Global Catamaran Market to Surpass US$ 1.54 Billion by 2023

SEATTLE, April 18, 2018 -- According to Coherent Market Insights, the global catamaran market was valued at US$ 1,126.6 million in 2016 and is projected to exhibit a CAGR of 4.6% over the forecast period (2016–2023).

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Key Trends and Analysis of the Catamaran Market:

The market for catamarans is expected to witness growth over the forecast, owing to increasing cruising and racing events organized across regions such as racing championships in Auckland, New Zealand. Catamarans, due to the design and structure, which includes 2 hulls; aids in increasing stability, reliability than mono-hull boats and gain optimum speed of 40 nautical miles, with more space and boarding capacity. These features have led to use of catamarans for cargo carriers and in military operations. People in countries such as Japan and India have low disposable income and they often rely on chartering catamarans, for tourist destinations such as Thailand and Malaysia, where chartering options are available.

Catamaran are especially popular for sports in North America, Europe, and certain parts of Asia Pacific region such as Australia. For instance, use of catamarans in multiple events such as Stephen C. Smith Memorial Regatta to be held in April 2018. A variety of sailing catamarans and foiling catamarans have been used in Olympic sailing competitions. Technological advancements in cruises such as enhanced speed and safety features coupled with increased stability have led to increased adoption of catamarans for various application. It is increasingly being used for luxury and leisure application, however, it is gaining popularity in military operations and transportation as well.

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Key Market Takeaways:

• The market is expected to exhibit a CAGR of 4.6% during the forecast period (2016–2023), owing to increasing applications and advantages offered by catamarans and enhanced speed, stability and efficiency over mono-hull boats.
• Increasing marine sports events and racing championships are aiding in growth of the market for catamarans across regions, over the forecast period
• Some of the major players in the global catamaran market include Sunreef Yachts, Spirited Designs, Lagoon Catamaran, Fountaine Pajot, Matrix Yachts, Voyage Yachts, TomCat Boats, Robertson and Caine, and Gemini Catamarans.

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