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Boat Lights Market

Boat Lights Market

Boat Lights Market By Type (Anchored, Underwater, Flood & Spreader, Strip & Under Gunnel, Special Purpose, Boat Navigation Lights), By Technology (LED, Fluorescent, Halogen, Xenon), By Boat Type (Fuel-powered, Sailboats, Electric Boats), By Light Voltage - Global Forecast 2022-2032

Boat Lights Market
FACT4374MR
  • Jun-2022
  • List of Tables : 140
  • List of Figures : 114
  • 170 Pages
  • Automotive

Boat Lights Market Outlook (2022-2032)

The global boat lights market is anticipated to reach a valuation of US$ 548.5 million in 2022 and is further forecast to surpass US$ 1.07 billion by the end of 2032, expanding at a high CAGR of 6.9% from 2022 to 2032.

Boat lights are set to exhibit significant demand as they are widely used for signalling systems in boats for offshore and port operations across the world.

Report Attributes

Details

Boat Lights Market Size (2021A)

US$ 522.7 Million

Estimated Market Value (2022E)

US$ 548.5 Million

Forecasted Market Value (2032F)

US$ 1.07 Billion

Global Market Growth Rate (2022-2032)

6.9% CAGR

North America Market Share (2021)

~36.1%

North America Market Growth Rate (2022-2032)

~5.9% CAGR

United States Market Growth Rate (2022-2032)

~5.8% CAGR

Key Companies Profiled

  • LUMITEC
  • 4C INNOVATION
  • Aqua signal
  • Hella Marine
  • Lumishore
  • Lopolight
  • Mantagua
  • Marine beam
  • Navisafe

Sales Analysis of Boat Lights (2017-2021) in Comparison to Market Growth Forecasts (2022-2032)

As per the recently published report by Fact.MR, a market research and competitive intelligence provider, the boat lights market is set to create US$ 549.8 million of absolute dollar opportunity during 2022-2032. LED boat lights with 12V capacity are expected to see increasing demand over the coming years.

LED boat lights, under the technology segment, are poised for the highest growth rate over the coming. Boat lights are being highly demanded for use in fuel-powered and anchored boats across regions.

In the future, the market is expected to grow significantly as the demand for LED lights increases with new technologies and more efficient energy sources. Rise of the market is being driven by ever-increasing demand and falling prices of designed waterproof lights.

Lighting is an important part of the marine industry. The entire shipping industry relies on lighting that works properly and adds an aesthetic appeal to cruise liners. An increase in shipbuilding activities across the world gives a positive outlook for maritime trade activity.

According to Fact.MR, the boat lights market is predicted to surge at a CAGR of 6.9% between 2022 and 2032 as compared to the CAGR of 3.7% registered between 2017 and 2021

Boat lights market forecast by Fact.MR

What are the Key Trends Driving the Boat Lights Market?

“Rise in Cruising & Recreational Activities Improving Boat Light Manufacturers’ Stance”

Boat lights are light sources used for several purposes such as navigation, docking, protection, and decoration. However, the boating industry primarily relies on lighting for proper vessel function and aesthetic appearance.

Increasing boat sales is an important parameter of the health of the boat lighting market. Moreover, increasing demand for private and commercial vessels, coupled with the growing travel and tourism industry around the world, is set to drive demand in the boat lighting market.

Prominent market players are working on developing waterproof lights that can withstand the harsh environmental conditions around water bodies. As such, new technologies are facilitating the sales of boat lighting products across the world.

“Market Players Striving for Penetration across Regions”

Over the years, the world's shipbuilding and the boating industry have flourished. Strong economic growth in major regional boat markets has brought the global boat industry back to full bloom. Recreational boats continue to make significant contributions to boat sales, which directly drives the global boat lighting market.

Shipbuilders are increasingly focusing on introducing technologically advanced boats into their fleets. Boat leasing and hiring are growing among corporate customers, which, in turn, is driving the demand for boat lights in parallel.

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Country-wise Insights

Why are Boat Light Manufacturers Queuing Up in the United States?

The U.S. boat lights market held a market share of 89.3% of North America in 2021 and is poised to expand at 5.8% CAGR over the projected years.

