PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1126460
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1126460
According to Stratistics MRC, the Global Catamaran Market is accounted for $4.40 billion in 2022 and is expected to reach $6.98 billion by 2028 growing at a CAGR of 8.0% during the forecast period. A catamaran is a multi-hulled watercraft featuring two parallel hulls of equal size. It is a geometry-stabilized craft, deriving its stability from its wide beam, rather than from a ballasted keel as with a monohull boat. They are larger, more stable boats, and so in most situations this will make them a "safer" sailboat than a comparably sized monohull.
As per the Outdoor Industry Association 2020, the outdoor recreation economy accounted for USD 887 billion in annual consumer spending, contributing 7.6 million jobs to the U.S. economy and generating USD 125 billion in federal, state, and local tax revenues each year, thereby boosting the market size.
Growing demand for powered catamaran
Catamaran type such as sailing catamaran is comparatively mounting at steady pace as associated with powered catamaran. High demand for powered catamaran is owing to their efficiency, reliability, and increased space. Cockpit and living room between 2 hulls offer really a great space, it is much more space then on monohulls of the same length. It is important especially in destinations, where a lot of time spend anchoring and in marinas. It is also of great value, when there are kids onboard. This leads to the growth of the market in near future.
High cost & less availability
Charter of catamarans is more expensive than yachts of the same length, sometimes it is 150% more, sometimes 200% or even 300% more. Despite of higher price for charter and smaller number of them in association to sailboats, catamarans are very popular. So, charter a multihull always books them early as there is less availability. They have many fans and year-to-year their popularity grows.
Technological expansions in cruises such as improved speed and protection features together with rising stability have led to increased acceptance of catamarans for numerous applications. It is increasingly being used for luxury and leisure application; however, it is also gaining popularity in military operations and transportation as well. Developments in terms of dependability and enhanced speed and stability such as powerful engines and durable body of the hulls has aided catamarans to scale large distance in shorter time periods and offer enhanced comfort and safety. The racing events are gaining traction and are demanding advanced features in catamarans for enhanced speed and durability along with space and luxury features.
Difficulty to find places in marinas
Since catamarans necessitate two times more space than yachts in the marina it is not simple to find two free places one next to each other in crowded marinas. While it's relatively easy to dock a catamaran with two motors and two rudders, as there is no need for a bow thruster; its size means that it can often take up more space which can drive up the docking costs. This is one the factors threaten the market growth.
Impact of Covid- 19
The COVID-19 pandemic negatively affected the industry fueled by the global lockdown and restrictions on travel & tourism. Lockdowns resulted in the shutdown of manufacturing facilities, unavailability of labor, and raw material shortages on account of disturbances in supply chain. Industry participants faced significant financial constrains by temporary business closures. However, the catamarans industry is estimated to experience an upward trend after the pandemic impelled by government initiatives to enhance marine tourism and investments by OEMs for new product innovations.
The Sailing catamarans segment is expected to be the largest during the forecast period
The Sailing catamarans segment is expected to be the largest during the forecast period. As there has been growing demand for sailing catamarans for leisure activities owing to its well-equipped inventory, which improves the safety and comfort of travellers, especially in areas prone to rainstorms. This makes them an excellent mode of sailing transport, thus, aiding the industry growth. Over the forecast period, the market is anticipated to be aided by the rising popularity of sailing sports in regions like Thailand, Greece, Australia, and New Zealand, among others.
The Medium (15m-30m) segment is expected to have the highest CAGR during the forecast period
The Medium (15m-30m) segment is expected to have the highest CAGR during the forecast period, due to the rising usage of 15 to 30 meters catamarans for corporate parties and the rising combination of advanced safety features OEMs is supporting the industry statistics. Several companies such as Lagoon, KNYSNA YACHT COMPANY (PTY) LTD, NAUTITECH CATAMARANS and Seawind Group Holdings, Pty Ltd. are launching their new products in this segment to improve brand value as well as customer base.
Region with highest share:
North America is projected to hold the largest market share during the forecast period. Due to the increasing consumer spending on outdoor recreational activities is fuelling the market revenue. Moreover, consumers in the province are making large investments in outdoor recreational activities such as fishing, cruising, and boating are some of the few fators propelling the market growth in North American region.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, as sailing catamarans are majorly used to spend quality time with friends & family. Rising demand for these boats with similar mono-hull lengths and around 40%- 50% greater traveling speeds will create a positive industry outlook. Rising popularity of sailing sports events, such as Atlantic Rally and America's Cup for Cruisers, has led to increased market demand. Region-wise, the increasing sales of catamarans in Europe can be accredited to their easy availability. This is likely to bolster the market growth in Europe significantly. The market in the province will further be aided by the rising sporting, fishing, and sailing activities in Europe.
Key players in the market
Some of the key players profiled in the Catamaran Market include African Cats B.V., Bavaria Yachtbau GmbH, Catana Catamarans, Construction Navale Bordeaux, Fountaine Pajot, Gemini Catamarans, Leopard Catamaran, Nautitech Catamarans, Robertson and Caine, Sunreef Yachts.
In Jul 2020: Leopard Catamarans launched New Leopard 42 Sailing Catamaran. Leopard Catamarans, in partnership with design teams at Robertson and Caine and Simonis & Voogd Yacht Design, has officially launched the newest addition to its sailing range, the new Leopard 42. The vision of Leopard 42 was not a simple replacement for the highly successful Leopard 40.
In May 2022: Sunreef Yachts launches latest Sunreef 80 Power catamaran. Polish yard Sunreef Yachts has launched the seventh hull in its Sunreef 80 Power catamaran series.
What our report offers:
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
Table17 North America Catamaran Market Outlook, By Powered catamarans (2020-2028) (US $MN)