Catamarans Market is willing to reach USD 1540 Million by 2023
Catamarans market will be growing significantly at higher rate over the forecast period. A catamaran is featured with equal sized hulls arranged parallel to each other which are also known as multi-hulled watercraft. It actually means tie of logs together. They reduce the wakes and also have ability to reduce both heeling. Catamarans have variable size that is they can range from small to large size and can support the bridging superstructure. The mono-hull craft is traditional acquisition of the catamarans. The best example of modern catamarans is double-hulled crafts with lower resistance to passage through water. The modern catamarans are widely used for transportation of heavy loads to the ports from one place to other for long distance.
Catamarans Market Size and Growth Rate:
Catamarans Market size was valued at USD 1126.6 Million in 2016 and this value estimated to reach USD 1540 Million by the end of 2023 witnessing a CAGR of 4.6% during the forecast period 2016 to 2023.
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Catamarans Market Growth Drivers and Restraints:
The growing prevalence in tourism activities along with the rapid rise in the disposable income in both developed and developing countries is primarily propelling the growth of the market. The increased demand for sports and sailing are additionally surging the growth of the market.
However, lack of expertise in monitoring the directions of the catamarans is slightly declining the growth of the market. The harsh climatic conditions while travelling may cause risk factors which a challenging factor for the manufacturers.
Emerging of advanced technology in designing the catamarans with innovative infrastructures is attracting many tourists which are supposed to show growth opportunity for the market. The government support for the developers to design convenient catamarans along with safety measures into consideration is lucratively giving a chance for the market to grow eventually.
Geographical Insights of Catamarans Market:
Regionally, the catamarans market is segmented into Asia Pacific, North America, Europe and Middle East & Africa. North America is leading with the highest shares of the market. By owing to quick adoption of the advanced technology and increased interests towards tourism are particularly accelerating the growth of the market in this region. Followed by North America, Asia Pacific is holding the highest shares of the market with the increase in the population and also rises in the capital income. Europe is witnessed to have dominant shares with the change in the economic strategies and also support from the government in the coming years. Middle East and Africa are elevated to have inclined growth graph throughout the foremost tome span.
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Key Players of Catamarans Market:
The major players in the catamarans market are Sunreef Yachts, Spirited Designs, Lagoon Catamaran, Fountaine Pajot, Matrix Yachts, Voyage Yachts, TomCat Boats, Robertson and Caine, and Gemini Catamarans.
Catamarans Market Key Segmentation:
By Type:
- Sailing Catamaranss
- Powered Catamarans
By Application:
- Sport
- Cruising
- Ocean racing
- Passenger transport
By Region:
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
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