Catamaran Market was valued at US$ 1.4 Billion and Expected to Expand at a Compound Annual Growth Rate (CAGR) of 6.3% from 2022 to 2032 - Persistence Market Research
Global Market Study on Catamaran: Advancements in Design and Technology Anticipated to Drive the Global Market
New York, Dec. 05, 2022 (GLOBE NEWSWIRE) -- The global catamaran market was valued at US$ 1.4 Billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.3% from 2022 to 2032. The increase in leisure tourism and racing events and the increasing disposable income of people across the globe are some of the key factors driving the growth of the catamaran industry.
A catamaran has a single deck that holds together two parallel hulls. It has more significant internal space than a monohull because of its two-hull structure, which means that the cockpit and living room between the two hulls have ample space. The catamaran is significant while traveling from one distant location to another. Because of increased maritime tourism and people's preference for opulent vacations, the business is expanding at a rapid pace.
“Because of new technologies, the private, commercial, and military sectors of catamaran design are quickly advancing. Advanced materials and 3D printing will alter catamaran design and building methodologies, while new sustainable fuels will aid in decreasing or even eliminating emissions in the maritime sector,” says an analyst at Persistence Market Research.
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Key Takeaways from Market Study
A catamaran is like any other type of expensive leisure tourism. Wealthy families, affluent individuals, and anyone with enough money who wants to try different experiences are willing to pay for a catamaran on the condition that it is safe.
The power catamaran segment is estimated to hold the major market share and expand at a CAGR of 6.2%.
The small-sized catamarans segment is projected to advance at the highest CAGR during the forecast period.
The catamaran market for sports applications is expected to expand at the highest CAGR during the assessment period.
A catamaran is mainly famous among High-Net-Worth Individuals (HNWI) who prefer leisure travel and have enough money to spend on those travels. One of the main reasons why catamarans are so popular these days is because of their size and stability. Boat makers are manufacturing catamarans that are faster and more fuel-efficient as design and technology advance. As a result, many loyal monohull owners have converted to catamaran ownership. In November 2021, Servo Yachts LLC debuted The Martini 7.0, a 165-foot catamaran boat with revolutionary technology that treats seasickness in guests.
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Market Landscape
Major players are channeling efforts toward expanding their production capacities to strengthen their market share. Market expansion is anticipated to be aided by the growing number of partnerships and collaborations among key players that are looking to increase their presence in the market. Some of the players in the African Cats; Bavaria Catamarans; Beneteau Group; CATATHAI; Fountaine Pajot Catamarans; Leopard Catamarans; NAUTITECH; Outremer Yachting; Seawind; Voyage and others.
In October 2021, Groupe Beneteau announced that it had acquired STARFISHER, a shipyard in Portugal, which became GB PORTUGAL, which will help them to strengthen the capacity of production for 25 to 35-foot power boats by setting itself up in Portugal.
In January 2022, the Martini 7.0, a 165-foot catamaran yacht, featuring unique technology that gives passengers seasickness treatment, was presented by Servo Yachts. The Martini 7.0, created in partnership with the U.K.-based company Shuttleworth Design, has novel marine stabilization techniques that allow the yacht to glide more softly across the water, eliminating the kind of motion that often causes guests to get seasick.
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