(I-BusinessNews.Com, August 04, 2020 ) According to new market research report the Marine Seats Market is estimated to be $1.9 billion in 2019 and is projected to reach $2.5 billion by 2025, at a CAGR of 4.7 % from 2019 to 2025. The increasing demand from leisure voyages and recreational boating activities worldwide are the major factors expected to drive the market for marine seats globally. Development of advanced and cost-effective marine seats for various ship types is an opportunity for companies in the market.
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By ship type, the commercial ship type segment is expected to grow at the highest CAGR during the forecast period
Based on type, the market is segmented into commercial and military. The commercial segment is projected to grow at the highest CAGR during the forecast period. There will be a high demand for marine seats from commercial ship platforms such as the passenger ships and ferry segments. The increasing demand for commercial ships such as motorboats will drive the market for marine seats in the industry. This increase will be fueled by increasing interest for fishing, cruising, and recreational activities.
The OEM segment is expected to grow at a higher CAGR from 2019 to 2025.
Based on end user, the marine seats market has been segmented into OEM and aftermarket. The aftermarket segment is expected to generate a high demand due to the high rate of wear and tear and early replacement of marine seats in the industry. The rising per capita income of people and increasing number of people who can spend on recreational activities have resulted in the growing demand for the new ships.
The passenger segment is expected to account for the largest market share in the marine seats market in 2019.
Based on seat type, the marine seats market has been segmented into passenger seats, captain seats (helm seats), crew seats, and general seats. The general seats segment is expected to grow significantly due to the replacement marine seats in marine ships. The increasing interest of high-net-worth individuals in yachts and recreational motorboats and increasing cruising activities for leisure travel are expected to boost the demand for passenger seats.
The North American marine seats market is projected to grow at the highest CAGR during the forecast period in the.
The marine seats market has been growing at a significant rate, and this trend is expected to continue during the forecast period. development of advanced AND cost-effective marine seats and increasing demand for recreational boating and leisure voyages are some of the opportunities for the companies of the market.
Key Market Players
The major players in the marine seats market include West Marine (US), NorSap (Norway), TRESEA (China), Scott Seats (Scotland), and STIDD Systems (US). West Marine has an e-commerce portal for selling its vast and varied inventory of marine products. The company also acts as a distributor for small players to increase its product offerings as well as market share. It has approximately 5000 employees across the globe as of 2018.
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