Marine Seats Market - Growth, Trends, and Forecast (2020 - 2025)

The marine seats market is anticipated to register a CAGR of about 4% during the forecast period (2020 - 2025).

• The rise in the tourism industry, increasing interest of people in recreational activities, and marine tourism are expected to fuel the demand for marine seats during the forecast period.
• Italy is the second-largest boat producer in the world, after the United States, and the first global producer of superyachts. Italy is also the leading producer of boats in Europe, followed by the United Kingdom, the Netherlands, Germany, and France. The Italian industry holds the global leadership position in various sectors of the nautical manufacturing chain. For instance, in 2019, Besenzoni signed an agreement with FB Design. Both Italian companies plan to work cooperatively on advanced seating solutions for high-performance boats.
• The boat rental companies are revitalizing the marine industry by offering boats as per the requirements of the customers, with or without captain and fueled or to be fueled up to the need, with additional facilities, like ski and tubbing. This service is being accepted by the consumers, which is pushing the boat rental companies to increase their fleet. This new trend may ultimately drive the marine seats market, as the demand for boats may increase.

Key Market Trends

Increasing Marine Tourism Contributing Toward the Growth of the Marine Seats Market

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 future.

According to the UN Tourism Organization (UNWTO), international tourist arrival may 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, with Europe leading the tourist arrival with almost 780 million tourists by 2030.

Similarly, Asia-Pacific, particularly China, has huge potential for marine seats, as the country has the easy availability of raw materials and manpower. 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 has a number of routes to explore. In terms of manufacturing capabilities and exporting power, the United States is in the top three suppliers, along with the European countries, such as Germany, France, and Italy.

The participation of the government is very crucial to boost the marine industry. For instance, the US government included the recreational marine craft, part, and accessory industry in the recreational transportation priority sector of the National Export Initiative (NEI). Through this initiative, the US 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 entered a partnership for the Shockwave S5 marine suspension module. KingFisher may add this as an option to its offshore and coastal series boats.

Competitive Landscape

The marine seats market is fragmented in nature, and it has a number of local active players, owing to less requirement of digitalization and technologically, as well as cheap raw materials. Some of the major players in the market are Jiangsu Trasea Marine Seating Ltd, Stidd Systems Inc., and ScotSeat Group, among others. Most of the players in the market are active in other seating industries, such as automotive, motorsports, and heavy 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,

Shockwave, a Canadian marine seat company, has an Integrated Control Environments (ICE) seating solution, which is a suspension module that can hold occupants, electronics, and other key components of a vessel inside a single unit. It employs triple-axis suspension, military-grade material, and patented design.

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