#marine chartplotter

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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The global marine chartplotter market is estimated to register a CAGR of nearly 12.01% during the forecast period.

Marine Chartplotter Market Market Highlights

The global marine chartplotter market is expected to witness phenomenal growth during the forecast period due to increasing adoption of SONAR systems for search and rescue operations and rising use of anti-submarine warfare systems. Furthermore, the upgrade of existing boats with devices such as marine chartplotters is expected to encourage market growth during the forecast period. A marine chartplotter is a critical hardware that provides safety to the naval vessel. Chartplotter systems help in the detection of fish, which, in turn, is expected to drive the market growth during the forecast period.

The global marine chartplotter market has been segmented on the basis of component, application, end use, and region.

Based on component, the market has been segmented into hardware and software. Hardware was a larger segment in 2018, while software is projected to be the faster-growing segment during the review period. The hardware segment includes displays, radar, sonar/GPS, and others. The sonar/GPS sub-segment is expected to register the highest CAGR during the forecast period. Increasing use of chartplotter devices for finding fish is expected to drive the growth of the segment during the forecast period.

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By application, the global marine chartplotter market has been classified as navigation, fish finders, and others. Navigation was the largest segment in 2018, whereas fish finders is estimated to be the fastest-growing segment during the review period. The growth of the fish finders segment can be attributed to the increasing use of boats for leisure purposes across the globe.

On the basis of end use, the market has been classified as yachts and boats. Boats was the largest segment in 2018, and the yachts segment is expected to register a higher CAGR during the forecast period. Upgradation of existing yachts is expected to drive the growth of the segment during the forecast period.

Based on region, the global marine chartplotter market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the market in 2018. However, the market in Asia-Pacific is estimated to be the fastest-growing during the forecast period. High naval investments in Asia-Pacific are expected to drive the market in the region during the forecast period.

Key Players

The key players in the global marine chartplotter market are Simrad (Norway), Lowrance (US), Garmin Ltd (US), ONWA Marine Electronics Co. Ltd (Hong Kong), FLIR Systems (Raymarine) (US), B&G (US), Furuno Electric Co., Ltd (Japan), Humminbird (US), Navionics srl (Italy), and Japan Marina Co., Ltd (Japan).

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