April 18, 2024

The Global Catamarans Market driven by growing adoption of water sports activities

 Catamarans work on the principle of hull displacement and provide more stability in water than monohulls. They also tend to have a shallower draft as compared to monohulls, allowing operations in shallow waters. Some key benefits of catamarans include spacious deck space, fuel efficiency, higher speeds, ease of operation, and safety. With growing popularity of water-based recreational activities and sports such as sailing, surfing, fishing and snorkeling, demand for catamarans is on the rise. The global inland and coastal waters provide ample opportunities for experiencing water sports, driving the adoption of 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:
One of the major trends in the catamarans market is the growing preference toward multihull vessels for commercial applications. Traditionally used for recreational activities, catamarans are now increasingly finding applications as high-speed ferries and work vessels. Government initiatives promoting eco-friendly public transport have spurred interest in catamaran ferries. For instance, catamaran ferries running on cleaner fuels can transport more passengers at higher speeds while emitting lesser emissions than conventional monohulls. Key manufacturers are focusing on developing hybrid and electric catamarans optimized for commercial transportation. The reduced operational costs and enhanced fuel economy of multi-hull vessels is boosting their adoption for various workboat applications as well. This rising commercial uptake is expected to provide opportunities for catamaran manufacturers over the forecast period.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the catamarans market is moderate. Developing new catamaran vessels requires large investments in R&D and manufacturing facilities.

Bargaining power of buyers: The bargaining power of buyers in the catamarans market is high. Buyers have numerous options available from different manufacturers at varying prices.

Bargaining power of suppliers: The bargaining power of suppliers in the catamarans market is moderate. Suppliers of raw materials such as fiberglass, aluminum, and steel have established relationships with manufacturers.

Threat of new substitutes: The threat of new substitutes in the catamarans market is moderate. Alternative marine vessels such as yachts and motorboats pose a threat; however, catamarans offer unique comfort and stability.

Competitive rivalry: The competitive rivalry in the catamarans market is high. Manufacturers compete based on product innovation, pricing, quality, and delivery.

Key Takeaways
The global catamarans market is expected to witness high growth over the forecast period. 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.

Regional analysis: North America dominates the global catamarans market currently and is expected to maintain its lead over the forecast period. This can be attributed to robust demand from recreational cruiser and sports clubs in countries like the US and Canada. Asia Pacific is expected to witness the fastest growth in the catamarans market owing to rising tourism and coastal activities in countries like Indonesia, Malaysia and Thailand.

Key players: 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. Bayer AG and Merck & Co. Inc. are two of the largest players in the global catamarans market.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it