Marine electronics market is anticipated to grow at a considerable CAGR of 5.4% during the forecast period (2024-2031). The market growth is attributed to growing seaborne trade, development of novel marine vessels, growing demand for marine electronics in recreational boating industry, andincreasing emphasis on marine vessel safety. Further, the market trends are moving towards development of autonomous and unmanned marine vessels, growing adoption of electric and hybrid propulsion systems, and rising development of naval vessels, such as submarines, ships, and aircraft carrier.
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The recreational boating industry has seen a surge in demand, post-pandemic especially in developed countries. For instance, according to the National Marine Manufacturer Association (NMMA), retail unit sales of new powerboats in the US reached a 13-year high in 2020 with nearly 320,000 units sold, up 13.0% compared to 2019, comprising Personal Watercraft (PWC), including Jet Ski, Sea-Doo and Wave Runner, were up 8.0% to 82,500 units in 2020.Theannual sales of boats, marine products, and services totaled $49.3 billion in 2020, up 14.0% from 2019.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Marine Electronics Market Report Segment
By Component Type
- Hardware
- Software
By Application
- Merchant marine electronics
- Fishing vessel electronics
- Yacht/Recreation boat electronics
- Military naval electronics
- Autonomous shipping electronics
- Smart boat electronics
- Underwater drone electronics
Global Marine Electronics Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East and Africa
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global marine electronics market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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