Global Marine Seats Market is projected to register a 4.5?GR during the forecast period, 2020 to 2026.
The rapidly increasing international seaborne trade and growing maritime tourism industry has significantly contributed to the growth of the marine seats market. Furthermore, the increasing military modernization programs and rising defense expenditure of countries such as China and India owing to growing territorial conflicts in Asia-Pacific are also expected to drive the market growth in the region. Additionally, the growing commercial activities such as oil & gas exploration is also expected to drive the growth of the global market.
However, issues related to regular maintenance and cleaning and high material cost might hamper the growth of the marine seats market.
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The marine seats market is witnessing huge demand due to development of new port cities in emerging economies, technological improvements in the marine industry, and advancements in marine safety systems in several countries.
Growth Opportunities in the Market
Passenger seats segment to register the highest growth rate: The passenger seats segment is projected to grow at the highest CAGR during the forecast period. The growing popularity of yachts and recreational motorboats and various cruising activities for leisure travel are expected to drive the demand for passenger seats.
OEM segment is expected to register the higher CAGR: The OEM segment is anticipated to grow at a higher CAGR in the marine seats market during the forecast period. The increasing seaborne trade across the world is expected to lead to new shipbuilding orders. Thus, in turn, may lead to an increase in the requirement for OEM marine seats for new ships.
Frame segment is expected to register the highest CAGR: The frame segment is projected to grow at the highest CAGR in the marine seats market during the forecast period. The rising demand for high-speed boats has resulted in the growing need for the installation of pedestals, footrests, and many more in marine ships, cruises, and ferries. This is leading to the growth of the frame segment in the global marine seats market during the forecast period.
Commercial segment is expected to be register the fastest growth: The commercial segment is projected to register the higher CAGR during the forecast period. The rise in seaborne trade, along with the increasing demand for decreasing operational costs for ships by equipping them with automation systems are expected to drive the growth of the commercial segment in the global marine seats market during the forecast period.
Other Prominent Players
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