The increase in large-scale infrastructure investment projects in the boating industry is expected to boost the growth of the boat lights market in the country. High penetration in the United States is due to busy port operators in the country. Ports serve as important transportation hubs that facilitate goods movement across the country and to international markets as well.

The year-over-year flow of products and passengers has increased, and, as such, more infrastructure, provisioning, and related services are required. These will provide varying degrees of economic and national benefits to boat light suppliers operating in the country.

Why is China Set to Be a Lucrative Market for Boat Light Manufacturers?

The China boat lights market is predicted to expand at a CAGR of 8.9% between 2022 and 2032. Along with developing infrastructure, the maritime industry is also growing side by side.

  • The Cruise Yacht Branch of the China Transport Association predicts that the total number of yachts in China will increase from 38,100 to 163,510 between 2020 and 2025.

The latest technology is used by manufacturers to make existing boats more attractive to the younger generation. Consumer spending, rising disposable income, low-interest rates, and healthy growth in the boating market are factors expected to have a positive impact on the sales of recreational boats, in turn driving the growth of the boat lights market in China.

Category-wise Insights

Which Technology in Boat Lights Holds Dominant in the Market?

LED type boat lights are expected to hold a market share of up to 81.6% globally at the end of 2032.

LEDs have a longer life expectancy than previous lighting systems. LEDs not only take up less space but also come in a variety of colors. LEDs also do not produce radiation, making them ideal for usage in boats.

LEDs are more energy-efficient as they produce less warmth and are themselves are smaller in size. LED lights generally produce more light and consume less electricity. According to Fact.MR, LEDs will replace halogens and other boat lights significantly, and will enjoy a dominant position in the market.

Will Fuel-powered Boats Continue Driving Market Demand?

Fuel-powered boats hold a market share of 65.2% in 2022.

Hydrogen fuel cells are about to make an appearance in recreational boating. The boating industry now uses diesel and gasoline as a source of energy to operate the boats. However, hydrogen cells, unlike batteries, do not run out of power or have to be recharged as long as there is a continual supply of fuel, which will drive the fuel-powered boats segment in this market.

Boat lights, sometimes known as side lights, are used for a variety of reasons in the boating industry, including signaling. They are also employed in the fishing business since aquatic fishing lights attract fish and can lead to extremely better fishing success than fishing without them.

An Adaptive Approach to Modern-day Research Needs

Competitive Landscape

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.

The global boat lights market is highly competitive and fragmented owing to the presence of local as well as global market players. Marketing strategies such as new product launches, product upgradations, thorough research and development, mergers & acquisitions, and partnerships & collaborations are all being adopted by key players in this space.

For instance :

  • Ocean LED, on 4 April 2022, unveiled its latest innovation - The Discover D3, which is a new lighting series for boaters needing minimum power and having maximum effect
  • In February 2022, Lumishore, a leading manufacturer of high-performance marine LED lighting systems, expanded its premises in both, the U.K. and the U.S. to meet business growth targets.

Fact.MR has provided detailed information about the price points of key manufacturers of boat lights positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Key Segments of Boat Lights Industry Survey

  • Boat Lights Market by Type :

    • Anchored Boat Lights
    • Underwater Boat Lights
    • Flood and Spreader Boat Lights
    • Strip and Under Gunnel Boat Lights
    • Boat Navigation Lights
    • Special Purpose Lights
  • Boat Lights Market by Technology :

    • LED Boat Lights
    • Fluorescent Boat Lights
    • Halogen Boat Lights
    • Xenon Boat Lights
  • Boat Lights Market by Boat Type :

    • Fuel-powered Boats
    • Sailboats
    • Electric boats
  • Boat Lights Market by Light Capacity :

    • 12 V Boat Lights
    • 24 V Boat Lights
    • Others (110, 220)
  • Boat Lights Market by Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

- FAQs -

The global boat lights market is valued at US$ 548.5 million and is anticipated to reach US$ 1.07 billion by 2032.
From 2017 to 2021, global boat light sales increased at 3.7% CAGR.
LUMITEC, 4C INNOVATION, Aqua signal, Hella Marine, Lumishore, Lopolight, Mantagua, Marine Beam, and Navisafe are key boat light suppliers.
North America leads the global market for boat lights accounting for 35.7% share.
12V boat lights account for a high market share of 64.1%.

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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

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