ID: MRFR/A&D/8755-HCR | February 2021 | Region: Global | 163 pages
Marine Seats Market is projected to register a 4.5% CAGR during the forecast period, 2020 to 2026
Marine seats which are also called pedestals are installed in yachts, boats, ferries, sea vessels, and significant others. The seats come with suspensions and offer enhanced protection to the sailors and potential passengers. The marine seats are considered the crucial component for any sea vessel and are thereby utilized in recreational, military, and commercial boats. The standards are also higher and the materials used like plastic, steel, metal composites are presenting favorable conditions for the manufacturers and hence considered the major market drivers of marine seats market growth.
The increasing number of cruise travel and maritime tourism activities across the globe, especially the developed countries are considered major drivers of the marine seat industry. The key players in the market are growing awareness regarding safety. Such factors are propelling the industry in recent years.
COVID 19 Analysis:
Due to the pandemic, the health emergency across the globe has affected varied industries and created long-term impacts on these industries. The consumer behavior and purchasing patterns were significantly affected, which has significantly affected the growth of the marine seat industry. The manufacturing units of the marine seat industry and the demand for these pieces of equipment have also reduced due to the lockdown.
The growing demand for the key utilities that comes with the marine seats is impacting the overall growth of the marine seat industry in recent times. The beneficiary features such as lightweight, shock-absorbing, and other technological trends are gaining momentum in recent years. The manufacturers are also designing and building the boats with these features which are considered the major drivers of marine seats market growth.
The growing demand across the military, commercial, and law enforcement departments are considered the major drivers of the market growth. They are explicitly demanding shock-absorbing seats for comfortable usage. Moreover, the growing number of international seaborne trade activities is further propelling the overall growth of the marine seat industry.
The key players are bringing in advancements across the new port cities, especially across the developed countries; they are also increasingly adopting the emerging technologies and improvements. Such factors are expected to bolster the marine seats market growth during the forecast period.
The demand for marine safety systems and the stringent norms related to the safety of the customers is expected to stimulate the overall growth of the marine seat industry during the forecast period. Commercial ships are gaining momentum in recent years as they are built with shock-absorbent and ergonomic structures. Such factors are expected to bolster the overall growth of the market during the forecast period.
The issues related to the maintenance and cleaning are considered as the major restraint of market growth, since they are driven across the sea and beaches, they are prone to severe damage and absorb grime easily. Such factors are expected to hinder the overall growth of the marine seat industry.
The requirement for costlier materials and the increasing operating costs are expected to hinder the market growth.
The seats are now integrated with advanced technologies and safety measures, however, the issues related to the technical criteria and the functional failures are considered the major challenge for the overall growth of the marine seat industry.
The requirement of higher capital investment and the costs for designing and lower returns are considered the major challenges of marine seats market growth.
Cumulative Growth Analysis:
The market value of the marine seat industry was at USD 1587.3 million in the year 2020 and it is expected to surpass the market value of over USD 1967.8 million by the year 2027 while registering a CAGR of 2.7% during the forecast period. The growth of the industry is highly influenced by the commercial segment since the demand for marine tourism is constantly increasing since 2019. The increasing development in the tourism sector combined with the investment in the industry is propelling the overall growth of the marine seat industry in recent times.
On the other hand, the strategies carried out by the boat manufacturers and the replacement markets are also playing a significant role in the development of the marine seat industry. They are procuring the components in three primary categories, such as direct procurement, specialty retail stores, and online sales. The majority of the boat manufacturers prefer direct procurement and they order them in bulk quantities. Moreover, the specialty retail stores are offering potential customers, the accessories that are required for recreational activities and thereby considered the major driver of marine seats market growth.
Value Chain Analysis:
The growth of the marine seat industry is growing in recent times due to the increasing number of inventions in the industry. The boat owners are also looking for the seats that come with several utilities such as storage facilities, coolers that could store beers, and other refrigerating food items and beverages. With the increasing growth in the tourism industry, the demand for marine seats with cooling storage is also increasing. On the other hand, the other utilities such as leaning posts and fishing rod holders are gaining momentum in recent years. Since the manufacturers are thriving hard to satisfy the demand of the end-users, the marine seat industry is expected to witness rapid growth during the forecast period.
The demand across the developing countries is dependent on the primitive types and the demand across the established markets. Across these countries, the demand for novel leaning posts is increasing, moreover, the manufacturers are providing them with convertible and customizable options which are projecting the marine seats market growth by a substantial amount.
Based on Component:
Based On Ship Type:
Based On Seat Type:
Based on End User:
Currently, North America is dominating in the market share related to the marine seat industry due to the presence of prominent companies across the country like Professional components and Stidd systems Inc. The economic condition and the recreational preferences of the citizens of the United States have increased the demand for boats and water activities. The US government had given recreational crafts to the marine industry and created the accessories industry to offer more significance to the recreational transportation sector. Moreover, the suppliers and the exporting activities across the region are presenting a lucrative opportunity for marine seats market growth.
The US government has also given the National Export Initiative through which the US exporters are stimulating the sales carried out overseas and able to connect with the foreign markets. Such factors are considered major drivers for the growth of the marine seat industry across North America.
In the year 2019, one of the leading market players, Kingfisher boat corporation had joined hands with shockwave seats for the deal shockwave S5 marine suspension modules development. This agreement has catered to the demand across offshore and coastal series boats.
In the year 2019, one of the leading market players, Besenzoni had joined in agreement with FB design to create enhanced seating solutions, this has helped in the manufacturing of the seats and has enhanced their performance and quality.
This Report Has Covered:
|Market Size||Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Seat Type, End User, Component and Ship Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||West Marine (US), NORSAP AS (Norway), JIANGSU TRASEA MARINE SEATING LTD (China), ScotSeat Group (UK), Stidd Systems, Inc. (US), TEK Seating (UK), GRAMMER AG (Germany), Springfield Group (US), Thomas Scott SeatingLtd (UK), Professional Components (Canada), Ullman DynamicsLLC (Sweden), Alu Design AS (Norway), Todd Enterprises (US), Allsalt Maritime Corporation (Canada) and Besenzoni SpA (Italy)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Global marine seat market is projected to register a moderate 4.5% CAGR in the forecast period.
The passenger segment is expected to observe substantial demand over the review period.
The OEM segment is slated to expand as the fastest-growing segment.
A few eminent market players operating in the global marine seat market areTEK Seating (UK), GRAMMER AG (Germany), West Marine (US) among others.