The boat lights market is expected to reach a valuation of US$548.5 million in 2022 and is expected to further surpass US$1.07 billion by the end of 2032

USA, Rockville, MD, June 21, 2022 (GLOBE NEWSWIRE) — According to the latest report from Fact.MR, a market research and competitive intelligence provider, the boat lights market is expected to hold a valuation of 548 US$.5 million in 2022 and expand at an impressive CAGR of 6.9% over the forecast period (2022 to 2032).

“The growing use of signaling systems in the nautical industry expands the opportunities for boat lights for navigational purposes”, says a Fact.MR analyst.

Boat lights are used to avoid collisions at night or when visibility is poor, and they play an important role in boat safety. Boat lights allow visibility of other surrounding boats while allowing others to have a clear view. Law and regulation require boat lights to have a certain tint (red, white, blue, green, yellow), arc of illumination, range of visibility and location on board any vessel. In all weather cases, vessels must display the correct navigation lights from sunset to sunrise.

Due to the safe and secure nature of shipping and the increase in freight transportation, request 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 insights from market research

  • Boat navigation lights are expected to reach a market share of 27.3% by 2032
  • By technology, the demand for LED boat lights is expected to grow at a CAGR of 7.7% during the forecast period.
  • Use in electric boats is expected to grow 2.3 times by 2032.
  • 12V boat lights per voltage to offer an absolute 388.9 million US dollar opportunity over a decade.
  • Depending on the region, the demand for boat lights is expected to increase by 8.3% CAGR in East Asia.

Evolution of market

The boat lighting market is moderately fragmented with a high number of players operating in this space resulting in a distributed market share. Market growth strategies involve new product launches, product innovation, product upgrades, research and development, geographic expansion, partnerships, collaborations, and many more.

LED boat lights with 12V voltage are in high demand and will accelerate the growth of the global boat lights market.

Market players are making use of technological advancements and innovation, while focusing on increasing sales and profitability through online sales. The main players in the market have developed constructive collaborations with boat manufacturers to benefit from constant demand.

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Competitive landscape

Major manufacturers of boat lights are 4C Innovation, Aquasignal, Lumishore, Lumitec, Lopolight, Marine Beam, Marine LED, Navisafe, Ocean LED and Zhejiang Bozhou Marine Electric Technology.

For instance :

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

Key Segments of the Boat Light Industry Survey

  • Boat Lights Market by Type:
    • Anchored boat lights
    • Underwater lights for boats
    • Flood and Spreader Boat Lights
    • Strip boat lights and under barrel
    • Boat navigation lights
    • Special Purpose Lights
  • Boat Lights Market by Technology:
    • LED boat lights
    • Fluorescent lights for boats
    • Halogen lights for boats
    • Xenon boat lights
  • Boat Lights Market by Boat Type:
    • Gasoline boats
    • Boat
    • Electric boats
  • Boat Lights Market by Light Capacity:
    • 12V boat lights
    • 24V boat lights
    • Others (110, 220)
  • Boat Lights Market by Region:
    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia and Oceania
    • AEM

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More valuable information about the offer

Fact.MR in its new offering presents an unbiased analysis of the global Boat Lighting Market, showcasing historical market data (2017-2021) and forecast statistics for the period 2022-2032.

The study reveals crucial insights into the segments such as Type (Anchored Boat Lights, Underwater Boat Lights, Flood & Spread Boat Lights, Strip & Under Barrel Boat Lights, Boat Navigation Lights, boats, special purpose lights), technology (LED, fluorescent, halogen, xenon), type of boat (petrol boats, sailboats, electric boats) and lighting voltage (12V, 24V, others), in the main regions of the world (North America, South America, Europe, East Asia, South Asia and Oceania, and Middle East and Africa).

Domain knowledge of Fact.MR in industrial goods

Expert analysis, actionable insights, and strategic recommendations from Fact.MR’s highly experienced Industrial Assets team help clients around the world meet their unique business intelligence needs.

With a repository of over a thousand reports and over a million data points, the team has analyzed industrial assets in over 50 countries for over a decade. The team provides unparalleled end-to-end research and advisory services.

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