Marine Interiors Market worth $5.8 billion by 2027
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Based on ship type, the yachts segment is projected to lead the marine interiors market during the forecast period.
Based on ship type, the yachts segment is expected to lead the marine interiors market during the forecast period. As per Forbes, 2017 was a record year for billionaires; there were 165 billionaires globally, a growth of more than 8% compared to 2016. Of these, 105 billionaires were from the Asia Pacific region. The rise in the purchasing power of individuals is likely to fuel the demand for yachts, though deliveries will be in the future, as it takes a few years for yachts to be delivered.
Based on end user, the refit segment of the marine interiors market is expected to grow at a high rate during the forecast period
Based on end user, the refit segment of the marine interiors market is projected to grow at a higher CAGR as compared to the new fit segment during the forecast period. Major companies in the marine interiors market focus on new fit installations as opposed to newfit.
The market for marine interiors in Europe is projected to hold the largest market share during the forecast period
The rapid growth and largest market share European marine interior can be attributed to the presence of leading providers of marine interiors like Hella (Germany), Osram (Germany), Lumishore (UK), and Foresti & Saurdi (Italy) in the region. Countries such as Norway and Greece have a large number of passenger as well as commercial ships. The growing demand for maritime leisure activities will increase the demand for ships and thereby boost the marine interiors market in this region.
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Major players operating in the marine interiors market are R&M Group (Germany), Almaco (Finland), Trimline (UK), Mivan Marine Ltd And Mjm Marine (UK), Marine Interiors (Italy), Aros Marine (Lithuania), Kaefer (Germany), Norac (Norway), Bolidt (Netherlands), Forbo Flooring Systems (Netherlands), and Tillberg Design Of Sweden (Sweden).
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