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Marine Interiors Market worth $5.8 billion by 2027

05-05-2021 07:40 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: MarketsandMarkets

According to the new market research report on the "Marine Interiors Market by ship Type (Commercial, Defense),End User(New Fit, Refit), Material (Aluminum, Steel, Joinery, Composites), Product (Ceilings & Wall Panels, Furniture, Galleys & Pantries, Lighting), Application, Region - Global Forecast to 2027", The marine interiors market size is projected to grow from USD 2.7 billion in 2020 to USD 5.8 billion by 2027, at a CAGR of 11.6% from 2020 to 2027. The global cruise industry has been witnessing steady growth as the number of passengers traveling by cruises has increased worldwide. The growth in maritime tourism is expected to lead to the increased demand for yachts and cruise ships, thereby driving the marine interiors market.

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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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Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

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