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Catamarans Market Size
- Report ID: GMI2642
- Published Date: Apr 2022
- Report Format: PDF
Catamarans Market Size
Catamarans Market size exceeded USD 4 billion in 2021 and is anticipated to grow at over 6% CAGR between 2022 and 2028. Increasing disposable incomes have given rise to travel & tourism activities, propelling cruising, sailing, and water sports activities. The surge in leisure activities, spending quality time with friends & family, and exploring new destinations is leading to the market growth.
Increasing level of nautical tourism is further supporting catamarans industry demand. As per the United Nation World Tourism Organization 2022 report, the tourism sector of Europe and the Americas witnessed a growth of 19% and 17%, respectively. International tourist arrivals increased by 4% in 2021.
Rapid technological advancements along with the use of lightweight aluminum foil, offering highly advanced multihull cruises with improved speed & stability in sea, are augmenting the catamarans market demand. Catamaran is used in luxury & leisure applications by the upper-income group, improving market representation.
The performance of catamarans in water was significantly impacted owing to improper load placements, causing fuel wastage and affecting the overall efficiency. Moreover, bridgedeck slamming due to high waves and the windage factor increase the handling complexity. This makes training mandatory for beginners, thereby increasing maintenance cost. These are among the major factors that will challenge the market revenue.
| Report Attribute | Details |
|---|---|
| Base Year: | 2021 |
| Catamarans Market Size in 2021: | USD 4 Billion |
| Forecast Period: | 2022 to 2028 |
| Forecast Period 2022 to 2028 CAGR: | 6% |
| 2028 Value Projection: | USD 6 Billion |
| Historical Data for: | 2018 to 2021 |
| No. of Pages: | 150 |
| Tables, Charts & Figures: | 341 |
| Segments covered: | Product, Size, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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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.
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Catamarans Market Scope
