Market Research Report
Marine Seats Market - Growth, Trends, and Forecast (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||938130|
|Published||Content info||70 Pages
Delivery time: 2-3 business days
|Marine Seats Market - Growth, Trends, and Forecast (2020 - 2025)|
|Published: May 1, 2020||Content info: 70 Pages||
The global marine seats market is anticipated to register a CAGR of about 4% during the forecast period (2020 - 2025).
Increasing Marine Tourism Contributing the Marine Seats Market Growth
Tourism activities around coasts may include whale watching, diving, sailing, fishing, and cruising. Coastal and marine tourism is an important sector in many countries. Both tourism and recreational activities are expected to increase in the coming years as marine and coastal areas remain the top touristic destinations mainly in Europe. Cruise tourism is also predicted to grow in the near future.
According to UN Tourism Organization (UNWTO), international tourist arrival will reach 1.8 billion arrivals per year by 2030. The growth of tourist arrival will be faster in the developing regions as compared to the developed regions in which Europe will lead the tourist arrival with almost 780 million tourists by 2030.
Similarly, in Asia-Pacific and particularly China has huge potential for marine seats, As china have the easy availability of raw materials and manpower, also the Chinese government is trying to promote yachting as a leisure activity to be enjoyed by many, rather than a luxury commodity. In, 2016, the China State Council issued a circular to further promote and expand domestic service consumption on tourism. The circular included an announcement to formulate a yachting tourism development plan.
North America and Europe Is Expected to Lead the Marine Seats Market
Boats and water activities are the preferred recreational activities among the citizens of the United States and Europe. The United States holds the majority of marine boats and ship manufacturers, on the other hand, Europe have a number of routes to explore. In terms of manufacturing capabilities and exporting power the United States is in the top three suppliers and other countries are majorly European such as Germany, France, and Italy.
The participation of the government is very crucial to boost the marine industry. For instance, the U.S. Government has included recreational marine craft, part and accessory industry in the Recreational Transportation priority sector of the National Export Initiative (NEI), by this initiative U.S. exporters can increase their sales overseas in these sectors and in other foreign markets.
Seat manufacturers and boat manufacturers are working together to provide the best experience to the boat owners. For instance, in 2019, KingFisher Boats and Shockwave Seats were entered into a partnership for the Shockwave S5 marine suspension module. KingFisher will add this as an option to their offshore and coastal series boats.
The global marine seats market is fragmented, has a number of local active players owing to less requirement of digitalization and technologically, cheap raw materials. Some of the major players in the market are Jiangsu Trasea Marine Seating Ltd, Stidd Systems Inc., and ScotSeat Group amongst others. Most of the players in the market are also active in the other seating industries such as automotive, motorsports, and heavy industry machinery.
The companies are expanding their presence by acquiring other market participants, forming alliances with boat and cruise manufacturers, introducing new technologies, tapping in new and unexplored markets. For instance,