Catamarans Market value estimated to reach USD 1540 Million by the end of 2023
Catamarans Market Size and Growth Rate:
Catamarans Market size was valued at USD 1126.6 Million in 2016 and this value estimated to reach USD 1540 Million by the end of 2023 witnessing a CAGR of 4.6% during the forecast period.
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Catamarans Market Growth Drivers and Restraints:
The market for catamarans is anticipated to witness growth, owing to growing cruising and racing events organized across countries such as racing championships in Auckland, New Zealand. Catamarans, due to the design and fabrication, which includes 2 hulls; aids in increasing stability, reliability than mono-hull boats and gain maximum speed of 40 nautical miles, with more space and boarding place. These features have led to the use of catamarans for cargo carriers and in military services. People in countries such as Japan and India have low disposable pay and they often rely on chartering catamarans, for tourist targets such as Thailand and Malaysia, where chartering options are available.
Rising demand for high-performance ships due to improved recreational boating activities such as boat sailing, racing, and motorsports are moving catamarans industry growth. Rising disposable income has, in turn, fueled the overall spending on luxury, comfort, a search of new routes. Moreover, participation in recreational sporting events is anticipated to positively instigate the global catamaran market growth.
The performance of these multihulls in water is much affected due to the improper and unbalanced load position, causing loss of efficiency and fuel wastage. Furthermore, these multi-hulls cannot point high in relative to the monohulls, alleviating the discomfort to the users. Windage circumstance, slamming of bridge deck owing to high waves, and light displacement improves the handling complexity, making training mandatory for the beginners. These are among the main factors that will hinder the overall market demand over the forecast period.
Growing popularity of recreational boating division, specifically in North America and Europe, growing numbers of aging boats, economic development, architectural development, and technological improvement are among key factors fueling catamarans market share. According to the U.S. National Marine Manufacturer's Association, France added around 60% of the globally manufactured catamarans.
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Geographical Analysis of Catamarans Market:
North America catamarans market size is forecasted to grow at 3.50% CAGR by volume over the forecast period. Surging investment on luxury boating such as yachts, powered cats, cruisers, and others are absolutely driving industry growth. The regional growth is mainly provided by the U.S. demand, owing to greater income spending on recreational activities, especially in the boating sector.
Key Players of Catamarans Market:
Major companies in world market include Fountaine Pajot, Outremer Yachting, Grup Aresa Internacional, Catana Group, Robertson & Caine, and Lagoon. Other key players are African Cats, Matrix Yachts, LOMOcean Design, Alumarine Shipyard, Seawind, Incat Crowther, Voyage, Bavaria and LeisureCat.
Catamarans Market Segmentation:
By Type:
· Sailing Catamaranss
· Powered Catamaranss
By Application:
· Sport
· Cruising
· Ocean racing
· Passenger transport
By Region:
· North America
· Europe
· Asia Pacific
· Latin America
· Middle East and Africa
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