Northbrook, IL 60062 -- (SBWIRE) -- 08/16/2022 -- The Marine seats market is estimated to be USD 1.6 billion in 2022 and is projected to reach USD 1.9 billion by 2027, at a CAGR of 4.9% from 2022 to 2027, according to a new report by MarketsandMarkets™. Growth of this market can be attributed to the rise in seaborne trade, developments in the military sector, and increasing number of global cruise passengers.
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Increasing demand for fishing and marine activities
Over the past few years, fishing methods have evolved to become more technical. The growing fish food market has fueled the demand for increasing fishing activities. Recreational fishing has emerged as the most popular activity. According to the National Marine Manufacturers Association (NMMA), in 2019, the demand for marine boats and products was worth USD 42 billion. Post-COVID, it is steadily increasing in the US. It also stated that the current sale of powerboats has steadily outpaced sales of previous years, highlighting rising demand by consumers. 54,000 units of powerboats were sold in the first quarter of 2022. Economies in Europe also followed the same trend. Thus, the rising demand for boats is leading to the demand for marine seats in the recreational fishing boat market.
The demand for fishing for consumption is also rising due to the growing awareness about the benefits related to the fish diet, which has led to the growth of the commercial fishing market. During COVID-19, the Asian market took a hit as it carried major losses in imports and exports, wherein it contributed to a total of 62% of unloaded marine goods in 2020. The use of large fishing vessels to catch schools of fish is contributing to the growing commercial fishing market. The Asia Pacific contributes approximately 50% to the worldwide supply of fish. Major fish exporting economies in the Asia Pacific region, such as Thailand, China, Indonesia, South Korea, and Indonesia, are continuously increasing fish production. Increasing demand for high-quality fish from developed economies and increasing domestic consumption within these regions are expected to lead to an increase in the demand for fishing vessels.
By Seat Type, Passenger Seats Market is Projected to Grow at Highest CAGR During Forecast Period
Passenger seats are meant for onboard ship passengers. These seats are designed according to the class of travel, that is, whether passengers are travelling in economy class or VIP class. These seats can be sold as single seats or as duplets or triplets.
The demand for motorboats is increasing across the globe, thereby leading to a rise in demand for passenger seats used in motorboats. Increasing disposable income of the masses has led to increased demand for recreational motorboats across the globe. According to the National Marine Manufacturers Association (NMMA), the US is the largest exporter of motorboats in the world.
The passenger seats segment is estimated to be USD 1,018 million in 2022 and is projected to reach USD 1,303 million by 2027, at a CAGR of 5.0%.
By Marine Seat End User, Aftermarket Segment Accounts for the Largest Share of the Total Market in 2022
The aftermarket segment of the marine seats market includes maintenance, repair, and overhaul (MRO) companies, which primarily carry out services as well as maintenance and upgrade of ships. These companies install different components and systems in existing ships during their maintenance, repair, and overhaul. The damaged components of ships such as their hardware as well as equipment or systems installed in them that include power management systems, propulsion management systems, and safety & security systems are sent to MRO companies for their servicing as well as maintenance and upgradation. MRO or aftermarket companies also carry out the replacement of damaged equipment and components of ships that are beyond repair.
The MRO companies dealing in marine seats carry out the replacement of marine-grade vinyl upholstery in ships after a gap of 5 to 6 years. The aftermarket segment is estimated to account for a larger share of the marine seats market in 2022. This segment is estimated to be USD 944 million in 2022 and is projected to reach USD 1,196 million by 2027, at a CAGR of 4.8%.
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Europe region accounts for largest market share in Marine seats market
Germany, France, Spain, Italy, the UK, and Rest of Europe are considered for market analysis of Europe. Ullman Dynamics (Sweden), Grammer AG (Germany), and Scotseat (UK) are some of the major players in this region. Cruising and watersports activities are expected to increase in Europe due to the presence of Europe's biggest river-Rhine-in Germany. The European shipbuilding industry is involved in the construction of large naval vessels such as cruise ships, ferries, mega yachts, submarines, and dredgers (offshore vessels). Whereas navy and coastguard investments in European countries has also been significant in recent times. Europe holds a strong position in the international market. The growth of the shipbuilding industry in Europe is one of the most significant factors contributing to the increased demand for marine seats in this region.
Major players in the Marine seats market include West Marine (US), Sun Marine (Netherlands), Recaro (Netherlands), Allsalts (Canada), and Shockwave (Canada). The report covers various industry trends and new technological innovations in the Marine seats market for the period, 2018-2027.