SYDNEY, Australia, June 01, 2022 (GLOBE NEWSWIRE) — The global catamaran market size is expected to reach a value of more than US$ 2,210 million by 2030 growing at a CAGR of more than 5.5% over the next 8 years.
The increasing demand for catamaran charters as a result of rising marine tourism will have an impact on market revenue. Manufacturers are emphasizing the inclusion of luxury elements in order to increase performance and customer experience. Catamarans are also available for rent from several manufacturers to explore various islands and coastlines to create a seamless vacation experience with high standards and comfort. The demand for these vessels has significantly increased in recent years. This can be ascribed to a shift in people’s lifestyles spurred by an increase in high-net-worth individuals, an increase in interest in recreational and leisure activities, and an increase in the trend of marine tourism.
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COVID-19 Impact on the Catamarans Industry
In the first half of 2020, the COVID-19 pandemic has had a negative impact on catamaran industry figures. The global lockdown and travel restrictions have resulted in a number of issues, including supply chain interruptions, a shortage of raw materials, components, and skilled personnel, and investment delays. Several builders have survived the pandemic by taking out loans to protect their key suppliers and sustain manufacturing processes. Furthermore, an increase in water sports and boating activities in Europe and North America in the second half of 2020 increased demand for smaller boats.
|Market Size 2021||US$ 1,377 Mn|
|Market Forecast 2028||US$ 2,210 Mn|
|CAGR||5.5% During 2022 – 2030|
|Analysis Period||2018 – 2030|
|Forecast Data||2022 – 2030|
|Segments Covered||By Product, By Size, By Application, And By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Alumarine Shipyard, African Cats, Bavaria Catamarans, Beneteau Group, Fountaine Pajot, Catana Group, Aresa Shipyard, Incat Crowther, Outremer Yachting, LeisureCat, Sunreef Yachts, Robertson & Caine, Seawind, Voyage, and World Cat.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
|Customization Scope||10 hrs of free customization and expert consultation|
Global Catamarans Market Growth Factors
One of the primary trends in the catamaran market is rapid urbanization, which is accompanied by strong growth in the recreational tourism sector. Furthermore, the growing trend of remote explorations is propelling the market forward. Individuals all across the world are increasingly preferring leisure, sporting activities, and premium experiences. In addition, the natural landscapes of countries with a sea/ocean as a border attract a large number of international tourists each year, particularly from the wealthy portion of the population. These countries are also popular choices for some promotional events and gatherings that need the use of luxury vessels. As a result, the rise in recreational tourism is predicted to have a beneficial impact on the worldwide catamaran market.
Then again, the increasing trend of racing and cruising events has also pushed the market demand forward. Racing events are increasing in popularity, and customers are requesting improved features in catamarans for increased speed and durability, as well as more space and luxury. However, the high cost of catamarans and an increasing number of accidents and fatalities related to boating are considered some of the aspects that are limiting the catamaran market revenue. On the other hand, growing technological advancements in the catamarans to improve safety is expected to generate numerous growth opportunities for the market in the coming years.
Global Catamarans Market Segmentation
The catamaran market is divided into four categories: product, size, application, and region. Based on the product, the market is split into sailing catamarans and powered catamarans. Among them, the sailing catamaran segment held a considerable catamarans market share while the powered catamaran segment achieved a significant growth rate during the forecast timeframe 2022 – 2030.
By size, the market is categorized into medium (15m – 30m), small (below 15m), and large (above 30m). Out of these, the medium (15m – 30m) segment obtained a noteworthy share in 2021. Meanwhile, the large catamaran (above 30m) is poised to grow with a substantial rate in the coming years.
Moreover, the application segment is classified into sports, passenger transport, cruising, and others (military and survey vessels). Based on our analysis, the sports segment occupied a considerable market size in 2021. However, the cruising and passenger transport segment is anticipated to gain a significant impetus throughout the forecast timeframe 2022 – 2030.
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The market for marine sealants is expected to grow at a CAGR of around 3.7% from 2020 to 2027 and expected to reach the market value of around US$ 373.7 Mn by 2027.
The global marine coatings market is anticipated to reach market size of around US$ 6,370 Mn by 2028 and is anticipated to grow at a CAGR of around 3.3% in terms of revenue during the forecast period 2021 – 2028.
Catamarans Market Regional Stance
The market’s regional segments include North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa. Based on regions, the Europe region dominated the market with the maximum share in 2021. The adoption of technologically advanced catamarans and the growing number of High-Net-Worth Individuals (HNWI) are the key factors driving regional catamaran sales growth. In addition, the growing popularity of water sports & fishing activities in this region is supporting the Europe catamaran market share. However, the North America region is anticipated to attain the fastest growth rate during the forecast timeframe. The surged interest in recreational boating activities, surge in spending on luxury boats such as powered cats, cruisers, etc, and increasing outdoor watersports such as rafting, kayaking, and canoeing are the key aspects that are boosting the North America catamarans market growth.
The catamaran industry involves many key players. The top catamaran market companies presented in the report are Alumarine Shipyard, African Cats, Bavaria Catamarans, Beneteau Group, Fountaine Pajot, Catana Group, Aresa Shipyard, Incat Crowther, Outremer Yachting, LeisureCat, Sunreef Yachts, Robertson & Caine, Seawind, Voyage, and World Cat.
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Acumen Research and Consulting