Catamarans Market to amass hefty proceeds by 2028
The catamarans market share could increase substantially in the forthcoming years owing to the proliferation of the travel and tourism sector.
The catamarans market share could increase substantially in the forthcoming years owing to the proliferation of the travel and tourism sector. This could be attributed to the constantly rising disposable incomes, growing domestic and outbound tourism, and the increasing leisure expenditure on sports and recreational activities like water sports, day-sailing, chartering, world cruising, fishing, etc.
Over the years, governments across several economies have rolled out numerous initiatives and promoted river tourism to aid the development of the boating sector. These initiatives have encouraged boat and catamaran manufacturers globally to integrate the latest technology and introduce products like lightweight aluminum foil for the manufacturing process to improve the stability and speed of the boat.
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The catamarans industry suffered a significant setback due to severe limitations and movement restrictions imposed by the local and national authorities, leading to a stagnancy across the domestic and international tourism sector. However, with the increasing support from government organizations, accelerating vaccination drives, and lifting of lockdown restrictions, the industry has recouped its path to recovery and may gain significant moment in the foreseeable future.
A recent study by Global Market Insights Inc. suggests that the global catamaran market size may exceed as much as USD 6 billion by 2028.
Mentioned ahead are some crucial aspects shaping the industry's future.
Proliferating tourism sector
The tourism and travel industry has undergone considerable transformation due to strong economic growth, increasing wanderlust, and a growing desire to travel and explore the outdoors.
As per the latest IBEF report, the tourism and hospitality sector in India is likely to earn nearly USD 51 billion as visitor exports compared with an estimated USD 28.9 billion in 2018. On the other hand, the Indian travel market could reach USD 125 billion by 2027 from an assessed USD 75 billion in 2020.
These optimistic scenarios are backed by the expanding middle-class population, rising disposable incomes, and the rapid proliferation of domestic and outbound tourism. In addition, constantly improving infrastructure and supportive government policy framework will push the catamarans market forecast in the years ahead.
Supportive initiatives by government authorities
In a recent turn of events, Odisha Tourism, in an effort to add diversity and vibrancy to its offerings, decided to launch floating restaurants, catamarans, and houseboats in May 2022 as part of its river tourism schemes. The department shed light on its plan to launch a 50-seater catamaran and 30-seater floating restaurant in Cuttack soon and has further taken the initiative to refurbish and convert already existing four catamarans into luxury houseboats. This will operate under a public-private partnership and aims to promote river tourism at global standards.
The rollout of such initiatives will aid the expansion of the regional tourism sector, which, in consequence, will augment the catamarans market outlook.
New launches to pave the way for future opportunities
In May 2022, Marine Technology Inc. announced the launch of its 44-feet next-gen outboard-powered catamaran by 2023. The 44-footer will be equipped with a larger cockpit for better accommodation of the eight-seat layout, which the company perfected in its 390X with upgraded side panels, dash, and additional storage.
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Such innovations are aimed at elevating the entire tourism experience of the customer. The escalating launch of similar products with better features and capabilities will significantly propel the catamarans market trends over the forecast timeframe.