Witness The Excellent Long-Term Growth Outlook Of Marine Chartplotter Market 2025
Global Marine Chartplotter Market Research Report: Information by Component (Hardware and Software), Application (Navigation, Fish Finders, and Others), End Use (Yachts and Boats), by Region (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America) — Forecast till 2025
Marine Chartplotter Market Scenario
The global marine chartplotter market is expected to witness significant growth during the forecast period owing to factors such as the upgrade of existing boats and widespread adoption of sonar systems for search and rescue operations. Additionally, rising use of anti-submarine warfare systems is expected to positively influence market growth.
Based on region, the global marine chartplotter market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
In 2018, North America dominated the global market. The North American market includes the US and Canada. The US is expected to constitute a larger share of the regional market during the forecast period. Furthermore, the presence of key marine electronics companies such as Garmin Ltd and FLIR Systems (Raymarine) in the country is projected to drive market growth during the forecast period.
The European market includes the UK, France, Germany, Italy, and the rest of Europe. Italy accounted for the largest share of the European marine chartplotter market in 2018. The presence of key companies such as Navionics SRL in Italy is expected to drive market growth.
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The marine chartplotter market in Asia-Pacific includes China, India, Japan, Australia, and the rest of Asia-Pacific. China accounted for a dominant share of the market in 2018. China supplies various electronic components used for manufacturing chartplotter systems. Furthermore, the rise in purchase of personal boats in China is expected to drive the growth of the market in the country during the forecast period. The market in Asia-Pacific is expected to register the highest CAGR during the forecast period. Increase in naval investments are expected to drive the regional market growth during the forecast period.
The market in the Middle East & Africa includes the UAE, Saudi Arabia, and the rest of the Middle East & Africa. The UAE is anticipated to account for the largest share of the market in the region during the forecast period. Rise in tourists in the UAE is expected to drive the demand for luxury boats and yachts. This, in turn, is increasing the demand for marine chartplotters during the forecast period.
The market in Latin America includes Brazil and the rest of Latin America. Brazil is expected to account for a larger share of the market during the forecast period. The export business in Brazil is anticipated to drive the growth of the market in the country. Furthermore, investments in the country’s navy are expected to boost the market growth during the review period.
The global marine chartplotter market has been segmented on the basis of component, application, end use, and region.
Based on component, the global marine chartplotter market has been divided into hardware and software. Hardware was the largest segment of the market in 2018; however, the software segment is projected to be the grow faster during the forecast period. The hardware segment has been further segregated into displays, radar, sonar/GPS, and others. The SONARs/GPSs sub-segment is expected to register the highest CAGR during the forecast period.
On the basis of application, the market has been classified as navigation, fish finders, and others. Navigation was the largest segment of the market in 2018, whereas fish finders is estimated to be the fastest-growing segment during the forecast period.
In terms of end use, the market has been segmented into yachts and boats. Boats was the larger segment in 2018 and the yacht segment is projected to register a higher CAGR during the forecast period.
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