Direction Finding Compass Market

The article provides detailed analysis on the global direction finding compass market, forecasting an upward consumption trend over the next eight years. Market performance is expected to increase slightly, with projected growth in both volume and value terms. Key highlights include data on consumption patterns, production volumes, import and export trends, and insights on major players in the market. Countries like China, the United States, and India lead in consumption and production, while the United States and China dominate the export market. Overall, the article offers comprehensive information on the current state and future outlook of the direction finding compass market.

Market Forecast

Driven by rising demand for direction finding compass worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.4% for the period from 2022 to 2030, which is projected to bring the market volume to 23M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.6% for the period from 2022 to 2030, which is projected to bring the market value to $14.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Direction Finding Compasses

In 2022, approx. 23M units of direction finding compasses were consumed worldwide; with an increase of 5% on the previous year. Over the period under review, consumption, however, saw a slight curtailment. Over the period under review, global consumption hit record highs at 28M units in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

The global direction finding compass market revenue dropped to $12.2B in 2022, declining by -3.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $15.2B. From 2020 to 2022, the growth of the global market remained at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (4.4M units), the United States (2.3M units) and India (1.8M units), together accounting for 38% of global consumption. Argentina, Russia, Brazil, Germany, Mexico, Japan, Singapore, Canada, France and Taiwan (Chinese) lagged somewhat behind, together comprising a further 29%.

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of +36.6%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Japan ($1.9B), France ($1.4B) and China ($832M) were the countries with the highest levels of market value in 2022, with a combined 34% share of the global market. Brazil, Singapore, the United States, India, Mexico, Russia, Germany, Canada, Taiwan (Chinese) and Argentina lagged somewhat behind, together accounting for a further 2.1%.

Singapore, with a CAGR of +36.4%, saw the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of direction finding compass per capita consumption was registered in Singapore (101 units per 1000 persons), followed by Taiwan (Chinese) (20 units per 1000 persons), Argentina (19 units per 1000 persons) and Canada (13 units per 1000 persons), while the world average per capita consumption of direction finding compass was estimated at 2.9 units per 1000 persons.

In Singapore, direction finding compass per capita consumption increased at an average annual rate of +35.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (+8.6% per year) and Argentina (-1.9% per year).

Production

World Production of Direction Finding Compasses

In 2022, global direction finding compass production reached 26M units, growing by 2.9% compared with 2021 figures. Over the period under review, production, however, showed a perceptible contraction. The pace of growth was the most pronounced in 2021 when the production volume increased by 70% against the previous year. Global production peaked at 31M units in 2012; however, from 2013 to 2022, production remained at a lower figure.

In value terms, direction finding compass production fell to $18.6B in 2022 estimated in export price. In general, production, however, showed a slight decline. The most prominent rate of growth was recorded in 2019 with an increase of 46%. Over the period under review, global production attained the peak level at $28.3B in 2016; however, from 2017 to 2022, production failed to regain momentum.

Production By Country

The country with the largest volume of direction finding compass production was China (15M units), accounting for 58% of total volume. Moreover, direction finding compass production in China exceeded the figures recorded by the second-largest producer, India (1.8M units), eightfold. The third position in this ranking was held by Germany (736K units), with a 2.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China totaled -3.1%. In the other countries, the average annual rates were as follows: India (+0.3% per year) and Germany (+1.8% per year).

Imports

World Imports of Direction Finding Compasses

In 2022, supplies from abroad of direction finding compasses was finally on the rise to reach 8.9M units after two years of decline. In general, imports, however, recorded a noticeable downturn. Over the period under review, global imports hit record highs at 16M units in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, direction finding compass imports expanded modestly to $263M in 2022. Over the period under review, imports, however, continue to indicate a pronounced downturn. The most prominent rate of growth was recorded in 2013 with an increase of 17%. Over the period under review, global imports attained the peak figure at $508M in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports By Country

In 2022, the United States (2.1M units), distantly followed by Argentina (893K units), Singapore (591K units), Canada (503K units) and Russia (441K units) represented the major importers of direction finding compasses, together committing 51% of total imports. The following importers - Taiwan (Chinese) (381K units), the UK (296K units), the Netherlands (281K units), Belarus (244K units), South Korea (220K units), Mexico (192K units), Brazil (184K units) and India (163K units) - together made up 22% of total imports.

From 2012 to 2022, average annual rates of growth with regard to direction finding compass imports into the United States stood at -7.5%. At the same time, Belarus (+28.2%), India (+13.2%), Singapore (+12.8%), Taiwan (Chinese) (+4.3%) and the Netherlands (+2.6%) displayed positive paces of growth. Moreover, Belarus emerged as the fastest-growing importer imported in the world, with a CAGR of +28.2% from 2012-2022. The UK experienced a relatively flat trend pattern. By contrast, Argentina (-1.0%), Brazil (-2.3%), South Korea (-5.1%), Canada (-7.6%), Russia (-8.2%) and Mexico (-9.8%) illustrated a downward trend over the same period. While the share of Singapore (+5.3 p.p.), Argentina (+2.6 p.p.), Belarus (+2.6 p.p.), Taiwan (Chinese) (+2.4 p.p.) and the Netherlands (+1.5 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Mexico (-1.9 p.p.), Canada (-2.7 p.p.), Russia (-2.9 p.p.) and the United States (-11.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest direction finding compass importing markets worldwide were the United States ($45M), the Netherlands ($31M) and the UK ($16M), together accounting for 35% of global imports. South Korea, Singapore, Canada, Taiwan (Chinese), Brazil, Russia, India, Argentina, Mexico and Belarus lagged somewhat behind, together accounting for a further 15%.

In terms of the main importing countries, Belarus, with a CAGR of +23.4%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average direction finding compass import price stood at $30 per unit in 2022, declining by -16.3% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 an increase of 42% against the previous year. As a result, import price reached the peak level of $41 per unit. From 2016 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Netherlands ($109 per unit), while Argentina ($0.9 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+8.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Direction Finding Compasses

In 2022, shipments abroad of direction finding compasses increased by 13% to 12M units, rising for the third consecutive year after seven years of decline. Over the period under review, exports, however, recorded a perceptible slump. The pace of growth appeared the most rapid in 2021 when exports increased by 766%. Over the period under review, the global exports hit record highs at 19M units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, direction finding compass exports fell to $231M in 2022. Overall, exports, however, showed a abrupt downturn. The most prominent rate of growth was recorded in 2021 when exports increased by 22%. Over the period under review, the global exports reached the maximum at $481M in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

China dominates exports structure, reaching 11M units, which was approx. 90% of total exports in 2022. The United States (311K units) held a minor share of total exports.

China was also the fastest-growing in terms of the direction finding compasses exports, with a CAGR of -4.2% from 2012 to 2022. the United States (-10.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China increased by +3.5 percentage points.

In value terms, the largest direction finding compass supplying countries worldwide were the United States ($26M) and China ($19M).

China, with a CAGR of +6.2%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review.

Export Prices By Country

In 2022, the average direction finding compass export price amounted to $20 per unit, falling by -19.8% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 587% against the previous year. As a result, the export price attained the peak level of $225 per unit. From 2016 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($83 per unit), while China amounted to $1.7 per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+10.8%).

Source: IndexBox Market Intelligence Platform