Chicago, July 04, 2022 (GLOBE NEWSWIRE) -- According to Arizton's latest research report, the global boat monitoring market is expected to grow at a CAGR of 12.05% during 2022-2027. With several technological advances, the market for electric boats has witnessed significant growth over the past years. Electric boats, particularly hybrid ones, where the electric motor doubles as a mechanically spun generator, are experiencing more uptake in the leisure sector, thereby driving the demand for boat-monitoring systems.
North America and Europe are expected to witness high demand for boat monitoring systems during the forecast period. As, the commercial adoption of boats has increased in these regions, this will offer vendors tremendous growth opportunities in the upcoming years.
Boat Monitoring Market Report Scope
| Report Attributes | Details | |
| MARKET SIZE (2027) | $841.54 Million | |
| MARKET SIZE (2021) | $425.18 Million | |
| CAGR (2022-2027) | 12.05% | |
| BASE YEAR | 2021 | |
| FORECAST YEAR | 2022-2027 | |
| MARKET SEGMENTS | Monitoring System, Application, and Geography | |
| GEOGRAPHIC ANALYSIS | North America, Europe, APAC, Latin America, and Middle East & Africa | |
| COUNTRIES COVERED | US, Canada, UK, Germany, France, Italy, Spain, China, Japan, Australia, India, South Korea, Mexico, Brazil, Argentina, South Africa, and UAE | |
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Increasing Participation in Leisure-Boating Activities in Europe
The leisure boating industry in Europe has witnessed impressive growth over the past five years. Countries such as Belgium, Croatia, and many others have witnessed significant growth in the recreational boat market. For instance, Belgium offers several facilities for water sports that can accommodate practically every type of aquatic activity. Croatia has over 5,000 ports along its mainland and island coastlines, accommodating over 22,000 vessels. As a result, there is a high demand for all types of maritime produce. Croatia is poised to emerge as a significant market and conduit in Southeast Europe. Laying the groundwork provides significant opportunity for small and medium-sized businesses seeking a place in the expanding industry to reap its benefits.
Key Highlights
- The global boat monitoring market would realize an absolute growth of 97.9% in terms of revenue in the period between 2021-2027.
- Position and tracking segment accounted for majority share of the global boat monitoring market in 2021 and is expected to grow with an 13.03% CAGR during the forecast period.
- Boat segment dominated the global boat monitoring market with a revenue share of 64.72% in 2021 and is expected to grow with a CAGR of 12.43% by the end of 2027.
- The North America dominates the overall boat monitoring market with a share of 43.27% in 2021. The growth of this market in North America is mainly supported with the presence of major manufacturing facilities in the US.
- APAC is the fastest growing region in the global boat monitoring market, growing at a CAGR of 14.56% during the forecast period.
- Europe is the second largest boat monitoring market holding a share of 28.19% in 2021. The high spending power among Europeans is one of the major factors propelling the growth of the boat monitoring market in the region.
Market Segmentation
Monitoring System
- Position and Tracking
- Control System
- Security System
- Others
Application
- Boats
- Yachts
- Others
Regions
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- APAC
- China
- Japan
- Australia
- India
- South Korea
- Latin America
- Mexico
- Brazil
- Argentina
- Middle East & Africa
- South Africa
- UAE
The rapid change in technological environment can adversely affect vendors as customers expect continuous innovations and upgrades in the development of boat-monitoring systems. The present scenario is compelling vendors to alter and refine their unique value proposition to achieve a strong market presence. In recent years, the boat monitoring market is in a growing stage in developing economies such as China and India with the introduction of many international brands, the market concentration is high in established countries such as the US and other Western European countries. The competition among vendors is based on product offerings and pricing. Vendors are using new business models and focusing on developing the portfolios of their established products to drive the market growth.
The adoption rate of boat-monitoring systems among end-users worldwide has been impressive. Due to the higher demand for yachts and different outboard boats, the market has witnessed the entry of several new vendors. The competition among these companies has intensified, leading to the introduction of several innovative and advanced solutions in the market. These players compete on various factors such as price, quality, availability, brand, and variety. However, price is set to become a major basis for competition among players to gain an edge over other vendors in the market.
Key Vendors
- Azimut-Benetti Group
- Brunswick Corporation
- Groupe Beneteau
- Yamaha
- GOST
- Seas of Solutions
- Navis Elektronika
- Smart switch
- Garmin
- Monnit
- Kobelt
- C-pod Security Systems
- Siren Marine
- Mastervolt
- Sentinel
- Yacht Sentinel
- GEM Elettronica
- C.technology
- Vanemar
- Barnacle Systems
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About Arizton:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals, and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
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