A large number of boats, ferries and yachts adding up every year to the global fleet has been invigorating the demand for several associated boat building materials, including marine seats. Global marine seats market is expected to witness a growth of 5.6% during 2018-2028. With this CAGR the marine seats market is projected to reach a value near to US$ 3 Bn by 2028, accruing an absolute dollar opportunity of US$ 1.2 Bn during this period. The top five markets including the U.S., Greater China, Italy, Germany and France together accounted for approximately 62% of the global marine seats market in 2017.
Development of New Water Corridors and Water Trails – a Boon for Marine Seats Providers
Besides recreational water activities, boats and ferries are also being used for commuting to offices and organizing office seminars. This has led to the development of several water corridors across several cities globally. This slight shift in travel trend and the emergence of new water corridors have led to the growth in number of new boats, consequently augmenting the demand for marine seats.
The Northern Marine Transportation Corridors (NMTC) Initiative in Canada, is jointly led by the 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 as well as sales of boats and marine seats. Iowa State Water Trail Plan in the U.S. is another recent example.
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Emergence of Advanced Marine Seats Shortening Replacement Cycle
The emergence of advanced marine seats, in terms of durability, design and additional attributes have led to the shorter replacement cycle. Several boat owners are have been observed to replace their marine seats before its lifespan is completely exhausted. The average lifespan of marine seats is 12 – 15 years, though several boat owners have been innovating their boat, which also involves the replacement of marine seats, as demand for comfort and design has been increasing. The trend of marine seats replacement is observed mainly in the developed countries, however, with the growing number of high networth individuals (HNIs), the boat owners in developing countries are also expected to follow this trend in the years to come. This is consequently expected to boost the growth of marine seats market.
Europe to Become the Largest Marine Seats Market by the End of Forecast Period
North America was the largest marine seats market in 2017 with over 35% share, however with the end of the forecast period, Europe is projected to surpass North America to become the largest market. The key marine seats market in Europe includes Italy, Germany, France and Greece. BENELUX and NORDIC countries also account for a fair share in the European marine seats market. Among the regions, marine seats market in East Asia is projected to witness the fastest growth during the forecast period.
Marine seats market has also been witnessing a significant growth in South Asia. This is owing to the heightening demand for the new boat in the region. Countries such as Thailand, Malaysia, Indonesia and Philippines have emerged as some of the key yachting destinations, thus also represents an important market for marine seats.
Product Launch – Key Strategy of Marine Seats Providers
Some of the recent strategies of marine seats providers include product launch, acquisition, investment in research and development, and endorsement. Product launch has been observed to be the key strategy of most of the marine seats providers. Todd Marine Products, Freedman Seating Company, Tomado boats, Taco Marine, and Grammer Group have been the some of the key marine seats manufacturers that have recently launched their products.
Some of the key providers of marine seats include Leader Accessories, Wise Seats, Moeller Marine Products, Attwood Marine Products, DeckMate Boat Seats, Springfield Marine Company, Todd Marine Products, Tempress, Lipper Components Inc., Taco Marine, Grammer Group, Hansen Protection, Viotap Marine Products, and Oceansouth Australia.