What is the global market size of the GCC Boat Speedometer Market?

GCC Boat Speedometer Market size was valued at USD 366.7 million in 2021 and is expected to rise from USD 384.3 million in 2022 to reach USD 559.19 million by the end of 2030, by rising at a CAGR of 4.80% during the forecast period (2023-2030).

GCC Boat Speedometer Market Size, Share, Growth Analysis, By Type(Digital and analog), By Distribution channel(Online and offline), By Region - Industry Forecast 2024-2031

Report ID: SQMIR25A2289 | Region: Regional | Published Date: March, 2024
Pages: 223 | Tables: 59 | Figures: 64

GCC Boat Speedometer Market Dynamics

GCC Boat Speedometer Market Driver

High Disposable Incomes of People to Augment Growth

The rise in population disposable income in a number of nations, including India, Japan, Brazil, and others, is anticipated to boost tourism, which will fuel the expansion of the boat speedometer market. Japan's disposable income, for instance, increased by 6.5% between 2019 and 2020. The boat speedometer market is expanding as a result of the rising demand for boat speedometers in leisure and boating activities.

GCC Boat Speedometer Market Restraint

Changing Prices of Raw Materials May Hamper Growth

The market for boat speedometers is expected to be constrained by the fluctuation in raw material prices and the accessibility of substitutes like impeller log and propeller log.

GCC Boat Speedometer Market Report Snapshots

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GCC Boat Speedometer Market size was valued at USD 384.3 million in 2022 and is expected to rise from USD 402.75 million in 2023 to reach USD 586.033 million by the end of 2031, by rising at a CAGR of 4.80% during the forecast period (2024-2031).

The nature of the GCC Boat Speedometer Market is highly competitive and somewhat fragmented due to multiple companies operating in this market. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. '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', 'SAN GIORGIO S.E.I.N. srl. '

The rise in population disposable income in a number of nations, including India, Japan, Brazil, and others, is anticipated to boost tourism, which will fuel the expansion of the boat speedometer market. Japan's disposable income, for instance, increased by 6.5% between 2019 and 2020. The boat speedometer market is expanding as a result of the rising demand for boat speedometers in leisure and boating activities.

The demand for boat and yacht systems rises as seaborne trade expands, and this is anticipated to support the expansion of the boat speedometer market. Some of the boat speedometer products on the market that have been widely adopted in boat and yacht systems to govern the speed of keelboats and boats include GPS speedometers, tachometers, pitometers, voltmeters, and pressure gauges. The market for boat speedometers is anticipated to grow, but this growth will be constrained by variations in the price of raw materials and the availability of substitutes like propeller and impeller log. On the other hand, the increased popularity of water sports around the world is anticipated to open up new opportunities for the boat speedometer industry.

The growth of tourism and the expansion of marine infrastructure are predicted to create new market prospects for boat speedometers. Kuwait, Bahrain, the United Arab Emirates, Oman, and Qatar are the leading nations in the GCC boat market. The development of the marine industry in Dubai and the GCC is supported by the cluster known as Dubai Maritime City (DMC), which is focused on the maritime industry in Dubai. Additionally, it is the first maritime-specific free zone ever constructed. Yacht manufacture, ship maintenance, maritime engineering, technology service providers, office space, and other housing and recreational facilities are among the facilities. Nearly 88% of the components in the UAE/GCC are imported, making it a market that is heavily dependent on imports. Most of the important component groupings that have been identified are imported from different nations, including the US, France, Italy, Netherlands, Germany, etc.

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GCC Boat Speedometer Market Size, Share, Growth Analysis, By Type(Digital and analog), By Distribution channel(Online and offline), By Region - Industry Forecast 2024-2031

GCC Boat Speedometer Market Dynamics

GCC Boat Speedometer Market Report Snapshots

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What is the global market size of GCC Boat Speedometer Market?

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