The global marine seats market was valued at USD 1.9 billion in 2019 and is expected to grow at a CAGR of 4.7% during the forecast period. Participation in outdoor recreation activities is growing at a significant rate midst of the shifting focus towards increasing spending on tourism and leisure activities across the globe. As the disposable income across the globe is increasing this has led to rising interest towards water sport activities generally in the age group of 6 to 17 years. Owing to this the demand of electric boats for numerous purposes is expected to increase significantly in the coming years, driving the market growth.
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Recreational boating is one of the foremost leisure activities enjoyed by a large percentage of the population in North America and Europe. Recession has largely impacted small-scale boat manufacturers to run out of business, several medium to large-scale manufacturers held on through the impact of recession and have continued to generate a steady revenue stream since then.
Middle income class population in the U.S. are the largest boating activity participants and their participation is steadily growing at a healthy rate of around 5 per cent annually. This has been fueling the growth for marine seats.
Powered boats have found application beyond their common usage for fishing, recreational, and maritime purposes. Modification of these boats for security purposes has become common feature. The increasing number of crimes on water bodies, such as rivers and seas, coupled with the growing tensions between countries in the present scenario, have prompted the increased deployment of police watercrafts to patrol such water bodies with the focus on harbors.
The market is primarily segmented on the basis of type, ship type, end-use, and geographic region.
By Seat Type
By Ship Type
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Ferry segment are the second-largest sold category of marine seats, though it accounted for around half of the revenues generated by bucket seats in 2019. The success of ferry seats primarily depends on the growth in a number of ferry passengers. This generates the demand for new ferry boats and vessels translating into the demand for ferry seats. There are comparatively less number of manufacturers of ferry seats, globally, as the demand is not very constant compared to other seats.
In terms of value, leaning posts are projected to witness the strongest growth among all categories of marine seats. Leaning posts are not completely considered as a marine seat, as they are versatile and multipurpose, though they are an evergreen category. The innovations in leaning posts have been extending their life cycle.
Based on the ship type, the global market is bifurcated into a commercial and military. Commercial boats include wide variety of boats such as gas tankers, cruise ships, tankers, dredgers, fishing vessels, and motorboats, among others. In 2019, the motorboats segment accounted for the largest share. The increasing demand for seats in motorboats owing to the rising sales of several types of motorboats is expected to drive demand.
In 2019, seats without arm rest accounted for the largest share among all the segments. Most of the marine seats that have been sold are without arm rest. Marine seats with arm rest are a bit more expensive as compared to those without arm rest. In addition to high cost, they are bulky and majority of them are used in ferries.
Geographically, the global market is bifurcated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. North America is the largest revenue contributor followed by Europe and the Asia Pacific region. In 2019, the North America region accounted for more than 45.0 per cent of the global market. The large urban population and disposable income has kept the regional boat supply industry afloat. The presence of recreational water bodies in the region have further kept the region fertile for the demand of marine seats.
The Northern Marine Transportation Corridors (NMTC) initiative in Canada, is joint operation by Canadian Coast Guard, Transport Canada, and the Canadian Hydrographical Service, is one of the recent examples of the new water corridor development. This is expected to boost the maritime transport activities in Canada. Iowa State Water Trail Plan in the U.S. is another recent example.
Europe is a hub of boat manufacturers owing to favorable business environment for marine supplies in the region. The large number of recreational water bodies coupled with several government plans to revitalize the boating sector has been a boon for the marine seats market in the region.
Over the years, Asia has become one of the key destinations for yachting. Thailand, Malaysia, Indonesia, and Philippines are some of the key countries in the region that has become of the important yachting hub in the recent years. The boat customers in the region are also preferring custom made boats, which is augmenting the demand for special seating types.
The Thailand government has also radically slashed the boat import taxes in the recent past. The recreational boating service in Thailand has also been growing at a fast pace, which has augmented ship sales from such businesses. Boat Lagoon Yachting, the largest importer and seller yachts claims that it has sold 30 boats in 2017. This is expected to drive the demand for seats in Thailand over the forecast period.
The prominent players operating in the market-place are Grammer AG, Leader Accessories LLC, Tempress, Hansen Protection, VIOTAP Marine Products, SanHui Marine Seating Co. Ltd, DeckMate Boat Seats, Springfield Marine Company, Todd Marine Products, Taco Marine, Oceansouth Australia, Wise Seats, Attwood Marine Products, Lippert Components, Inc. and Moeller Marine Products.