Rockville, Feb. 10, 2023 (GLOBE NEWSWIRE) -- The global catamaran market stands at US$ 1.9 billion in 2023 and is estimated to progress at 5.6% CAGR over the next ten years to secure a market valuation of US$ 3.3 billion by 2033-end.
A catamaran is a type of boat that features two parallel hulls of equal size and is known for its better stability than monohull watercraft. The boat was developed in the second half of the 20th century and is widely used for sports activities and recreational purposes across the world.
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Key Developments:
- Enthusiasts are launching new variants to address consumer needs. For instance, IC36 was launched by enthusiasts in the Czech Republic. The debut model is a fully race-turned model that aims to appeal to speed freaks as well as performance cruisers.
- Key players in the market are focusing on the electrification of boats to achieve sustainability goals. Various companies are raising significant funds to support their businesses in the global landscape. For instance,
- X Shore, a leisure boat manufacturer based in Sweden has been focusing on battery-powered boats and has raised US $ 50 million in April 2022. Moreover, the company also has plans to reduce the pollution caused by leisure boats and replace them with electric alternatives.
- X Shore, a leisure boat manufacturer based in Sweden has been focusing on battery-powered boats and has raised US $ 50 million in April 2022. Moreover, the company also has plans to reduce the pollution caused by leisure boats and replace them with electric alternatives.
Drivers:
- With more people looking to spend time on the water for leisure activities such as fishing, swimming, and sightseeing, the demand for catamarans as recreational boats are increasing. Moreover, the growth of the tourism industry, particularly in coastal areas, is driving demand for catamarans as they are popular for charter and tour purposes.
- In addition to this, advances in design and construction technology have made catamarans more affordable and accessible, leading to increased demand.
- Moreover, Catamarans are known for their stability, making them a popular choice for boaters. Introducing new safety features, such as self-righting and improved navigation systems, further increases their popularity.
- As consumers become more environmentally conscious, the demand for eco-friendly boats is increasing. Catamarans are often seen as more environmentally friendly than traditional monohull boats, as they have lower fuel consumption and emissions.
- The expansion of marinas and boat infrastructure, particularly in developing countries, provides more opportunities for people to enjoy boating and drive demand for catamarans.
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Competitive Landscape
Leading catamaran manufacturers are focusing on the development of innovative products with advanced technologies that are expected to bolster sales potential as well.
- In December 2022, AIIOY, a marine technology start-up based in Dallas unveiled the design of its first autonomous electric-powered 28-foot catamaran. The company aims to create an effortless boating experience as it offers autonomous features such as auto undocking and docking among others.
Market Frontrunners
- Incat Crowther
- Alumarine Shipyard
- Seawind
- Grup Aresa Internaciona
- Voyage
- Lagoon
- Fountaine Pajot
- Robertson & Caine
- Matrix Yachts
- LOMOcean Design
- African Cats
- Bavaria
- Catana Group
- LeisureCat
- Outremer Yachting
Key Segments of Catamaran Industry Research
- By Type :
- Sailing
- Powered
- By Size :
- Small (Up to 30 m)
- Medium (30 to 50 m )
- Large (Above 50 m)
- By Passenger Type :
- Sports
- Passenger Transport
- Cruising
- Others (Military, Survey Vessels, etc.)
- By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
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Regional Landscape:
- The catamaran market in the US has witnessed significant growth in recent years, with increasing popularity among boaters and water enthusiasts.
- Other factors such as growing demand for luxury catamarans in the US, and people looking for high-end boats with luxurious amenities and features. These boats typically come with large living spaces, comfortable cabins, and state-of-the-art technology, making them popular among affluent buyers.
- Another trend in the US catamaran market is the growing popularity of boat chartering. Many boat owners are choosing to charter their vessels out to others, either as a source of additional income or simply as a way to offset the cost of ownership.
- Asia Pacific market is expected to witness rapid growth during the forecast period due to various factors such as high advancement in technology and a growing middle class.
- Boats are now equipped with high-tech features such as autopilot systems, advanced navigation, and communication systems.
- Besides this, rising middle incomes and greater disposable incomes are contributing to the adoption of luxury goods and experiences, including luxury boats.
Key Questions Covered in the Catamaran Market Report
- What is the projected value of the Catamaran Market in 2023?
- At what rate will the global Catamaran Market grow until 2033?
- Which are the factors hampering the growth in the Catamaran Market?
- Which region is expected to lead in the global Catamaran Market during 2023 to 2033?
- Which are the factors driving the Catamaran Market during the forecast period?
- What is the expected market value of the Catamaran Market during the forecast period?
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