The study involved various activities to estimate the market size for marine seats. Exhaustive secondary research was undertaken to collect information on the market, the peer markets, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both, top-down and bottom-up approaches were employed to estimate the total market size. Thereafter, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.
According to the new research report "Marine Seats Market by Ship Type (Commercial, Military), Seat Type (Captain Seats/Helm Seats, Crew Seats, Passenger Seats, General Seats), Component (Pedestal, Swivels, Slides & Seat Mounts), End User (OEM, Aftermarket), and Region - Global Forecast to 2025", The marine seats market is estimated to be USD 1.9 billion in 2019 and is projected to reach USD 2.5 billion, at a compounded annual growth rate (CAGR) of 4.7% from 2019 to 2025. This market is driven by factors, such as the increasing investments in passenger ferries and cruise ships and increasing demand for motor boats.
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Commercial ships segment to grow at a higher CAGR in marine seats market among ship type segments during forecast period
Based on ship type, the commercial ships segment is projected to grow at the highest CAGR during the forecast period. The increasing demand for highly efficient marine seats, which are shock absorbent and ergonomic, for commercial vessels is driving the commercial ships segment. Motorboats require the largest number of shock-absorbent marine seats; the motorboats segment is expected to witness growth due to advantages such as low cost of maintenance, better deck area, and better engine accessibility. Another factor supporting the growing demand for motorboats is the rise in recreational activities such as fishing, cruising, and watersports.
Aftermarket segment expected to lead marine seats market among end users
Based on end user, the aftermarket segment is expected to lead the marine seats market during the forecast period. The use of different types of marine seats in a wide range of ship types such as bulkers, cargo ships, recreational boats, and military vessels, among others, is expected to drive the aftermarket for marine seats. Activities such as fishing, cruising, and watersports can be conducted using motorboats. An increase in these activities and the growing preference of customers to install modern seating are also expected to drive the marine seats aftermarket.
North America has the highest potential for implementation of marine seats
North America is estimated to account for the largest share of the marine seats market in 2019. North America has witnessed rapid demand for recreational boating over the past few years. The increasing demand for high speed crafts such as yachts and motorboats is leading to a rising demand for marine seats. Majority of the marine seats manufacturing facilities of leading players are based in the North American region.
The key players in the marine seats market are West Marine (US), Norsap (Norway), TRESEA (China), Scott Seats (Scotland), and STIDD Systems (US).
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