by Catamarans are multi-hulled watercraft featuring two parallel hulls of equal size. They provide stability, spacious cabin and deck areas along with fuel efficiency. Growing popularity of leisure water sports and recreational activities has augmented the demand for catamarans.
The global Catamarans Market is estimated to be valued at US$ 2957.5 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Catamarans provide wider decks, more cabin space and better stability in water compared to monohulls. These advantages coupled with growing preference of people towards exploration of seas and oceans have accelerated the demand for catamarans for leisure use. Advancements in material and design: Ongoing innovations in material sciences along with optimized designs have enhanced the durability and fuel efficiency of catamarans. Introduction of high strength composite materials and improved hull configurations help achieve higher speeds while reducing operating costs.
SWOT Analysis
Strength: Catamarans offer more interior and exterior living space compared to monohulls of the same length. They provide a more stable ride due to their multihull design.
Weakness: Catamarans require more material and labor to build compared to monohulls making their construction more expensive. Their width also restricts them from entering some smaller marinas.
Opportunity: Growing popularity of recreational boating and water sports is driving the demand for luxury and high-performance catamarans. Developing economies are also witnessing rising adoption of catamarans for commercial transportation.
Threats: Fluctuations in raw material prices can increase the overall cost of catamaran manufacturing. Strict environmental regulations pose challenges for catamaran operations in some regions.
Key Takeaways
The global catamarans market is expected to witness high growth over the forecast period of 2024 to 2031. The global Catamarans Market is estimated to be valued at US$ 2957.5 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031.
North America currently dominates the market owing to large recreational boating industry in the US. However, Asia Pacific is expected to emerge as the fastest growing regional market with countries like Indonesia, Malaysia, and Thailand witnessing increasing demand for passenger and cargo transportation catamarans.
Key players operating in the catamarans market are Bayer AG, Boehringer Ingelheim GmbH, Cargill Inc., Ceva Santé Animale, Eli Lilly and Company, DSM, Merck & Co., Inc., Novartis AG, Nutreco N.V., Sanofi S.A., SeQuent Scientific Ltd., Virbac S.A., Vétoquinol S.A., Zoetis Inc. The market remains moderately consolidated with top players focusing on productivity improvement and product innovation to strengthen their market position.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
