Marine GPS Navigator Market

The article highlights the projected growth of the global marine or river navigation instruments and appliances market from 2022 to 2030. Market performance is expected to show consistent upward trends, with a forecasted CAGR of +4.4% in volume and +7.5% in value over the specified period. Consumption, production, imports, and exports data are analyzed, along with key market players and trends across various countries. The article provides a comprehensive overview of the market dynamics, including consumption patterns, production trends, import-export statistics, and average price fluctuations.

Market Forecast

Driven by increasing demand for marine or river navigation instruments and appliances worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +4.4% for the period from 2022 to 2030, which is projected to bring the market volume to 7.8M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +7.5% for the period from 2022 to 2030, which is projected to bring the market value to $20.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Marine Or River Navigation Instruments And Appliances

After eight years of growth, consumption of marine or river navigation instruments and appliances decreased by -15.4% to 5.5M units in 2022. Overall, the total consumption indicated notable growth from 2012 to 2022: its volume increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at 6.5M units in 2021, and then contracted significantly in the following year.

The global marine GPS navigator market value reduced dramatically to $11.3B in 2022, waning by -22.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market reached the maximum level at $14.6B in 2021, and then fell notably in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (1.1M units), China (685K units) and Lithuania (415K units), together accounting for 40% of global consumption.

From 2012 to 2022, the biggest increases were recorded for Lithuania (with a CAGR of +68.0%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Russia ($2.9B), China ($1.8B) and Norway ($1.1B) appeared to be the countries with the highest levels of market value in 2022, together accounting for 52% of the global market. Japan, the United States, Ethiopia, Lithuania, South Korea, the UK, India, Canada, Singapore and Mexico lagged somewhat behind, together accounting for a further 13%.

Among the main consuming countries, Lithuania, with a CAGR of +59.7%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of marine GPS navigator per capita consumption was registered in Lithuania (151 units per 1000 persons), followed by Norway (46 units per 1000 persons), Singapore (16 units per 1000 persons) and Canada (4.3 units per 1000 persons), while the world average per capita consumption of marine GPS navigator was estimated at 0.7 units per 1000 persons.

In Lithuania, marine GPS navigator per capita consumption expanded at an average annual rate of +69.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Norway (-1.4% per year) and Singapore (+4.8% per year).

Production

World Production of Marine Or River Navigation Instruments And Appliances

In 2022, production of marine or river navigation instruments and appliances decreased by -3.5% to 5.7M units for the first time since 2019, thus ending a two-year rising trend. In general, production, however, showed a strong increase. The growth pace was the most rapid in 2016 with an increase of 29%. Global production peaked at 5.9M units in 2021, and then reduced modestly in the following year.

In value terms, marine GPS navigator production expanded to $9.1B in 2022 estimated in export price. Over the period under review, the total production indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -9.8% against 2019 indices. The pace of growth appeared the most rapid in 2016 when the production volume increased by 25%. Over the period under review, global production attained the peak level at $10.1B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were Taiwan (Chinese) (1.3M units), China (790K units) and Mexico (597K units), with a combined 48% share of global production. Lithuania, India, Japan, Norway, Russia, the UK, Ethiopia and Hong Kong SAR lagged somewhat behind, together accounting for a further 30%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Lithuania (with a CAGR of +79.9%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Marine Or River Navigation Instruments And Appliances

In 2022, global marine gps navigator imports reduced to 3.8M units, waning by -12.9% on the previous year. Over the period under review, total imports indicated modest growth from 2012 to 2022: its volume increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -21.4% against 2019 indices. The most prominent rate of growth was recorded in 2019 with an increase of 33%. As a result, imports reached the peak of 4.9M units. From 2020 to 2022, the growth of global imports remained at a somewhat lower figure.

In value terms, marine GPS navigator imports fell slightly to $2B in 2022. The total import value increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 15% against the previous year. As a result, imports reached the peak of $2B, leveling off in the following year.

Imports By Country

In 2022, the United States (1.6M units) was the key importer of marine or river navigation instruments and appliances, making up 42% of total imports. China (604K units) held the second position in the ranking, distantly followed by Mexico (207K units) and Canada (176K units). All these countries together held approx. 26% share of total imports. The Netherlands (155K units), Singapore (128K units), Australia (112K units), the UK (87K units), India (80K units) and Japan (61K units) followed a long way behind the leaders.

Imports into the United States increased at an average annual rate of +2.0% from 2012 to 2022. At the same time, India (+25.6%), China (+18.7%), Mexico (+15.7%), the Netherlands (+12.1%) and the UK (+6.3%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing importer imported in the world, with a CAGR of +25.6% from 2012-2022. Canada experienced a relatively flat trend pattern. By contrast, Singapore (-1.2%), Japan (-1.2%) and Australia (-1.9%) illustrated a downward trend over the same period. China (+12 p.p.), Mexico (+3.9 p.p.), the Netherlands (+2.5 p.p.) and India (+1.8 p.p.) significantly strengthened its position in terms of the global imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($438M) constitutes the largest market for imported marine or river navigation instruments and appliances worldwide, comprising 22% of global imports. The second position in the ranking was held by the Netherlands ($150M), with a 7.6% share of global imports. It was followed by the UK, with a 6.7% share.

In the United States, marine GPS navigator imports expanded at an average annual rate of +6.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the Netherlands (+6.5% per year) and the UK (+5.6% per year).

Import Prices By Country

The average marine GPS navigator import price stood at $516 per unit in 2022, picking up by 14% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The pace of growth was the most pronounced in 2020 an increase of 30%. Over the period under review, average import prices reached the maximum at $532 per unit in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the UK ($1,511 per unit), while China ($168 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+5.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Marine Or River Navigation Instruments And Appliances

In 2022, global exports of marine or river navigation instruments and appliances rose significantly to 4M units, picking up by 6% against the previous year. Over the period under review, exports showed a prominent expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 61%. Over the period under review, the global exports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, marine GPS navigator exports declined slightly to $2.1B in 2022. The total export value increased at an average annual rate of +3.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 22% against the previous year. As a result, the exports attained the peak of $2.2B, and then shrank in the following year.

Exports By Country

In 2022, Taiwan (Chinese) (1.4M units) represented the largest exporter of marine or river navigation instruments and appliances, constituting 34% of total exports. It was distantly followed by China (710K units), Mexico (700K units) and the United States (492K units), together committing a 47% share of total exports. The following exporters - the Netherlands (139K units), Hong Kong SAR (102K units) and the UK (78K units) - together made up 8% of total exports.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +38.0%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($389M), Taiwan (Chinese) ($286M) and the UK ($248M) were the countries with the highest levels of exports in 2022, with a combined 44% share of global exports.

Taiwan (Chinese), with a CAGR of +29.5%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average marine GPS navigator export price amounted to $526 per unit, waning by -9.5% against the previous year. Over the period under review, the export price showed a pronounced shrinkage. The pace of growth was the most pronounced in 2014 when the average export price increased by 41%. Over the period under review, the average export prices reached the maximum at $1,319 per unit in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the UK ($3,178 per unit), while China ($45 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+5.2%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform