Powered Catamaran Market Estimated To Witness a Phenomenal Growth by 2023
A recent development in design such as configuration fills in niche powered vessels, where the speed and sea kindliness is favored with bulk capacity, has led to introduction of power catamaran. It incorporates features of a motor yacht and combines it with conventional sailing characteristics of a multi-hull. These catamarans are designed with low clearance and significantly with better speed and range than a conventional catamarans. The hulls on the powered catamaran are finer than those of the conventional catamaran, which provides far less resistance.
Powered Catamaran Market Driving Factors
Major factors expected to drive growth of the global powered catamaran market are the benefits offered by these over conventional catamaran. Conventionally, powered catamarans were used for racing or sports purposes, however, over the past few years these have been manufactured for cruising application due to 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. 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. Moreover, it is light weight and offers efficient performance. These are the factors driving powered catamaran market growth.
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Powered Catamaran Market Restraint
Major factor expected to restraint growth of the powered catamaran market is stringent 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. For instance, according to Federal Refuse Act, the discharge of fuel, oil, oily wastes, and hazardous substances is completely prohibited into the waters of the U.S. or the waters of the contiguous zone. In addition to this, under state law F&GC 5650 prohibits discharges of petroleum and other substances harmful to fish, plants, mammals, and birds.
Powered Catamaran Market Competition Structure
High investment is a major barrier for growth of the industry. A substantial number of powered catamaran manufacturers seem to face cash flow problems and have difficulties financing their business. In this business model, companies need to purchase components and assemble their crafts, before it can be sold as an end product. Hence, manufacturer needs to invest high amount initially for the production. Moreover, volatile demand for these powered catamaran is expected to hamper sale as well as production of these powered catamarans.
Additionally, lack of harmonized registration system is a problem for growth of the market. For example, the U.K. and Germany have a clear national registration system, while the Netherlands lacks such a national system. Owing to this reason, it is difficult to understand the number of boats present in a country, and pay taxes or VAT.
North America Market Accounted for the Largest Share in 2016
On the basis of region, the global powered catamaran market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The market in North America is expected to exhibit the highest CAGR during the forecast period. This growth is attributed to high adoption of powered catamaran in developed economies such as the U.S. and Canada. These two countries are expected to exhibit high demand for powered catamarans over the forecast period. This growth is attributed to presence of established manufacturers such as Leopard Catamarans in this region. Furthermore, various international shows conducted in this region could also aid in growth of the market. For instance, Seawind Catamarans (Australia-based) launched Seawind 1260 catamaran at the Miami International Boat Show, in February 2018. According to North American Sailing Industry Study, 2015 multihulls represented 20% of overall domestic production in 2015 that means one in five sail boats built in North America was a multihull. According to the same study, multihulls unit production increased by 3% in 2015 over 2014.
Major players operating in the global powered catamaran market include Sunreef Yachts , Spirited Designs, Leopard Catamarans, Lagoon Catamaran, Fountaine Pajot, Matrix Yachts, Voyage Yachts, TomCat Boats, Robertson and Caine, Gemini Catamarans, WorldCat, Outremer Yachting, Scape Yachts, Seawind Group Holdings Pty Ltd, Alumarine Shipyard, Pedigree Cat ,Inc., Farrier Marine, Catahai Co. Ltd, and Alibi Catamarans.
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