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Global Boat Monitoring Market - Outlook and Forecast 2022-2027
The boat monitoring market had a value of USD 425.2 million in 2021 and is expected to reach USD 841.5 million by 2027, growing at a compound annual growth rate (CAGR) of 12.05%. Boat monitoring systems are used to track and monitor a boat’s speed, position, and direction of travel. These systems consist of position and tracking, control systems, security systems, and other components. The demand for boating activities is high in the US due to factors such as urbanization, improved living standards, socializing sports, and the desire for family experiences and relaxation. This has led to an increased importance and acceptance of boat monitoring systems, contributing to market growth from 2022 to 2027.
Manufacturers are striving to stimulate demand for boat monitoring devices by incorporating the latest technologies, such as IoT solutions, to simplify and enhance the boating experience. The inclusion of joystick controls is also aimed at providing a more engaging experience. The significant advantages driving market growth include features like alerts, security and theft prevention, remote boat control, maintenance assistance, reduced insurance costs, and fleet management solutions.
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USD 841.5 Mn incremental growth between 2021 and 2026
Monitoring System, Application, and Geography
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In 2021, there was a surge in the launch of technologically advanced boat monitoring systems. Technological advancements have made it easier to track and monitor boats. Automatic Positioning Systems, which utilize GPS satellites to maintain a boat’s current position, act as virtual anchors. Boats with inbuilt tracking devices use GPS to provide the exact location, facilitating quicker emergency response. Beacons, on the other hand, send information to smartphones within their range, enabling users to control various boat functions. Self-sailing boats represent the future of sailing, allowing boaters to enjoy their time while the boat autonomously follows a predefined route. Examples include MIT and the Amsterdam Institute for Advanced Metropolitan Solutions’ demonstration of a self-sailing boat named Robot.
Marine and ocean tourism is one of the fastest-growing segments in the global tourism industry. The expansion of the marine tourism sector has contributed to the growth of the boat monitoring market in recent years. Major tourist destinations in the US, such as California, Florida, and New York, attract millions of domestic and international tourists annually.
The demand for boating activities has increased as people seek outdoor recreational options amid the ongoing impact of COVID-19 on other leisure activities, travel, and sports. According to the National Marine Manufacturers Association (NMMA), retail unit sales of new powerboats exceeded 300,000 units in 2021 for the second consecutive year, representing a 7% increase compared to the five-year average.
Boat monitoring systems have relatively lower penetration in emerging and underdeveloped countries like Brazil, India, Turkey, and others. These systems are primarily concentrated in developed economies such as Australia, Canada, Japan, the US, and Western European countries. Latin American countries with slow economic growth exhibit lower demand for boat monitoring systems.
The market is segmented based on various factors, including monitoring system, application, and geography.
Segmentation by Monitoring System
Position and Tracking
Segmentation by Application
Segmentation by Geography
North America – US, Canada
Europe – Germany, France, UK, Italy, Spain
APAC – China, Japan, India, South Korea, Australia
Latin America – Brazil, Mexico, Argentina
Middle East & Africa – South Africa, UAE
The largest segment in the global boat monitoring market is expected to be the position and tracking segment. This segment plays a crucial role in identifying, tracking, and monitoring a boat’s location, position, and other vital information necessary for stabilizing and maneuvering its route and course. Boat tracking systems are available in a wide variety, with the Global Positioning System (GPS) being the most commonly used among them.
The boat market segment will dominate the global boat monitoring industry. It encompasses outboard boats, inboard boats, and personal watercraft boats. The expansion of the North American market has prompted boat and engine manufacturers to invest in developing modern and innovative boats equipped with monitoring systems. Additionally, exports to developing markets contribute significantly to the revenue generation of this segment. However, yacht tracking systems are expected to experience growth during the forecast period.
The global boat monitoring market has seen significant development in North America, Europe, and APAC regions due to the increasing penetration of boat tracking systems. Latin America and the Middle East, on the other hand, present high potential markets with ample growth opportunities. North America held the largest share in the boat monitoring industry in 2021, accounting for a revenue share of 43.27%. In the United States specifically, the demand for boat monitoring accounted for an 87.36% revenue share in 2021. Factors such as the growing safety and security concerns among boat users and advancements in boat monitoring system technology are driving the market’s growth in the United States.
The global boat monitoring market exhibits a fragmented nature, and this fragmentation is expected to accelerate in the forecast period. There is a considerable number of both global and domestic vendors operating across different geographical regions. The adoption rate of boat monitoring systems among end-users worldwide has been impressive. As the demand for yachts and various types of outboard boats continues to rise, numerous new vendors have entered the industry. This has led to intensified competition among these companies, resulting in the introduction of innovative and advanced solutions. These players compete on multiple factors, including price, quality, availability, brand reputation, and product variety. However, price is anticipated to become a significant basis for competition as vendors strive to gain a competitive edge over others in the market.
In developed countries such as the US and Western European nations, the market concentration is high. In contrast, the boat monitoring industry is growing in developing economies like China and India, mainly due to the entry of several international brands in these regions. The competition among vendors primarily revolves around product offerings and pricing strategies. Vendors are adopting new business models and are focused on expanding their product portfolios to drive growth in the market.
Key companies profiled in this report include Azimut-Benetti Group, Brunswick Corporation, Groupe Beneteau, Yamaha, GOST, Seas of Solutions, Navis Elektronika, Smart switch, Garmin, Monnit, Kobelt, C-pod Security Systems, Siren Marine, Mastervolt, Sentinel, Yacht Sentinel, GEM Elettronica, C.technology, Vanemar, Barnacle Systems.
Key Questions Answered
WHAT IS THE SIZE OF THE GLOBAL BOAT MONITORING MARKET?
The global boat monitoring market was valued at USD 425.2 million in 2021 and is projected to reach USD 841.5 million by 2027.
WHAT IS THE GROWTH RATE OF THE GLOBAL BOAT MONITORING MARKET?
The global boat monitoring market is anticipated to grow at a compound annual growth rate (CAGR) of 12.05% during the period from 2022 to 2027.
WHAT ARE THE DRIVING FACTORS FOR GROWTH IN THE GLOBAL BOAT MONITORING MARKET?
The major factors driving the growth of the global boat monitoring market include technological advancements in the marine industry, increasing participation in leisure boating activities in Europe, a growing focus on avoiding adverse weather conditions, and emerging opportunities in the electric boat industry.
WHO ARE THE KEY PLAYERS IN THE GLOBAL BOAT MONITORING MARKET?
Some of the leading players in the global boat monitoring market include Azimut-Benetti Group, Brunswick Corporation, Groupe Beneteau, Yamaha, GOST, Seas of Solutions, Navis Elektronika, and Smart switch.
WHICH REGION IS EXPECTED TO DOMINATE THE GLOBAL BOAT MONITORING MARKET BY 2027?
North America is expected to hold the largest share in the global boat monitoring market by 2027.