The boat monitoring market to Reach $841.54 Million by 2027. Hybrid Electric Boat Driving the Demand - Arizton

According to Arizton's latest research report, the global boat monitoring market is expected to grow at a CAGR of 12.05% during 2022-2027. With several technological advances, the market for electric boats has witnessed significant growth over the past years. Electric boats, particularly hybrid ones, where the electric motor doubles as a mechanically spun generator, are experiencing more uptake in the leisure sector, thereby driving the demand for boat-monitoring systems.
North America and Europe are expected to witness high demand for boat monitoring systems during the forecast period. As, the commercial adoption of boats has increased in these regions, this will offer vendors tremendous growth opportunities in the upcoming years.

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INCREASING PARTICIPATION IN LEISURE-BOATING ACTIVITIES IN EUROPE
The leisure boating industry in Europe has witnessed impressive growth over the past five years. Countries such as Belgium, Croatia, and many others have witnessed significant growth in the recreational boat market. For instance, Belgium offers several facilities for water sports that can accommodate practically every type of aquatic activity. Croatia has over 5,000 ports along its mainland and island coastlines, accommodating over 22,000 vessels. As a result, there is a high demand for all types of maritime produce. Croatia is poised to emerge as a significant market and conduit in Southeast Europe. Laying the groundwork provides significant opportunity for small and medium-sized businesses seeking a place in the expanding industry to reap its benefits.

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The rapid change in technological environment can adversely affect vendors as customers expect continuous innovations and upgrades in the development of boat-monitoring systems. The present scenario is compelling vendors to alter and refine their unique value proposition to achieve a strong market presence. In recent years, the boat monitoring market is in a growing stage in developing economies such as China and India with the introduction of many international brands, the market concentration is high in established countries such as the US and other Western European countries. The competition among vendors is based on product offerings and pricing. Vendors are using new business models and focusing on developing the portfolios of their established products to drive the market growth.
The adoption rate of boat-monitoring systems among end-users worldwide has been impressive. Due to the higher demand for yachts and different outboard boats, the market has witnessed the entry of several new vendors. The competition among these companies has intensified, leading to the introduction of several innovative and advanced solutions in the market. These players compete on various factors such as price, quality, availability, brand, and variety. However, price is set to become a major basis for competition among players to gain an edge over other vendors in the market.

Key Vendors
• 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

To know more: https://www.arizton.com/market-reports/boat-monitoring-market

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