June 21, 2022 07:00 ET | Source: FACT.MR FACT.MR
United States, Rockville, MD, June 21, 2022 (GLOBE NEWSWIRE) -- As per the latest report by Fact.MR, a market research and competitive intelligence provider, the boat lights market is anticipated to hold a valuation of US$ 548.5 million in 2022 and expand at an impressive CAGR of 6.9% over the forecast period (2022 to 2032).
“Increasing use of signalling systems in the boating industry expanding opportunities for boat lights for navigation purposes,” says a Fact.MR analyst.
Boat lights are used to evade collisions at night or when visibility is less, and they are an important part of keeping boats safe. Boat lights allow the visibility of other surrounding boats while also allowing others to have clear vision. Boat lights are required by law and regulations to have a certain hue (red, white, blue, green, yellow,), an arc of illumination, range of visibility, and location aboard any vessel. In all weather cases, vessels must display the correct navigation lights from sunset to sunrise.
Because of the safe and secure nature of marine transportation and increase in cargo transport, demand for boat lights is increasing and this is expected to push sales above US$ 1 billion by the end of 2032.
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Key Takeaways from Market Study
The boat lights market is moderately fragmented with a high numbers of players operating in this space, which is leading to the split of market share. Market growth strategies involve new product launches, product innovation, product up-gradation, research & development, geographical expansion, partnerships, collaborations, and many others.
LED boat lights with 12V voltage are in high demand and will accelerate the growth of the global boat lights market.
Market participants are resorting to technological advancements and innovation, as well as focusing on increase sales and profitability through online selling. Prominent market players have developed constructive collaborations with boat manufacturers to enjoy consistency in demand.
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Prominent manufacturers of boat lights are 4C Innovation, Aquasignal, Lumishore, Lumitec, Lopolight, Marine Beam, Marine LED, Navisafe, Ocean LED, and Zhejiang Bozhou Marine Electric Technology.
Key Segments of Boat Lights Industry Survey
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global boat light market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals crucial insights on the segments such as type (anchored boat lights, underwater boat lights, flood and spreader boat lights, strip and under gunnel boat lights, boat navigation lights, special purpose lights), technology (LED, fluorescent, halogen, xenon), boat type (fuel-powered boats, sailboats, electric boats), and light voltage (12V, 24V, others), across major regions of the world (North America, South America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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