Fish Finders Market to Reach $879.10 Million, Globally, by 2030 at 6.7% CAGR: Allied Market Research

Rise in commercial and recreational fishing activities and increase in adoption of noise reduction software in fish finder devices drive the growth of the global fish finders market.

PORTLAND, Ore., May 2, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Fish Finders Market by Product Type (Standalone, Combined, Networked System), by Equipment Type (Fixed, Portable), by Application (Recreational Fishing, Commercial Fishing, Professional Fishing, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global fish finders industry generated $465.21 million in 2020, and is expected to reach $879.10 million by 2030, registering a CAGR of 6.7% from 2021 to 2030.

Drivers, Restraints, and Opportunities

Rise in commercial and recreational fishing activities, surge in consumption of fish products globally, and increase in adoption of noise reduction software in fish finder devices drive the growth of the global fish finders market. However, stringent government policies about designated on-shore and off-shore fishing restrain the market growth. On the other hand, integration of GPS technology in fish finder devices and product innovations create new opportunities in the coming years.

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Covid-19 Scenario

• Owing to lockdown restrictions imposed during the Covid-19 pandemic, all the stages of the supply chain and value chain of fish finders have been affected.
• Moreover, consumer behavior regarding purchasing fish finder products has changed globally. This led to reduced revenue for the fish finder market.
• There was a ban on recreational fishing activities during the initial stages of lockdown. This impacted the revenue from fish finder products.

The combined segment to continue its lead position throughout the forecast period

Based on product type, the combined segment contributed to the largest market share in 2020, holding more than one-third of the global fish finders market, and is expected to continue its lead position throughout the forecast period. This is due to its usefulness in performing a combination of basic functionalities and ability to offer meaningful information such as GPS charts, radar screens, and others.  However, the networked system segment is estimated to witness the largest CAGR of 7.8% from 2021 to 2030, owing to enhanced capabilities provided by this type as it combines standalone and combined systems.

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The commercial fishing segment to maintain its leadership status during the forecast period

Based on application, the commercial fishing segment held the highest market share in terms of revenue in 2020, accounting for nearly one-third of the global fish finders market, and is projected to maintain its leadership status during the forecast period. However, the recreational fishing segment is projected to register the fastest CAGR of 8.3% from 2021 to 2030. This is attributed to increasing trends toward sports fishing and leisure fishing globally.

North America to maintain its dominance in terms of revenue by 2030

Based on region, North America contributed the highest market share in terms of revenue in 2020, accounting for more than one-third of the global fish finders market, and is expected to maintain its dominance by 2030. Rise in product innovations and adoption of technologically advanced equipment in the region. However, Asia-Pacific is estimated to manifest the largest CAGR of 9.1% during the forecast period. This is attributed to technological advancements and rise in fishing activities in developing countries such as India, South Korea, and Indonesia.

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Leading Market Players

• Brunswick Corporation
• Deeper UAB
• Furuno Electric Co. Ltd.
• Garmin Ltd.
• GME Holdings AE (GME Pty Ltd)
• Hule, Inc.
• Humminbird
• Johnson Outdoors Inc.
• Lowrance
• NorCross Marine Products, Inc.
• Samyung ENC.
• Teledyne Technologies Inc.

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