(MENAFN- EIN Presswire) Boat Speedometer Market: Opportunity Analysis and Industry Forecast, 2021-2030
WILMINGTON, DELAWARE, UNITED STATES, November 20, 2023 /EINPresswire / -- Allied Market Research's latest report, "Global Boat Speedometer Market," unveils a compelling narrative of the industry's trajectory. Valued at $353.3 million in 2020, the market is projected to reach an impressive $558.5 million by 2030, manifesting a steady CAGR of 4.6% from 2021 to 2030. In the maritime landscape, Europe takes the lead, commanding a substantial 56.5% share of the global boat speedometer market in 2020.
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The significant growth witnessed by the global boat speedometer market over the past decade can be attributed to the escalating demand for cargo transformation through ships, a surge in tourism, and the widespread adoption of kicking straps in water sports activities. However, challenges like raw material price fluctuations and the presence of substitutes such as impeller logs and propeller logs pose hurdles to market growth. On the flip side, the global rise in water sports activities presents promising opportunities for the expansion of the boat speedometer market.
Boat speedometer products, integral to marine activities, are prominently used in various vessels, including boats, ships, sailboats, and yachts. Functioning as devices to measure a boat's speed relative to water, boat speedometers offer two display modes: analog and digital.
The rise in disposable income globally, coupled with increased spending on tourism, propels the demand for boat speedometers, especially in sailboats and keelboats. Spain, for example, experienced a notable 5.9% growth in disposable income from 2017 to 2020. The growing trend of recreational boating worldwide further fuels market growth, as boat speedometers play a crucial role in maintaining control and speed in various types of boats and sailboats.
With sea-borne trade on the upswing, the demand for boat and yacht systems is escalating, contributing to the overall growth of the global boat speedometer market. Products such as pressure gauges, voltmeters, pitometers, tachometers, and GPS speedometers are widely adopted in boat and yacht systems to regulate speed effectively.
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Major industry players like Cruzpro Limited, Nasa Marine Ltd, and Flir Systems Inc are actively contributing boat speedometer products to meet the demands of boats, sailboats, and recreational boats. For instance, West Marine Inc offers a waterproof GPS speedometer, Sierra Universal MPH, with a 3.375-inch diameter, easy installation, and compatibility with 12V and 24V on various boat types.
While the COVID-19 pandemic temporarily disrupted manufacturing activities globally, the boat speedometer market is poised for recovery with the availability of vaccines. Nonetheless, challenges like fluctuating raw material prices and the availability of substitutes persist, but the market anticipates continued growth driven by the rise in water sports activities worldwide.
The global boat speedometer market is segmented by application, type, distribution channel, and region. Motor boats led the market in 2020 by application, while the digital segment dominated in terms of type. The online distribution channel is projected to witness the highest growth rate in the coming years.
Regionally, Europe maintained its dominance in 2020, and this trend is expected to continue throughout the forecast period. The key players shaping the boat speedometer market landscape include Faria Beede Instruments, Inc, Veethree Group, Flir Systems Inc (Raymarine Plc), Nasa Marine Ltd, Gaffrig Performance Inc, Cruzpro Limited, Autometer Products, Compx International Inc (Livorsi Marine Inc), nKe Marine Electronics, and SAN GIORGIO S.E.I.N. srl.
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Key Findings of the Study:
By application, the motor boats segment dominated the market in 2020.
The digital segment registered the highest growth in the global boat speedometer market in 2020.
The online distribution channel is projected to register the highest growth rate in the coming years.
David Correa
Allied Analytics LLP
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