Powered Catamarans Market Size, Share, Growth, and Industry Analysis by Type (Less Than 79 Ft, More Than 79 Ft), by Application (Cruising, Entertainment, Others), Regional Insights, and Forecast To 2032

Updated On: 29 April 2024

POWERED CATAMARANS MARKET REPORT OVERVIEW

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The global powered catamarans market size was USD 678.84 million in 2022 and the market is projected to touch USD 109215.22 million by 2032 at a CAGR of 4.87% during the forecast period.

A powered catamaran is a boat that has two casings, each of which contains an engine. This design allows the boat to move more quickly and smoothly through the water than a traditional sailboat. Powered catamarans are often used for racing, as well as for transporting goods or people. They are also popular among recreational boaters because they are stable and easy to operate. Along with sports and cruising, powered catamarans are also been utilized for other applications such as passenger transport and military. Advancements in terms of reliability and enhanced speed and stability such as powerful engines and durable body of the hulls has aided powered catamarans to scale large distance in shorter time periods and offer enhanced comfort and safety.

Participants are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Manufacturers need to stay updated with changing market trends and develop products that meet growing consumer needs. Companies coming up with progressive technological solutions for firming their positions.

COVID-19 Impact: Pandemic Hampered the Market Due to Unexpected Disruption in the Sector

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

COVID- 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

LATEST TRENDS

"Use of Innovative Products to Boost the Market Growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

POWERED CATAMARANS MARKET SEGMENTATION

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By Type Analysis

According to type, the market can be segmented into less than 79 Ft, more than 79 Ft.

Less than 79 Ft will capture the maximum market share through forecast period.  

• Less than 79 Ft - Catamarans in this size range are generally more manageable for private use, easier to dock, and require less crew. They are often more affordable and have lower maintenance costs compared to their larger counterparts.
• More than 79 Ft - Larger catamarans offer more space, luxury, and comfort. They often come with advanced features, high-end customization options, and are capable of longer, ocean-going voyages.

By Application Analysis

According to application, the market can be segmented into cruising, entertainment, others.

Powered catamarans market players cover segment as entertainment will dominate the market share during forecast period.

• Cruising - the increasing popularity of marine tourism, the appeal of sea travel, and the desire for unique vacation experiences. The stability and spaciousness of catamarans make them ideal for cruising.
• Entertainment - the growing corporate event market, the popularity of unique event venues, and the leisure and tourism industry.
• Others - The growth in this segment is influenced by factors like the commercial fishing industry, marine research funding, and the need for specialized transportation in coastal areas.

DRIVING FACTORS

"Increasing Demand for Luxury Travel and Leisure Activities to Boost the Market Growth"

Powered Catamarans can be used for a variety of different purposes, but they are most commonly used for leisure activities. Some people use them as a way to get from one place to another, while others use them for leisure purposes, such as fishing or swimming. As disposable incomes rise globally, more people can afford luxury items like powered catamarans.

"Technological Advancement and Innovation to Upsurge the Market"

Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the powered catamarans market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Constant development are one of the trends in the market in variety of practices. Technological advancement such as enhanced speed and safety features coupled with increased stability, which has led to increased adoption of powered catamarans for various applications.

RESTRAINING FACTOR

"Strict regulations to Hamper the Market Growth"

Key aspect expected to limit growth of the powered catamaran market is severe environment protection regulations. Stringent government regulation regarding oil and fuel discharge and other harmful chemicals and toxins is among the major factor expected to hinder the global market growth during the forecast period.  Technical difficulties will reduce the industry revenue.

POWERED CATAMARANS MARKET REGIONAL INSIGHTS

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"North America to Dominate the Region Due to The Increasing Involvement Rate "

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East and Africa.

North America is further expected to witness growth in the powered catamarans market share. The region is dominating the market due to the increasing involvement rate and demand for adventure watercraft.  The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

KEY INDUSTRY PLAYERS

"Key Players Focus On Partnerships to Gain Competitive Advantage"

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger. The collective efforts of these major players expressively impact the competitive landscape and future path of the market.

List of Market Players Profiled

• Twin Vee Catamarans, Inc. (U.S.)
• World Cat (U.S.)
• Sunreef Yachts (Poland)
• Groupe Beneteau (France)
• Catana Group SA (France)

INDUSTRIAL DEVELOPMENT

May 2021: Sunreef Yachts is expanding its sailing catamaran line. The Sunreef 100 is a seaworthy bespoke superyacht with a 12.8m beam and 433m2 of living area, featuring an enormous flybridge and bow deck.

REPORT COVERAGE

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.