U.S. catamarans market to emerge as a lucrative growth ground over 2018-2024, extensive spending on recreational activities to fuel the regional share
Primarily driven by the improving global economy and rising disposable income levels, catamarans market has established a remarkable reputation for itself in the worldwide industry of water vessels. Technological innovations in agility & speed and the spotlight put on catamarans’ sports in the 2013 America’s Cup have expanded the appeal and popularity of this business sphere, in turn encouraging industry players and sailing enthusiasts to invest generously in this sector. In fact, water sports activities such as boat racing, cat racing, sailing, and motor sports have gained immense momentum in the recent years, thereby augmenting catamarans industry players to come up with latest technological advancements & innovations.
U.S. Catamarans Market, By Sailing, 2017 & 2024 (Units)
Citing a recent instance, Cape Dory Cruisers and Catamarans have collectively introduced a complete new range of power boats varying in size between 22-36 feet. The new vessels, according to the reports, are designed to provide efficiency with low structural weight and help lower fuel consumption. The firm plans to phase each model into the market in stages through a network of select dealers across North America and rest of the world. Cape Dory’s introduction of range of water vessels, according to industry analysts, is one of the classic examples of the robust demand and the incredible growth the catamarans market is experiencing in recent years. The evolution of the modern catamaran from the simple double canoe to the most impressive multihulls across the globe has accelerated even more, with all the latest innovations in materials and structures – a factor that has further contributed to the unprecedented growth of the catamarans industry.
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A report by Global Market Insights, Inc., further sheds light on the robust growth of this industry by claiming the global catamarans market to have pegged USD 1.5 billion in the year 2017. The report states that rising urbanization, the growing fleet of upper-class end users spending on luxury and leisure, and the expansion of the travel & tourism industry have augured well for the growth of catamarans market in the past few years. In fact, if reports are to be believed, the travel & tourism industry has emerged as one of the fastest growing economic sectors registering a 4.6% growth in 2017 – a 50% faster rate than the global economic growth. With such strong prospects and continued momentum, catamarans market has been anticipated to grow in excess of 6.5% each year through 2018-2024.
U.S. to emerge as a lucrative investment hub over 2018-2024
Much of US’s outbound growth may be attributed to the region’s advanced infrastructure, strong economic growth, and higher leisure spending capacity. In fact, the region is registered among one of the highest income spenders on recreational activities in the boating sector. The propagation of stringent regulatory norms toward coastal security has also significantly changed the growth prospects of the U.S. catamarans market for the better.
According to an estimate released by the U.S. Coast Guard in 2015, the nation recorded 4158 accidents including 2613 injuries and 626 deaths that accounted for property damages surpassing USD 42 million. Catamarans however, are designed to have a balanced structure & provide better safety from such accidental cases. These factors are held in high regard in shaping the growth trends of U.S. catamarans industry, projected to surpass a volume of 567 units by 2024, with an estimated 3.4% CAGR over 2018-2024.
The governmental defense and regulatory contributions toward catamarans industry is not limited only to the U.S., even the Asia Pacific region with China at its foray has been investing heavily to enhance the continent’s marine & defense infrastructure. It is prudent to mention that China has built over 80 different variety of Type 22 Houbei-Class – a catamaran designed with fast & sharp attack missile craft feature, to fasten its coastal safety & security.
The shifting focus of countries worldwide toward shipbuilding will have a lasting impact the profitability landscape of catamarans market, as is rather overt from the aforementioned regional trends. Aided by such as strong topographical landscape and product innovations in line catamarans market share is certain to upsurge in the ensuing years.
Author Name : Ojaswita Kutepatil