Press release
Boat Steering Market Revenue and Growth Analysis of Vetus B.V., Lecomble & Schmitt, Kobelt Manufacturing Co. Ltd., Twin Disc, Incorporated, Northrop Grumman Sperry Marine B.V., Uflex USA, HyDrive Engineering Pty Ltd., Hypro Marine, ZF Friedrichshafen
Boat Steering
Major players operating in the global boat steering market include Vetus B.V., Lecomble & Schmitt, Kobelt Manufacturing Co. Ltd., Twin Disc, Incorporated, Northrop Grumman Sperry Marine B.V., Uflex USA, HyDrive Engineering Pty Ltd., Hypro Marine, ZF Friedrichshafen AG, and Techno Italia Kft.
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The major factor driving the market growth is increasing demand for recreational boats for racing, fishing, and other water sports and pleasure activities. This is driving manufacturers to manufacture small crafts for recreation such as inboard and stern drive, outboard, and sailboat. According to National Marine Manufacturers Association (NMMA), unit sales of recreational boats is expected to increase by 10% to 11% from US$ 8.4 billion in 2016. Therefore, increase in boat sales is expected aid in growth of the market over the forecast period (2017–2025).
The key factors expected to restraint the market growth are labor-intensive manufacturing processes and government regulations regarding environment protection. For instance, according to Federal Refuse Act, the discharge of fuel, oil, oily wastes and hazardous substances is completely prohibited into the waters of the U.S. or the waters of the contiguous zone. In addition, under state law F&GC 5650 prohibits discharges of petroleum and other substances harmful to fish, plants, mammals, and birds.
The market in North America accounted for the largest share in the global boat steering market in 2016 and is expected to maintain its dominance during the forecast period in terms of value and volume. Moreover, North America boat steering market is expected to exhibit the highest CAGR from 2017 to 2025. The market for North America was valued about US$ 330.9 million in 2016 and expected to exhibit a CAGR of 8.39% during the forecast period followed by Europe. This growth is attributed to high sales of powered boats, especially outboards, coupled with high recreational boating activity in North America.
Europe accounted for second-largest share in global boat steering market in 2016, in terms of value and volume. The market for Europe accounted for around 29.71% share in the global boat steering market in 2016. In addition to this, Europe boat steering market is expected to exhibit 8.33% CAGR during the forecast period. The U.K., Germany, France, and Italy are growth engines in the region. France was the dominant country in the European recreational boating market accounting for over 18% share of the regional production in 2016. The boat steering market in France was valued at about US$ 30.9 million in 2016 and is expected to retain its dominance during the forecast period.
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