The global boat speedometer market was valued at $353.3 million in 2020 and is expected to reach $558.5 million by 2030, registering a CAGR of 4.6% from 2021 to 2030. Boat speedometer is an important device used to measure the speed of the boat on the water surface. It is also known as pitometer log. Boat speedometer is available in two displays, analog display and digital display. It may be fitted with either a pilot tube, also known as GPS gauge. Boat speedometer is largely used in dinghies, sailboats, keelboats, and yachts.
Sailboat tourism activities have been done by tourists in various countries across the world. Boat speedometer is one of the important components used in sailboat and jetboats to measure the speed of boat.
Thus, with rise in demand for sailboats, the demand for tachometer and odometer is expected to rise during the forecast period. Furthermore, rise in income level of people is encouraging them to buy personalized sailboats for their enjoyment, which acts as a key driving force of the growth of boat speedometer market.
The major players, such as Faria Beede Instruments Inc and Gaffrig Performance, are engaged in offering boat speedometer for boats and sailing activities. For instance, AutoMeter Products Inc offers tachometer for boating and sailboats application. It has diameter of 52.4 mm. It is designed for harsh environments and has waterproof sealing. It has an attractive design, aesthetic look, and is lightweight. Such instances drive the growth of the boat speedometer market.
By Application
Others segment is projected to grow at a highest CAGR
Rise in spending on boating and racing activities augments the demand for pneumatic boat speedometer, thereby driving the growth of the market. For instance, the disposable income of Brazil grew by 15.9% from 2018 to 2020. There has been increase in adoption of tachometer, pitometer, and digital display, as they help to prevent collision and maintain balance of sailboat. In addition, rise in adoption of GPS speedometer in various dinghies, boat, yachts, and ships drives the growth of the global boat speedometer market. The development of the tourism industry in Japan is expected to increase the demand for tachometer and pitometer for jet boats, sail boats, and motor boat activities, thereby driving the growth of the boat speedometer market in Japan. For instance, the tourism industry in Japan grew by 8.9% from 2018 to 2019. In addition, rapid development of the boating industry in France is expected to propel the demand for boat speedometer in boats and sailboats, which is expected to fuel the growth of the market in France. For instance, the boating industry in France grew by 5.0% from 2018 to 2019. All such instances drive the growth of the global boat speedometer market.
However, fluctuation in raw material prices and availability of substitutes, such as impeller log and propeller log, are anticipated to restraint the growth of the boat speedometer market. On the contrary, rise in water sports activities globally is anticipated to create growth opportunities for the global boat speedometer market.
By Type
Digital segment holds dominant position in 2020
The global boat speedometer market is segmented into application, type, distribution channel, and region. On the basis of application, the market is divided into motor boats, sailboats/yachts, and others. The motor boats segment dominated the market in 2020. On the basis of type, the market is fragmented into analog and digital. The digital segment generated the highest revenue in 2020. Depending on distribution channel, the market is segregated into offline and online. The offline segment dominated the market in 2020.
Region-wise, the global boat speedometer market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and the rest of Europe), Asia-Pacific (China, Japan, India, Australia, and the rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). In 2020, Europe was the highest contributor to the global boat speedometer market share, and is anticipated to secure a leading position during the forecast period.
By Distribution Channel
Offline segment holds dominant position in 2020
Competition Analysis
The key players profiled in this report include 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 S.E.I.N. srl.
Major players, such as Flir Systems Inc, Nasa Marine Ltd, and Autometer Products, are engaged in offering boat speedometer for boating and motor boat applications. For instance, Faria Beede Instruments Inc offers GPS speedometer for boats, dinghies, keelboats, ships, and yachts. It requires no external GPS antenna, has a premium LES back light, and can be operated by the use of stepper motor. It has a diameter of 85 mm.
By Region
Europe holds a dominant position in 2020 and Asia-Pacific is expected to grow at a significant rate during the forecast period.
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current and emerging global boat speedometer market trends and dynamics.
- In-depth market analysis is conducted by the global boat speedometer market estimations for the key market segments between 2020 and 2030.
- Extensive analysis of the global boat speedometer market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- The global boat speedometer market forecast analysis from 2021 to 2030 is included in the report.
- The key market players within market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the global boat speedometer market.
Boat Speedometer Market Report Highlights
| Aspects | Details |
 By APPLICATION |
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 By Type |
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 By DISTRIBUTION CHANNEL |
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 By Region |
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 Key Market Players | Veethree Group, Flir Systems Inc (Raymarine Plc), Nasa Marine Ltd, Gaffrig Performance Inc, CompX International Inc (Livorsi Marine Inc), Faria Beede Instruments, Inc, Autometer Products, SAN GIORGIO S.E.I.N. srl., Cruzpro Limited, nke Marine Electronics |
Analyst Review
The global boat speedometer market witnessed significant growth attributed to increase in demand for GPS speedometer, pitometer, and tachometers in boat and yachts.
Boat speedometer is largely used in sailboats, keelboats, and dinghies. It is used to measure the speed of boats under the surface of water. Boat speedometer is applied on submarine and surface boats.
Moreover, major players, such as Autometer Products and Faria Beede Instruments Inc, are engaged in offering boat speedometer for boats and yachts. For instance, Autometer Products offers marine silver ultra-lite 5in GPS speedometer for boats and sailboats. It is an advanced GPS speedometer with waterproof material. It can work with Autometer’s 5283 GPS antenna and show accurate speed. It is designed for low friction while racing and cruising applications. It is best suitable for sailboards, smaller dinghies, and lightly loaded control lines on boats of all sizes.
Furthermore, availability of substitutes, such as propeller log and impeller log, and fluctuation in raw material prices are anticipated to restraint the growth of the market. Contrarily, technological advancement in boat speedometer products is anticipated to provide lucrative opportunities for the growth of the global boat speedometer market.
The Global boat speedometer market size was valued at $353.3 million in 2020.
Based on distribution channel, offline segment holds the maximum market share of the Global boat speedometer market in 2020.
The Global boat speedometer market is projected to reach $558.5 million by 2030.
The urbanization and growing spending on water sports, and boating activities are the key trends in the Global boat speedometer market.
The product launch is key growth strategy of Global boat speedometer industry players.
The company profile has been selected on factors such as geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.
High fluctuation in raw material cost are the effecting factors for Global boat speedometer market.
The application of boat speedometer system includes its installation in boating, sailing, and jet boats.
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