Market Overview:
Marine seats market Size Valued at USD 683.4 Million market Grow at a CAGR Of 3.27% by 2020 -2030
The rapidly increasing international seaborne trade and growing maritime tourism industry has significantly contributed to the growth of the marine seats market. Furthermore, the increasing military modernization programs and rising defense expenditure of countries such as China and India owing to growing territorial conflicts in Asia-Pacific are also expected to drive the market growth in the region. Additionally, the growing commercial activities such as oil & gas exploration is also expected to drive the growth of the global market.
However, issues related to regular maintenance and cleaning and high material cost might hamper the marine seats market growth.
Key Players:
The key players of Marine seats market are West Marine (Us), No Rap As (Norway), Jiangsu Trasea Marine Seating Ltd (China), Scott Group (Uk), Stidd Systems Inc. (Us), Tek Seating (Uk), Grammer Ag (Germany), Springfield Group (Us), Thomas Scott Seatingltd (Uk), Professional Components (Canada)
Market Segmentation:
The passenger seat market will grow at the fastest rate- The passenger seats segment is projected to grow at the highest CAGR during the forecast period. The growing popularity of yachts and recreational motorboats and various cruising activities for leisure travel are expected to drive the demand for passenger seats.
The OEM segment is anticipated to experience the highest CAGR- The OEM segment is anticipated to grow at a higher CAGR in the marine seats market during the forecast period. The increasing seaborne trade across the world is expected to lead to new shipbuilding orders. Thus, in turn, may lead to an increase in the requirement for OEM marine seats for new ships.
The biggest CAGR is anticipated for the frame segment- The frame segment is projected to grow at the highest CAGR in the marine seats market during the forecast period. The rising demand for high-speed boats has resulted in the growing need for the installation of pedestals, footrests, and many more in marine ships, cruises, and ferries. This is leading to the growth of the frame segment in the global marine seats market during the forecast period.
The commercial sector is anticipated to increase at the fastest rate- The commercial segment is projected to register the higher CAGR during the forecast period. The rise in seaborne trade, along with the increasing demand for decreasing operational costs for ships by equipping them with automation systems are expected to drive the growth of the commercial segment in the global marine seats market during the forecast period.
Regional Analysis:
Presently, North America holds a disproportionately large marine seats market share in the marine seat sector thanks to the existence of illustrious businesses like Professional components and Stidd systems Inc. around the continent. The demand for boats and water sports has expanded as a result of the nation's economic situation and recreational interests. The US government gave the maritime industry recreational craft and established the accessories business to give the leisure transportation sector greater weight. Also, the suppliers and exporting activities taking place around the region are offering a prosperous potential for the expansion of the marine seats market industry.
The US government also provided the National Export Initiative, which enables American exporters to connect with global markets and stimulate sales made abroad. These elements are regarded as key stimuli for the expansion of the marine seat market in North America.
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