Global Chart Plotter Market Overview:
A chartplotter is an electronic navigation device that incorporates a GPS receiver with the ability to view electronic charts/maps, allowing the boat owner to keep track of his craft's location and movement in relation to the physical environment above and below the water. In the current scenario, the marine chartplotter market is rising at a rapid rate, owing to improved technology. Due to the continuous up-gradation of chartplotter software, demand for the same is expected to increase in the coming years. In addition, increasing demand for yachts in North America and the Middle East is expected to drive the chartplotter market.
As per latest study released by AMA Research, the Global Chart Plotter market is expected to see growth rate of 6.5%Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Historical Period | 2018-2023 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Increasing trend of maritime operations for leisure and fish finding
Market Growth Drivers:
Growing adoption of Chartplotter for tracking speed and direction
Challenges:
High cost of solutions
Restraints:
Issue related to lack of proper standards may hamper the market growth
Opportunities:
Demand for GPS and advanced navigational aid has led several marine electronics companies to develop advanced technologies to meet the rising demand
Competitive Landscape:
The vendors in this market are majorly focusing on developing innovative products and solutions in order to cater to the market's demands to remain competitive in the global market. According to the recent global industry crisis due to the outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as the production and markets of different industries have been shut down for an ambiguous period of time.
Some of the key players profiled in the report are B&G (United Kingdom), Furuno Electric Co. Ltd (Japan), Garmin International (United States), Humminbird (United States), Japan Marina Co. Ltd. (Japan), Lowrance (United States), Navionics Srl (Italy), ONWA Marine Chartplotter Co. Ltd. (China), Raymarine (FLIR System) (United Kingdom) and Simrad (Norway). Additionally, following companies can also be profiled that are part of our coverage like Garmin Ltd. (Switzerland), Jeppesen Sanderson (United States), C-MAP (Norway) and B&G (United Kingdom). Analyst at AMA Research see United States Players to retain maximum share of Global Chart Plotter market by 2030. Considering Market by End Use, the sub-segment i.e. Defense will boost the Chart Plotter market.
Latest Market Insights:
In September 2023, Raymarine,announced partnership with autonomous boat navigation provider Avikus, with several major boatbuilders having agreed to integrate Raymarine x Avikus NeuBoat Dock technology into their next model year. The partnership between Raymarine and Avikus began at the 2022 Fort Lauderdale International Boat Show, when Avikus first demonstrated its NeuBoat technology and the two companies signed a Memorandum of Understanding (MoU) that outlined cooperation on the integration of the world’s first autonomous boating solution into Raymarine’s world-leading navigational products.
In February 2023, Raymarine, global leaders in high-performance marine electronics for the recreational boating and marine first responder and law enforcement markets, announced today the launch of five new products which include 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.
What Can be Explored with the Chart Plotter Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Chart Plotter Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Chart Plotter
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Chart Plotter market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Chart Plotter market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Submarine Operators, Marine Organization, Naval Organizations and Chart Plotter Developers.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.