Boat Steering System Market to Reach US$ 1,101.4M by 2025

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( — June 13, 2017) New York, NY — Sales of global boat steering systems are estimated to be valued at more than US$ 550 million by 2017 end and are projected to reach a market valuation in excess of US$ 1,100 million by the end of 2025, registering a CAGR of 8.2% over the forecast period. In terms of value, United States in the North America region is expected to be the most attractive and dominant market, registering a CAGR of 9.4% over the forecast period (2017-2025) with an estimated market value of nearly US$ 230 million by 2017 end and projected to reach a market value of nearly US$ 470 million by 2025. Latin America and Middle East & Africa (MEA) are the least attractive regions in the global boat steering system market with an estimated combined market share of less than 10% by 2017 end.

Revamp of the recreational boating industry likely to boost the global boat steering system market

Recreational boating is one of the prominent leisure activities enjoyed by a large percentage of the population in North America and Europe. As per estimates published by the National Marine Manufacturers Association (NMMA), manufacturers of boat steering systems and other boating products have increased their spending in manufacturing capabilities at a CAGR of 4% from 2009 to 2014. Though the 2009 recession has largely impacted small-scale manufacturers to run out of business, several medium to large-scale manufacturers held on through the impact of the recession and have continued to generate a steady revenue stream since then. With North America being a dominant market when it comes to boating sales and the boating industry as a whole, the participation of middle-income class people in boating activities has been the largest and it is steadily growing at a healthy rate of around 5% annually since 2009. This is proving as a backbone in driving the growth of the boat steering system market. Such growth in recreational boating activities can also be witnessed in several European countries and in Australia.

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Recreational boating is one of the most talked about leisure activities in the world. With the arrival of more luxurious boats, people are increasingly opting for vacations and trips where boating is at the top of their list of amusement activities. The modern boats are less complicated and more fun to ride, primarily owing to the technological advancements in boat steering system. Besides, boat manufacturers are consistently trying to enhance the steering system, as riding a boat with utmost convenience remains the priority. Persistence Research Market (PMR) has recently published its forecast report on the global boat steering market, insights from which reveals that around 613,882 units of boat steering system were sold in 2016.

Highlights of the report Include:

  • In 2016, nearly 523,305 units of boat steering based on outboard propulsion system were sold across the globe, which is projected to reach 1,033,218 units by the end of 2025.
  • The hydraulic steering type is expected to account for more than 52% revenue share of the market by 2017-end
  • By 2025-end, around 472,448 units of boat steering system are projected to be installed in mid-size boats.

Global Boat Steering Market: Key Opportunities

In countries where roads and railways are not the most convenient sources of transportation, exporting through marine ways becomes a crucial channel for transportation. Manufacturers of boat steering system are focused on improving their presence in such countries. Also, growth in marine transportation has increased the demand for boat steering systems in recent years. Vetus B.V., Lecomble & Schmitt, Kobelt Manufacturing Co. Ltd., Twin Disc, Incorporated, Northrop Grumman Sperry Marine BV, Uflex USA, HyDrive Engineering Pty Ltd., Hypro Marine, ZF Friedrichshafen AG, Techno Italia Kft., Excel Contolinkage Pvt. Ltd., SeaStar Solutions and Lewmar Limited are some key players operating in the global boat system market.

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