Marine Interiors Market 2023 Strategic Growth at 10% CAGR to reach above USD 6.2 billion by 2029 | Exactitude Consultancy
Exactitude Consultancy
Updated 6 min read
Key Players covered in Marine Interiors Market are R&M Group, Almaco, Trimline, Kaefer, Bourne Group, Marine Interiors, Mivan Marine, Oy Lautex AB, Bolidt, Forbo Flooring Systems, Naval Interior Team, Tillberg Design of Sweden, YSA Design, AROS Marine, NORAC AS, and Precetii INC.
Luton, Bedfordshire, United Kingdom, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Marine Interiors market.
Marine Interiors Market is expected to grow at more than 10% CAGR from 2023 to 2029. It is expected to reach above USD 6.2 billion by 2029 from a little above USD 2.5 billion in 2022.
In recent years, the marine interiors market has grown significantly due to increased demand for passenger ships such as luxury yachts, river cruises, and ferries. Interior solutions include the design, conversion and conversion of ship public, passenger, utility and crew areas with interior products such as ceiling and wall panels, lighting, furniture, galleys and pantries and wet rooms. These facilities help enhance the passenger's travel experience. Therefore, some shipbuilders are focusing on developing luxury ships with modern interiors. Additionally, key players are focusing on developing onboard solutions using advanced materials to improve stability and increase their ability to cope with harsh environmental conditions such as humidity and wet conditions.
Urbanization and rising living standards have increased people's demand for yachts, cruises, motorboats and more. Cruise ships and yachts are primarily used for recreational activities, so interior design plays an important role in providing the necessary comfort. Aluminium, composites, steel, etc. are used in ship interiors due to their excellent performance in harsh environmental conditions such as humidity and water content. However, composite materials are widely preferred because they are lightweight and can be machined into complex shapes.
Demand for ship interior upgrades is high as several cruise lines focus on modernization programs to upgrade ship interiors and reduce large capital expenditures.
In February 2020, Trimline signed a contract with TUI Cruises to start the interior refit of Mein Schiff 4 in Marseille, France
In February 2020, Tillberg Design of Sweden provided design for Norwegian Encore Cruise Ship. The company designed the top guest areas on board; all cabins and suites, the Aft Main Restaurants, Steakhouse, and Los Lobos and many more restaurants and bars onboard.
Report Metric
Details
Market size available for years
2022–2029
Base year considered
2022
Forecast period
2023-2029
Forecast Monetary Unit
Value (USD)
Segments Covered
By Material, End User, Application, Product, Ship Type, and Region
Regions Covered
North America, Europe, Asia Pacific, and the Rest of the World
Major players operating in the global Marine interiors market include R&M Group, Almaco, Trimline, Kaefer, Bourne Group, Marine Interiors, Mivan Marine, Oy Lautex AB, Bolidt, Forbo Flooring Systems, Naval Interior Team, Tillberg Design of Sweden, YSA Design, AROS Marine, NORAC AS, and Precetii INC.
Key Market Segments: Marine Interiors Market Marine Interiors Market by Ship Type
Commercial
Cargo Vessel
defence
Others
Marine Interiors Market by End User
New Fit
Refit
Cruises
Yachts
Marine Interiors Market by Application
Passenger Area
Public
Crew
Utility
Regional Analysis Europe to Hold Major Share of Global Marine Interiors Market
Europe dominated the global marine interiors market in 2022. The market in this region is expected to grow rapidly during the forecast period. The marine sector in this region is well established. Europe has the largest number of motorboats, yachts and superyachts in the world. Additionally, boat shows and recreational activities are on the rise in the area. The French pleasure crafts industry has 5,435 companies and employs a total of 40,510 people. France accounts for almost a third of European sales and her fifth of the fleet. North America gained significant market share in 2022 due to its large fleet size and growing demand for recreational boating in the region. Rising tourism and leisure activities are estimated to boost the demand for marine interiors during the forecast period.
Asia Pacific and the Middle East and Africa accounted for a modest share of the global marine interiors market in 2022. The market in this region is expected to expand at a healthy pace during the forecast period. The sea tourism industry in the Asia-Pacific region is developing rapidly. Additionally, the pleasure and recreational boating industry is beginning to expand in the region.
Latin America held a relatively small share of the global marine interiors market in 2022. The market in the region is expected to grow at a slower pace during the forecast period as the countries in the region are still developing.
Marine Interiors Market Driving Factors
Rising Ship Interior Refurbishment Developments to Spur Market Growth
Composite ship interior solutions are garnering praise for improving vessel stability, reducing weight and increasing productivity. The growing demand for combined solutions is leading to the replacement of current ship interior solutions with combined solutions. In addition, the increasing number of old ships around the world leads to an increase in modernization development. Rising spending on luxury living has increased the demand for luxury yachts. These yachts offer a high-end travel experience by offering modern interiors, impeccably designed cabins and safety solutions to sustain the growth of the onboard interiors market during the forecast period.
The demand for marine interiors is increasing due to tourism activities and increasing per capita income. Furthermore, demand for amusement and leisure activities is steadily increasing around the world, so demand for marine interiors is expected to increase.
Increased retrofitting of yachts and cruise ships may increase demand for ship interiors in the near future
Objectives of the Report
To provide an overall view of the market.
To detail out key pointers such as growth, market size, trends, drivers, restraints, challenges and opportunities in quantitative and qualitative terms
To provide a holistic view of market players and their activities to get an understanding of key growth strategies adopted
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