to a new regulation enforced by governments in various nations such as France and Italy, among others. For example, G Adventure, a Canada-based company, is offering future credits on cancelled trips because it supports the global supply chain and also helps them by holding on to their customers through rebooking.
Most global charter companies and independent local charter operators are implementing their new booking and payment policies. This will include allowing a smaller down-payment (10-15 percent instead of 40-50 percent) for reserving the charter week and offering free changes to their charter guest bookings.
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COMTEX_442898856/2840/2023-11-03T13:47:10
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