Marine Chartplotter Market Size was valued at USD 0.7 Billion in 2022. The Marine Chartplotter market industry is projected to grow from USD 0.74 Billion in 2023 to USD 1.28 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.0% during the forecast period (2023 - 2032). Due to the expansion of international marine trade and the strict rules governing maritime security are the key market drivers enhancing the market growth.
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Growing use of GPS is driving the market growth.
Market CAGR for marine chartplotter is being driven by the rising use of GPS. The business community knows GPS may use the information gathered to address various commercial issues. As the Internet of Things expands, an increasing number of devices connect to the Internet, generating massive amounts of data. By giving data sets structure, location-related information facilitates data analysis. According to the International Telecommunication Union, 93% of the world's population, or 105 mobile-cellular subscribers per 100 people, has access to a mobile broadband network. Therefore, the widespread usage of the Internet and smartphones worldwide would create development opportunities for the GPS industry. The ability to instantly get positional data has altered because of Navigation Satellite Systems (GNSS) positioning technology. Through improved productivity, safety, and innovation, the positioning offers value to customers across a range of products, including smartphones and autonomous cars. By offering unprecedented precision and reliability from a new generation of positioning system infrastructure, some governments want to maximize this value. The necessary ground infrastructure is being built by nations worldwide to track, validate, and optimize data from satellite networks for exact international locations. Passenger and commercial cars are using positioning systems and other linked technologies to gather real-time data. The data is either analyzed by the vehicle's onboard computer or forwarded to a cloud server for additional analysis, enabling the tracking and monitoring of the vehicle.
Using satellites to transmit signals to GPS receivers, the Navigation Satellite System (GNSS) network records position, time, vehicle speed, and direction. GPS is in charge of managing this network. GPS is expected to grow in popularity in the next years since it is a key technology for improving operational efficiency in the automobile sector. This technology allows for precise speed and distance computations, route optimization, and vehicle tracking. For businesses where the performance of the operation is heavily dependent on the use of cars, such as fleet management, GPS is useful. Fleet managers want to control expenses while increasing vehicle productivity and efficiency. A major aspect of GPS tracking software is reporting fuel usage. This function is essential to fleet owners because the cost of fuel is one of the biggest operational expenditures for fleets. By examining this fuel consumption tracking report, the fleet operator may identify and eliminate the causes of excessive fuel use. A GPS-equipped car also helps drivers assess their driving behaviors, such as speeding, hard braking, rapid acceleration, and sudden turns. Thus, driving the Marine Chartplotter market revenue.
Marine Chartplotter Component Insights
Based on components, the Marine Chartplotter market segmentation includes hardware and software. The software segment dominated the market, accounting for 65% of market revenue. The category is anticipated to develop throughout the projection period due to ongoing software changes that improve chartplotter features. Additionally, routine software upgrades allow chartplotter makers to include new navigational capabilities and maps that users may obtain online.
Marine Chartplotter Application Insights
Based on application, the Marine Chartplotter market segmentation includes navigation, fish finders and others. The fish finders segment dominated the market. The fishing technique and equipment have improved due to using ultrasonic echoes. The efficiency of capturing fish has increased due to significant improvements in fishing gear. The worldwide fish finder market is driven by increased fish output, technical advancements that improve freshness and stabilize fish prices, and rapid growth in the synthetic fiber sector for fishing nets.
Marine Chartplotter End User Insights
Based on end users, the Marine Chartplotter market segmentation includes Yachts and Boats. The yacht category generated the most income. Due to people's rising disposable income and propensity for leisure or recreational activities, the demand for yachts has steadily risen over the past few years. The main drivers of boat sales are the increasing demand of tourists for luxury travel, individualized service, and private travel. Manufacturers are prioritizing luxury elements to provide customers with better performance qualities. Over the past several years, there have also been significant improvements in the techniques used to make boats. Wood and fiber-reinforced plastics were used in the construction of yachts.
Figure 1: Marine Chartplotter Market, by End User, 2022 & 2032 (USD Billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Marine Chartplotter Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Marine Chartplotter market area will dominate this market due to the region's rising demand for personal boats. Additionally, rising per capita disposable income in nations like the US makes buying yachts possible, which is anticipated to support regional market expansion throughout the projection period. The region's high military and defense spending is anticipated to increase demand for maritime chart plotters.
Further, the major countries studied in the market report are The US, Canada, the UK, Italy, Spain, China, Japan, India, Australia, German, France, South Korea, and Brazil.
Figure 2: MARINE CHARTPLOTTER MARKET SHARE BY REGION 2022 (USD Billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Marine Chartplotter market accounts for the second-largest market share. Factors like increased HNWI and the attractiveness of fishing and other water sports in European nations mostly drive the demand. Due to the region's beauty and recent encouraging regulations, coastal and marine tourism passenger traffic is anticipated to expand dramatically in the following year. Additionally, the UK Marine Chartplotter market grew quickly in Europe, while the German Marine Chartplotter market had the greatest market share.
