Catamarans Market will Expand Exponentially by 2024
Catamarans market trends from defense sector, a segment which is slated to grow at 3.3% CAGR over 2018-2024, the U.S. Navy has deployed several shallow-draft catamarans in their expeditionary fast transport fleet. These vessels- having a substantial tonnage capacity, seats for 312 armed forces personnel and even more passengers, will join fleets around the globe for military cargo transport and rescue missions alike. With other countries adopting multihulled ships for similar purposes and added offence capabilities, revenue prospects for the catamarans industry are widespread.
With accelerated expenditure on recreational & tourism activities, the global catamarans market is gaining momentum in conjunction with sailing, campaigning, cruising and other water-based escapades. Derived from the rising disposable income levels, the increased fervor to undertake exploration trips has given a prolific impulsion to the catamarans industry size.
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Innovations in technology pertaining to lightweight materials has enabled the manufacturing of vessels having stronger structure, high reliability, more weight-carrying capacity and motion stability. According to statistics released by the U.S Coast Guard, in 2015 there were over 4,100 accidents in the country which included 626 deaths. Subsequently, safety of the passengers has an utmost precedence and the catamarans industry offers vessels that are known to be less prone to accidents and sinking.
According to the public data available on Statista’s website, over 87 million adults in the U.S. participate in recreational boating activities, including fishing and water skiing. Factoring in the large customer base and surging economic power, the U.S. catamarans market size is anticipated to cross 567 units by 2024. The industry penetration is supported by the windward ability and wide deck surface designs that promise safe, comfortable experience. The vessels permit better all-round view while sailing or at anchor and the double-hull design also accommodates vast living spaces with more privacy.
Industry experts impose that catamarans are very difficult to capsize even in challenging weathers and are also ideal for shallow areas as they require lesser water to float. As catamarans are supposed to be faster than monohulled boats of similar dimensions, they can be expected to outrun storms. These features have made the market quite lucrative in Europe where the vessels can be used to tour the countless island destinations. Nonetheless, the interest of wealthy business tycoons and tremendous gush of and tourists in countries like Spain, Italy & Greece have spiked the popularity of sailing and power boat sports.
Further elaborating on the above, F18 European championships by a resort in Spain encourages the use of 18-foot two-person catamarans for competing to win multiple races. Other competitions like M32 Series covers most of European Mediterranean coast promote the sale of advanced M32 catamarans. Such events catch the attention of water sports enthusiasts and rotate the revenue chain of the catamarans industry.
To signify the potential of the Europe segment, the catamarans market in the region amassed an estimated USD 801.3 million in 2017, where France accounted for a dominating 60% production share. Germany and Italy are also well-known for catamaran production and cater to a variety of commercial, local and tourist population. Apart from the European countries, there are specialized production of catamarans in other parts of the world, such as Australia and South Africa which are focused on developing regional markets.
Overall, the catamarans market consists of a large number of players including Lagoon, Fountaine Pajot, Catana Group, Robertson & Caine, WorldCat, Outremer Yachting, LeisureCat, Alumarine Shipyard, etc.
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Partial Chapter of the Table of Content
Chapter 4. Catamarans Market, By Product
4.1. Global catamarans market share by product, 2017 & 2024
4.2. Sailing catamarans
4.2.1. Market estimates and forecast, 2013 – 2024
4.2.2. Market estimates and forecast, by region, 2013 – 2024
4.2.3. Leisure
4.2.3.1. Catamarans market estimates and forecast, 2013 – 2024
4.2.3.2. Market estimates and forecast, by region, 2013 – 2024
4.2.4. Commercial
4.2.4.1. Market estimates and forecast, 2013 – 2024
4.2.4.2. Market estimates and forecast, by region, 2013 – 2024
4.3. Powered catamarans
4.3.1. Market estimates and forecast, 2013 – 2024
4.3.2. Market estimates and forecast, by region, 2013 – 2024
4.3.3. Leisure
4.3.3.1. Catamarans market estimates and forecast, 2013 – 2024
4.3.3.2. Market estimates and forecast, by region, 2013 – 2024
4.3.4. Commercial
4.3.4.1. Market estimates and forecast, 2013 – 2024
4.3.4.2. Market estimates and forecast, by region, 2013 – 2024
4.3.5. Defense
4.3.5.1. Market estimates and forecast, 2013 – 2024
4.3.5.2. Market estimates and forecast, by region, 2013 – 2024
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