Catamarans Market size is set to cross over USD 6 billion by 2028, according to a new research report by Global Market Insights Inc. The industry shipments are likely to reach 7,000 units by 2028.
The positive market outlook can be accredited to high disposable incomes and rising travel & tourism activities. Consumers are spending on luxury cruising for an enriched experience & adventure, accelerating market expansion. Industry participants are also developing these boats with more convenience, comfort, and space as compared to yachts. Rising demand for these boats is encouraging companies to introduce their new models to stay competitive in the market. These players are investing in R&Ds to integrate advance technologies in their boats to increase their revenue streams.
The booming tourism sector and increasing seashore hotels globally are creating robust opportunities for catamarans market. Various countries, such as the U.S., Singapore, Australia, and China, are focusing on improving their water tourism sectors. For example, in January 2021, The National Oceanic and Atmospheric Administration (NOAA) released the Blue Economy Strategic Plan to strengthen the U.S. blue economy within 2021-2025. As per this plan, the government will invest to improve coastal resilience, marine transportation, seafood competitiveness, tourism & recreation, and ocean exploration.
Analyst view: “The rise in consumer disposable incomes is accelerating the market demand for catamarans worldwide. Market players are focusing on new product developments and are participating in boat shows to advertise their products to larger potential business clients.”
The key factors restricting the catamaran market growth include high initial costs and maintenance costs. These boats cost between hundred thousand dollars to a million dollars, making these ships affordable to only a few people. Additionally, accessories and aftersales services are expensive as compared to other recreational boats & yachts, impacting industry demand. Limited availability of skilled technicians for parts replacement & servicing is increasing the maintenance costs of these boats.
The outbreak of COVID-19 disrupted the overall catamaran market. Water sports activities and the tourism industry were severely impacted owing to strict lockdowns imposed by various governments to contain the virus spread. Activities, such as ocean racing, cruising, passenger transport, and sport activities, were shut down, this hindered global market statistics. The industry is, however, witnessing a rise in sales from the end of 2021 due to relaxations provided by governments to accelerate economic growth. Furthermore, OEMs are expanding their business operations in untapped regions to enhance market representation after the pandemic.
Browse key industry insights spread across 150 pages with 227 market data tables & 22 figures & charts from the report, “Catamarans Market Size By Product (Sailing Catamarans [Leisure, Commercial], Powered Catamarans [Leisure, Commercial, Defense]), By Size (Below 15m, 15m-30m, Above 30m), By Application (Leisure, Commercial, Defense), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
The high efficiency and robust maneuverability of powered catamarans
The North America powered boat segment is poised to grow nearly at 5.5% CAGR from 2022 to 2028. Prominent market factors driving this segment growth include powered boats, robust sailing efficiency, rising ocean exploration, and water sports and cruising events globally. Additionally, several government investments in strengthening seashore security to propel the sale of these boats in defense applications. These powered boats provide more stability, very large luxurious interiors, and plush exterior living areas. Manufacturers are heavily investing in R&Ds to innovate new powered boats equipped with multiple features and launch them in untapped markets to capture significant shares.
Presence of established players in Europe and their initiatives to boost business growth
The Europe catamaran market is expected to account for around USD 1.5 billion in 2028. Increasing boat sales in the region can be attributed to various business strategies, such as partnerships and marketing strategies, adopted by OEMs to improve their market revenues. Proliferation boats, rental companies, and boat clubs in various European countries, such as the UK, Sweden, the Netherlands, Italy, France, and Norway, are creating a positive industry outlook. These boat clubs are highly emphasizing on improving their service offerings and organizing various cruising events, enhancing market representation. The regional companies are significantly adopting various branding strategies to attract potential business clients and increase their customer bases in the region.
Leading players are focusing on new product launches, partnerships, and strategic acquisitions to achieve higher profitability in the catamaran industry. in January 2021, Volkswagen collaborated with Silent Yacht, an Austrian builder, for electric powertrain for catamaran. The aim of this collaboration was to combine mobility & sustainability with the electric & solar-powered systems of these boats.
Some of the major companies in the catamaran market landscape include Incat Crowther, World Cat, African Cat, VOYAGE Yachts, KNYSNA YACHT COMPANY (PTY) LTD, Outremer Catamarans, Sunreef Yachts, HanseYachts AG, Catana Catamarans, Leopard Catamarans, Fountaine Pajot, Groupe Beneteau, and NAUTITECH CATAMARANS.
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