Market Overview:
Marine Seats Market Size was valued at USD 0.55 billion in 2022. The marine seats market industry is projected to grow from USD 0.56 Billion in 2023 to USD 0.68 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 3.27% during the forecast period (2023 - 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 marine seats market CAGR.
Key Players:
The key players of Marine Seats Market are West Marine (US), NORAP 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 Seating Ltd (UK), Professional Components (Canada)
Market Segmentation:
There are several types of marine seats available in the market, including helm seats, bucket seats, bench seats, and bolster seats. Helm seats are designed for the boat operator, providing comfort and support during long journeys. Bucket seats are commonly used in sport boats and are designed for high-speed performance. Bench seats are typically used in larger boats and provide seating for multiple passengers. Bolster seats provide extra support and stability for the boat operator during high-speed manoeuvres.
Passenger seats segment to register the highest growth 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.
OEM segment is expected to register the higher 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.
Frame segment is expected to register the highest CAGR: 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.
Commercial segment is expected to be register the fastest growth: 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:
The marine seats market data is expected to continue growing in the coming years, driven by the increasing demand for recreational boats and water sports. Additionally, the expansion of the shipping industry and the growing demand for maritime trade are expected to boost the market growth. However, the market is also facing challenges, including the impact of COVID-19 on the boating industry and the increasing focus on sustainable and eco-friendly boating practices.
Currently, North America holds a disproportionately large 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. Additionally, the suppliers and exporting activities taking place around the region are offering a prosperous potential for the expansion of the Marine Seats Market.
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