Boat Speedometer Market Future Growth, Trends, Key Leaders

boat speedometer market

According to Verified Market Research, Global Boat Speedometer Market was valued at USD 353.3 Million in 2020 and is projected to reach USD 558.5 Million by 2030, growing at a CAGR of 4.6% from 2021 to 2030. In 2020, Europe dominated the global boat speedometer market, accounting for 56.5% market share. of the market.

Boat speedometer products are widely used in marine, boat, ship, sailboat and yacht. A boat speedometer is a device used to measure the speed of a boat relative to water. The boat speedometer is used on submarines and surface boats. The boat speedometer is available in two display modes, analog display and digital display.

Main companies
The major players profiled in the market report are Faria Beede Instruments, Inc, Veethree Group, Flir Systems Inc (Raymarine Plc), Nasa Marine Ltd, Gaffrig Performance Inc, Cruzpro Limited, Autometer Products, Compx International Inc (Livorsi Marine Inc), nKe Marine Electronics and SAN GIORGIO SEIN srl.

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Rising disposable income of the population coupled with soaring expenditure on tourism activities is driving the demand for boat speedometers in sailboats and keelboats, thereby driving the growth of the global boat speedometer market boats. For example, Spain’s disposable income recorded a growth of 5.9% from 2017 to 2020. Rising trend of boating across the globe is expected to drive the growth of the speedometer market for boats. The boat speedometer is capable of working with 12V or 24V on all types of boats, which helps in maintaining control and speed of boats and sailboats, thus fueling the growth of the boat speedometer market.

The increase in maritime trade increases the demand for systems for boats and yachts, which is expected to contribute to the growth of the global boat speedometer market. Pressure gauges, voltmeters, pitometer, tachometer and GPS speedometer are some of the boat speedometer products available in the market which have been widely adopted in boat and yacht systems to maintain the speed of boats and keelboats.

Major players such as Cruzpro Limited, Nasa Marine Ltd, and Flir Systems Inc provide speedometers for boats, sailboats, and recreational craft in the market. For example, West Marine Inc offers GPS Speedometer, Sierra Universal MPH GPS Boat Speedometer. It has a diameter of 3.375 inches and is waterproof. It is easy to install and assemble on boats and ships. It is able to operate in 12 V and 24 V on all types of boats.

Various manufacturers in the global boat speedometer market have had to halt their business operations due to the lockdown initiated in countries such as UAE, India, and Brazil. This had a direct impact on sales of boat speedometers, globally. For example, Compx International Inc’s net sales decreased by 7.8% from January 2019 to January 2020. In addition, lack of raw materials, supply chain disruption and lack of labor interrupted the supply chain of boat speedometer products. However, the availability of coronavirus disease vaccines is expected to lead to the global boat speedometer market opening at full capacity by the end of 2021 or the beginning of 2022.

However, fluctuating raw material prices and availability of substitutes, such as turbine log and propeller log, are expected to restrain the boat speedometer market growth. On the contrary, the increase in water sports activities globally is expected to create growth opportunities for the global market.

The global boat speedometer market is segmented into application, type, distribution channel, and region. Based on application, the market is divided into powerboats, sailboats/yachts and others. Motorboat segment dominated the market in 2020. Based on type, the market is fragmented into analog and digital. The digital segment generated the highest revenue in 2020. Based on the distribution channel, the market is segregated into offline and online. The offline segment dominated the market in 2020.

Regionally, the Global Boat Speedometer Market analysis is conducted in North America (US, Canada and Mexico), Europe (UK, France, Germany, Italy and Rest of Europe ), Asia-Pacific (China, Japan, India, Australia and Rest of Asia-Pacific) and LAMEA (Latin America, Middle East and Africa). In 2020, Europe was the largest contributor to the global boat speedometer market share and is expected to secure a leading position over the forecast period.

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