Marine Electronic Accessories Market Size Study and Analysis

Marine electronic equipment refers to specialized electronic equipment used on board ships for purposes such as communications, navigation, entertainment and ship monitoring. Some of the key types of marine electronics include fish finders, radar, VHF radios, GPS chartplotters, autopilots, stereo systems and safety and surveillance equipment.

Complementing these core systems is a range of marine accessories that enhance functionality, safety and user experience. Popular accessory categories include speakers, batteries, cables and adapters, protective covers, and mounts and brackets. The global market also offers customized solutions such as integrated cockpits that incorporate multiple displays and controls.

The global marine electronic accessories market was valued at USD 4.5 billion in 2022 and is expected to grow at a CAGR of 7.2% from 2024-2027. Increase in recreational boating activities, modernization of commercial fleet, and introduction of advanced technologies are driving the growth.

Some of the key factors driving the demand for marine electronic accessories market include:

Increasing recreational boating: more and more consumers are taking up boating as a hobby or lifestyle, thereby increasing the adoption of new recreational on-board electronics.

Upgrading of commercial fleet: widespread installation of vessel monitoring, navigation and communication systems on cargo, fishing and passenger vessels.

Technological advancements: Features such as networked displays, heat-sensing cameras, artificial intelligence integration and IoT connectivity are enhancing product functionality.

Aftermarket opportunities: In addition to new vessel outfitting, the growing installed base creates a steady demand for replacements and retrofits.

By platform, the leisure vessel segment accounted for the largest share due to extensive installation of electronics on new leisure vessels. The commercial shipping industry is also expanding steadily, driven by global trade activities.

Regionally, North America leads in both manufacturing and consumption of marine electronics and accessories. However, Asia Pacific is expected to witness higher growth due to growing maritime trade, increase in recreational cruises in China and Japan, and naval modernization programs in India and Southeast Asia.

Some of the prominent players in the marine electronics and accessories market include Navico, FURUNO ELECTRIC, Garmin, B&G, FLIR Systems, Raymarine, Simrad, Lowrance, and Atlas Electronics.There is intense product innovation, integration capabilities, and after-sales service There is intense competition for product innovation, integration capabilities, and after-sales service. Collaboration with OEMs is also common.

The long-term outlook for the marine electronics and accessories market remains positive with continued growth in global maritime trade, growing tourism and recreational boating, and technological advances.