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What’s Happening in Boat Steering System Market 2017-2025 Top Key Players Vetus B.V.,Lecomble & Schmitt,Kobelt Manufacturing,Twin Disc, Incorporated,Northrop Grumman Sperry Marine B.V.,HyDrive Engineering ,Hypro Marine,ZF Friedrichshafen AG,Techno Itali

What’s Happening in Boat Steering System Market 2017-2025 Top

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 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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Powered boats to grow faster than sail boats in the European region

From the perspective of powered boats consisting of inboards, sterndrive and outboards, North America is the most dominant region as far as boat sales, boat park and boat production are concerned. Recreational boating is a common activity amongst the people in this region, which is likely to help the growth of the boat steering system market in the coming years. Powered boats are the preferred choice of boats among consumers and improved mooring and trailing infrastructure has positively influenced the growth of this industry. United States leads the market with around half the global market share, and the region is estimated to retain its share in the coming years.

The market of steering systems in the European region is slightly different from the North American market as sailboats sell more than powered boats in this region, making it the second largest market of boat steering systems for powered boats. Recreational boating activities have improved in Oceanic countries such as Australia and New Zealand. Growth of tourism in ASEAN countries has slightly improved the market share held by the Asia Pacific region. Similarly, growth of tourism and high disposable income in GCC countries in the current scenario has attributed to market growth in the Middle East & Africa region positively.

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Global Boat Steering System Market Attractiveness Analysis by Region

Among all regions, North America is projected to account for a relatively large market share in terms of both value and volume, while Latin America will account for a relatively low market share in terms of value by 2025. North America is expected to maintain its dominance in the global boat steering system market throughout the forecast period in terms of value. This is mainly attributed to the high sales of powered boats, especially outboards, coupled with high recreational boating activity followed by people in North America. Europe is estimated to hold almost 30% market share in the global boat steering system market by 2025 end.

Prevalence of Tiller Mechanism on Small Outboard Motor Boats is likely to act as a growth restraint in the global boat steering system market

Tillers are the most primitive method of steering, commonly used in outboard motor boats. In this system, a lever is attached on the head or the upper section of the outboard engine, which provides torque generating leverage necessary to rotate the engine. This basic arrangement of lever with the engine poses as an attractive alternative for end users to install steering mechanism on boats. Outboard motor boats are the highest selling type of propulsion systems in the current market, and there is a minimal cost involved in the adoption of tiller mechanism in these boats. Together, these factors can come across as a roadblock in the growth of the boat steering system market. Though the problems associated with tiller mechanism are more as compared to proper steering systems, low cost and low maintenance of tiller mechanisms are attractive attributes largely favored by consumers.

The PMR report titled “Boat Steering System Market: Global Industry Analysis and Forecast 2017–2025” projects that the market is set to increase at a CAGR of 8.2% to reach a valuation of US$ 1,101.4 Mn by end of the forecast period (2017-2025). Boating remains a popular maritime activity in developed regions such as Europe and North America, which why the market for boat steering system is relatively large in these regions. The market in North America will continue to be highly lucrative throughout the assessment period. In 2016, the region’s market was estimated at US$ 306.9 Mn and is expected to expand at a healthy CAGR of 8.5% over 2025. In terms of value, Europe’s market holds the second position and is expected to witness a CAGR of 8.3% during the same time. Amongst the other key regions, the popularity of boating is rising at an impressive pace in Asia Pacific (APAC). Currently, the APAC’s boat steering system market is valued at around US$ 31.6 Mn, which is estimated to witness a healthy growth over the next couple of years.

Global Boat Steering Market: Key Opportunities

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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Table Of Content:

1. Executive Summary

2. Market Introduction
2.1 Market Definition
2.2 Market Taxonomy

3. Global Boat Steering System Market Analysis Scenario
3.1 Market Size (US$ Mn) and Forecast
3.3.1. Market Size and Y-o-Y Growth
3.3.2. Absolutea $ Opportunity
3.2. Pricing Analysis
3.2.1. Pricing Assumptions
3.2.2. Price Projections Per Region
3.3. Market Overview
3.3.1. Value Chain
3.3.2. List of Active Participants
3.3.2.1. Component Manufacturers
3.3.2.2. Dealers/Distributors
3.3.2.3. Boat Manufacturers
3.3.3. Profit Margin

4. Global Boat Steering System Market Dynamics
4.1 Macroeconomic Factors
4.2 Drivers
4.3 Restraints
4.4 Opportunities
4.5 Forecast Factors – Relevance and Impact

5. Global Boat Steering System Market Analysis and Forecast, By Propulsion System
5.1. Introduction
5.1.1. Basis Point Share (BPS) Analysis By Propulsion System
5.1.2. Y-o-Y Growth Projections By Propulsion System
5.2. Market Size (US$ Mn) and Volume (Units) Forecast By Propulsion System
5.2.1. Inboard
5.2.2. Outboard
5.2.3. Sterndrive
5.3. Market Attractiveness Analysis By Propulsion System
5.4. Prominent Tends By Propulsion System

6. Global Boat Steering System Market Analysis and Forecast, By Steering Type
6.1. Introduction
6.1.1. Basis Point Share (BPS) Analysis By Steering Type
6.1.2. Y-o-Y Growth Projections By Steering Type
6.2. Market Size (US$ Mn) and Volume (Units) Forecast By Steering Type
6.2.1. Manual Steering
6.2.2. Hydraulic Steering
6.2.3. Electric Power Steering
6.2.4. Electro-Hydraulic Steering
6.3. Market Attractiveness Analysis By Steering Type
6.4. Prominent Trends By Steering Type

7. Global Boat Steering System Market Analysis and Forecast, By Sales Channel
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis By Sales Channel
7.1.2. Y-o-Y Growth Projections By Sales Channel
7.2. Market Size (US$ Mn) and Volume (Units) Forecast By Sales Channel
7.2.1. Original Equipment Manufacturer (OEM)
7.2.2. Aftermarket
7.3. Market Attractiveness Analysis By Sales Channel
7.4. Prominent Trends By Sales Channel

8. Global Boat Steering System Market Analysis and Forecast, By Boat Type
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis By Boat Type
8.1.2. Y-o-Y Growth Projections By Boat Type
8.2. Market Size (US$ Mn) and Volume (Units) Forecast By Boat Type
8.2.1. Small
8.2.2. Mid-Size
8.2.3. Large
8.3. Market Attractiveness Analysis By Boat Type
8.4. Prominent Trends By Boat Type

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Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance. To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources. By deploying real-time data collection, big data, and customer experience analytics, we deliver business intelligence for organizations of all sizes.

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