The Porsche Cayman has been in production since 2005. It was developed as a more affordable and compact alternative to the Porsche 911 and was designed to appeal to a wider range of car enthusiasts. The Cayman was first introduced at the 2004 Tokyo Auto Show and went into production in 2005.

The first generation of the Cayman, 987.1, which was produced from 2005 to 2009, featured a 2.7-liter flat-six engine that produced 245 horsepower, and a Canyman S with a 3.4-liter engine. It was praised for its excellent handling and performance and was considered a more affordable and compact alternative to the 911. The car also featured a unique design, with a long hood and a short rear deck, similar to the 911.

In 2009, Porsche introduced the gen 2 Cayman and Cayman S, 987.2 which featured a more powerful 3.4-liter flat-six engine that produced 320 horsepower. This model also featured an updated interior and a more advanced infotainment system.

In 2012, Porsche introduced the third generation of the Cayman, 981, which featured a completely redesigned exterior, a more powerful 3.4-liter flat-six engine, and an updated interior. This model also featured advanced driver assistance systems and a more advanced infotainment system.

In 2016, Porsche introduced the fourth generation of the Cayman, 781, which featured an even more refined design, an updated interior, and a more powerful engine. This model was available in several different trim levels, including the Cayman, Cayman S, and Cayman GTS. The 718 featured two new horizontally-opposed flat-4 turbocharged engines at 2.0-litre (Boxster/Cayman) and 2.5-litre (Boxster S/Cayman S) displacement with increased torque and horsepower with lower fuel consumption. The Cayman GTS was announced with their 2.5-litre engines rated at 365 PS (360 hp; 268 kW). Since 2020, the GTS 4.0 model has been offered for both 718 models. The new model features the 4.0-litre flat-6 from the Cayman GT4 and Boxster Spyder, however de-tuned to 294 kW (394 hp; 400 PS)

Throughout its history, the Porsche Cayman has been known for its excellent handling and performance. It has won numerous awards and has been praised by critics for its combination of performance and luxury. Today, the Porsche Cayman continues to be a popular and well-regarded sports car, and is considered one of the most iconic cars in the Porsche lineup.

In 2021, Porsche announced that the 718 Boxster and 718 Cayman will be replaced by new models, and that the production of the 718 Cayman would come to an end. The company hasn't announced any replacement for the Cayman yet, but it's expected that new models will be developed with hybrid technology, and that it will continue to appeal to a wide range of car enthusiasts.