Global digital course recorder market is projected to showcase a significant CAGR of 5.4% during the forecast period i.e. 2017-2024. Moreover, the global digital course recorder market is anticipated to reach exponential revenue by 2024. Additionally, the digital course recorder market is riding on the back of increasing government regulations for the installation of navigation system.
The global digital course recorder market is segmented into distribution channel such as online store and offline store. Among these segments, online store segment is projected to mask a notable CAGR by the end of 2024. In addition to this, the growth of online store segment is attributed to the growing consumer inclination towards online shopping due to ease of convenience and wide availability of products. Likely, increasing waterborne activities across the globe is one the major factor pushing the market of Digital Course Recorder.
In terms of regional platform, Asia-Pacific region accounted for the largest market of digital course recorder in 2016. Further, China is the dominating country in this region owing to presence of major key vendors of digital course recorder and increasing number ocean trade activities. Moreover, presence of huge marine infrastructure is also playing a positive role in the growth of digital course recorder market in this region. Apart from this, Europe region has witnessed a robust growth in the market of digital course recorder due to increasing seaborne activities between Europe and Asia-Pacific region.
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Robust Expansion of Marine Industry
Rapid growth of marine industry throughout the globe on the back of positive GDP figures and growing adoption of advanced navigation technologies by ships are believed to foster the growth of digital course recorder market by the end of 2024. Furthermore, increasing number of ships owing to growing trade activities is also predicted to bolster the market of digital course recorder.
Government Policies
Strict government policies towards installation of navigation system and growing adoption of advanced navigation system by defense sector for accurate navigation are some of the factors triggering the demand for digital course recorder. Additionally, growing research and development activities in the field of marine navigation is projected to flourish the growth of digital course recorder market.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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