The Asia-Pacific Marine Chartplotter Market is expected to grow at the fastest CAGR from 2023 to 2032. Increased disposable money and a higher level of life are important variables influencing the local population's shifting preferences for yacht travel. Additionally, the Indian Marine Chartplotter market had the quickest growth rate in the Asia-Pacific region, while China's Marine Chartplotter market had the greatest market share.
Leading market companies are extensively spending R&D on increasing their product lines, which will help the Marine Chartplotter market grow even more. Important market developments include new product releases, contractual agreements, acquisitions and mergers, greater investments, and collaboration with other organizations. The Marine Chartplotter industry must produce cost-effective merchandise to flourish and thrive in a more competitive and increasing market climate.
Manufacturing locally to reduce operating costs is an effective business strategy manufacturers use in the worldwide Marine Chartplotter industry to serve clients and expand the market sector. The Marine Chartplotter industry has provided some of the most important benefits recently. Major players in the Marine Chartplotter market, including KPM-Maritime, Garmin International, Inc and others, are attempting to increase market demand by investing in research and development operations.
For more than 28 years, KPM Maritime, located in Birmingham, United Kingdom, has focused on designing and producing safety-critical equipment for the maritime and automotive sectors. The KPM line of marine industry goods includes sea strainers, high-performance bilge pumps, modular vessel interiors, seats, and engine room air management systems. KPM bases the design of its products on long product lifespans, complete repairability, and the lowest failure rate. To be nice to the environment, we also utilize no volatile organic compounds and design materials that are 95% recyclable by weight.KPM never ceases coming up with new ideas and listening to its clients, and in 2022 they were honored with the Queen's Award for Enterprise and Innovation. In July 2019, Utilizing Pinpoint Electronics' extensive clientele and experience supplying goods to shipyards, boat builders, and military and commercial fleets, KPM-Maritime and Pinpoint Electronics worked together to broaden the audience for their product lines.
A division of Garmin Ltd. Garmin International, Inc. Switzerland-based Garmin Ltd.'s main subsidiaries are in the United States, Taiwan, and the United Kingdom. Garmin Ltd. or its subsidiaries' trademarks include Garmin, GPSMAP, ActiveCaptain, BlueChart, Fusion, Navionics, Garmin Navionics+, Garmin Navionics Vision+, and LakeVü.In October 2022, A few chart plotters from the GPSMAP series are now preloaded with Garmin Navionics, Garmin International, Inc's newest maritime cartography solution. This all-in-one mapping solution offers vivid colors, an easy-to-use interface, integrated coastal and inland material, and a one-year subscription to daily chart updates to bring unmatched coverage from the top marine mapping brand in the world.
For Instance, May 2023 The Axiom 2 Pro and Axiom 2 XL family of multifunction chartplotter displays, as well as a new suite of sonar products and an advanced marine camera system, are among the latest products from Raymarine, world leaders in high-performance marine electronics for recreational boating, marine first responder, and law enforcement markets.
For Instance, January 2022 Garmin, a producer of maritime devices, has released new cartography solutions for all-in-one coastal and inland mapping that include access to daily chart updates and new Auto Guidance+ technology.The Garmin Navionics+ and Garmin Navionics Vision+, according to the manufacturer, provide an all-in-one mapping solution with updated brilliant colors and "detail-rich" mapping in addition to daily chart updates (up to 5,000 changes to chart material daily).
Marine Chartplotter Component Outlook
Marine Chartplotter Application Outlook
Marine Chartplotter End User Outlook
Marine Chartplotter Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 0.7 Billion |
| Market Size 2023 | USD 0.74 Billion |
| Market Size 2032 | USD 1.28 Billion |
| Compound Annual Growth Rate (CAGR) | 7.0% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Application, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Simrad (Norway), Garmin Ltd (US), FLIR Systems (Raymarine) (US), B&G (US), Lowrance (US), Furuno Electric Co., Ltd (Japan), Humminbird (US), Navionics srl (Italy), ONWA Marine Electronics Co. Ltd (Hong Kong), and Japan Marina Co., Ltd (Japan). |
| Key Market Opportunities | Growing technology |
| Key Market Dynamics | Increase use of GPS |
Marine Chartplotter Market Highlights:
Frequently Asked Questions (FAQ) :
The Marine Chartplotter market size was valued at USD 0.7 Billion in 2022.
The market is projected to grow at a CAGR of 7.0% during the forecast period, 2023-2032.
North America had the largest share in the market.
The key players in the market are Simrad (Norway), Garmin Ltd (US), FLIR Systems (Raymarine) (US), B&G (US).
The software dominated the market in 2022.
The Yatch had the largest share in the market.
Team Lead - Research With a technical background as bachelor's in mechanical engineering, with mba in operations management , swapnil has 6+ years of experience in market research, consulting and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the automotive/a&d domain. swapnil has worked on major projects in verticals such as aerospace & defense, automotive and many other domain projects. he has worked on projects for fortune 500 companies' syndicate and consulting projects along with several government projects.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
