MARINE ELECTRONICS MARKET ANALYSIS

Market Challenges And Opportunities

High pricing and raw material costs are the major factors restraining growth of the market

The fluctuations in price of raw materials that are used for the manufacturing of marine electronic devices is one of the major factors restraining growth of marine electronics market. The cost of installation and maintenance of marine electronic devices is high. Moreover, most of the marine electronic devices come with a minimal warranty or without manufacturer warranty. This factor is a major drawback hindering the adoption of marine electronics, which in turn negatively impacts the market growth. Most of the manufacturers in the market do not provide after sales service, which is another major factor contributing towards minimal adoption of marine electronics. This in turn negatively impacts the market growth.