Catamarans Market Size By Product (Sailing Catamarans [Leisure, Commercial], Powered Catamarans [Leisure, Commercial, Defense]), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024
Published Date: Jun 2018 | Report ID: GMI2642 | Authors: Ankita Bhutani
Global Catamarans Market size was worth around USD 1.5 billion in 2017 and will witness over 6.5% CAGR up to 2024.
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High emphasis on the design to improve the boating structure though multi-hulls and enhance travelling speed with over 20 nautical miles are expected to be among the prominent features fuelling the industry growth. Various advantages offered such as ample space, relaxing comfort, and sailing stability in comparison to conventional monohull counterparts including yachts, boats, and cruises have offered significant industry traction to these designs. According to World Travel and Tourism Council, global travel and tourism sector witnessed the growth of around 4.6% in 2017, that was 50% faster than the growth of global economy and accounted over USD 8.3 trillion.
Rising disposable income has increased traveling & tourism activities, surging the adoption of sailing, cruising, water sports, and campaigning. In conjunction with these surging recreational activities, exploring new destinations and spending quality time with family and friends in absence of external disturbance leading toward high adoption, fueling the global catamaran market size from 2018 to 2024.
According to U.S. Coast Guard Releases 2015 Accident Statistics, the nation witnessed 4,158 accidents, that included 626 deaths and 2,613 injuries. Property damages owing to these incidences was worth at over USD 42 million. These ships are designed to have balanced structure and provide better safety from such incidences. These factors are leading towards increased adoption of multihull structures for better safety & security and are expected to present strong growth prospects for global catamarans market share over the forecast timeframe.
Technological advancement with the use of lightweight aluminum foil offering most advanced multihull cruises with enhanced speed, and improved stability in sea are propelling catamarans market share. It is highly used for luxury and leisure application by the upper-class end user. Additionally, advancement in terms of engine powered ships are offering exceptional speed, enhanced motion stability, high reliability, lower accidental chances, better fuel efficiency and speeds.
The performance of these multihulls in water is substantially affected due to improper and unbalanced load placement, causing loss of efficiency 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 bridgedeck owing to high waves, and light displacement enhances the handling complexity making training mandatory for the beginners. These are among the major factors that will hinder the overall catamarans market demand over the forecast timeline.
|Market Size in 2017:||1.5 Billion (USD)|
|Forecast Period:||2018 to 2024|
|Forecast Period 2018 to 2024 CAGR:||6.5%|
|2024 Value Projection:||2.2 Billion (USD)|
|Historical Data for:||2013 to 2017|
|No. of Pages:||250|
|Tables, Charts & Figures:||288|
|Segments covered:||Product and Region|
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Catamarans Market, By Product
Sailing catamarans market volumes are anticipated to witness 2.7% CAGR over the forecast timeline. These are extensively used in spending quality time with family and friends with the sailing speeds at 9-10 knots. Increasing demand with traveling speeds that are 20-50% faster than similar length mono-hulls will present potential growth landscape. Growing popularity of sailing sports events such as America’s Cup and Atlantic Rally for Cruisers has in turn led to increased demand for high performance cats.
Powered catamarans market segment generated over USD 1.15 billion revenue in 2017. Rising demand of engine powered boats owing to better speed in comparison to mono-hulls at higher fuel economies are instigating industry demand. These are widely used in several applications that include cruising, passenger transport, and military operation. For instance, Fountain Pajot offers exceptional manoeuvrability to deliver smooth turning while cruising. The company caters powered product range such as MY 37, and 44 and MY55, which are featured with improved stability, enhanced speed, and balanced structure. These features are most suitable for coastal surveillance, military cargo transport and military operation.
The defense segment is expected to grow at over 3.3% from 2018 to2024. China has built more than 80 variety of Type 22 Houbei-Class, a stealth catamaran with fast-attack missile craft feature. The country is primarily focusing on adoption of advanced surface ships for strengthening coastal safety & security owing to improved stability during warfare situation are instigating market demand. U.S. Navy along with Expedition Fast Transport adopted these multihulls to carry 600 short tons of military cargo and over 312 troops. Such potential applications can be used to boost the national security which in turn will present potential growth landscape for the global catamarans market size.
Catamarans Market, By Region
U.S. catamarans market size is expected to surpass volume of over 567 units by 2024, witnessing 3.4% CAGR over the forecast period. Strong economic growth, higher leisure spending, and large spending population are among key aspects expected to enhance the industry penetration. The region is recorded among highest income spender on recreational boating activities.
Key manufacturing participants from the economies that include France, South Africa, Italy, Germany, and Australia are specifically focusing on the regional segment to capitalize on the opportunities present in the region. Europe catamarans market was estimated at over USD 801.3 million in 2017. Increasing demand for sailing boats owing to excellent architecture with high-speed advantages is fuelling industry growth. France has captured more than 60% production share owing to its strong structure and construction by lightweight material.
Competitive Market Share
Industry presence is largely characterized by the extensive number of players. Some of the key players include Lagoon, Robertson & Caine, World Cat, Fountaine Pajot, Catana Group, and Outremer Yachting, which have established a global presence and hold significant industry dominance. Few other major industry participants include LeisureCat, iXblue H2X Division, Alumarine Shipyard, Incat Crowther, Seawind, Voyage, LOMOcean Design, African Cats and Matrix Yachts. These companies are increasingly focusing on offering multihull designs boat for cruise and passenger transport application in countries that have high market demand.
Multi-hulled watercraft features two equal sized parallel hulls that offer high stability. Among the strongest non-charter, performance cruising brands are Catana, Dolphine, and Outremer. In 2018, Austral Limited announced investment around USD 30 million for capacity expansion, the investment is focused on commercial building facility in Asia and Australia. Austral is focusing on Henderson operation constructing USD 100 million, high speed, 109-m catamaran ferry, especially for Denmark mol lines. In 2016, Cannes Yachting Festival, Lagoon introduced Seventy 7 catamaran and announced the plan for Seventy 8 power catamaran in upcoming years for sales at the pricing of around USD 4.5 million. Introduction of advanced products to attract new buyers is expected to be remain the chief growth strategies of the global catamarans market participants.
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