Boat Steering System Market Analysis 2020: By Keyplayers HyDrive Engineering Pty Ltd., Lewmar Limited, Vetus B.V., SeaStar Solutions, Lecomble & Schmitt, Excel Controlinkage Pvt. Ltd., Kobelt Manufacturing Co. Ltd., Techno Italia Kft., Twin Disc, Incorpor

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Market Overview

A boat steering system refers to equipment designed to help in effectively maneuvering the boat traveling on the surface of water bodies. The system acts as an actuating mechanism and link between the rudder and the steering wheel controlled by the helmsmen located on the deck of the boat. The boat steering system is comprised of the helm, steering cable, wheel, and cable connections, which all connect wheel to the engine. The helm is the most critical part, which converts the wheel's rotary motion push-pull motion on the cable. This ultimately moves propeller right, left or amidships. Majorly helms are rotary types that are used with gears to turn the rudder. Moreover, there are different types of steering such as hydraulic steering, manual steering, electro-hydraulic steering, and electric steering.

The global boat steering system market was valued for US$ 672.5 Mn and 742,293.0 in terms of volume in 2019.

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Competitive Section

Key players operating in the global boat steering system market are HyDrive Engineering Pty Ltd., Lewmar Limited, Vetus B.V., SeaStar Solutions, Lecomble & Schmitt, Excel Controlinkage Pvt. Ltd., Kobelt Manufacturing Co. Ltd., Techno Italia Kft., Twin Disc, Incorporated, ZF Friedrichshafen AG, Northrop Grumman Sperry Marine B.V., and Uflex USA.

Market Dynamics- Drivers

1. High growth of recreational boating industry is expected to drive growth of the global boat steering market during the forecast period

Recreational boating is one of the most sought out vacation activities, which is enjoyed by a large percentage of population in Europe and North America. According to the National Marine Manufacturers Association (NMMA), makers of boat steering systems and other boating products have boosted their investment in manufacturing capabilities at a CAGR of 4% from 2009 to 2014. Furthermore, North America holds the dominant positions in boating sales and boating industry. Hence, these factors are expected to drive the global boat steering system market growth over the forecast period.

2. Increasing adoption of boats for maritime security is expected to propel the global boat steering system market during the forecast period

Apart from fishing, recreational, and maritime purposes, boats have been used for various applications. It has been adopted for security purposes with certain modifications as well. Increasing crime on water bodies such as seas, rivers, and canals combined with growing tension between countries has compelled government of various countries to deploy police watercrafts to patrol such areas. Such water bodies have been used for piracy, narcotics, and illegal items smuggling, forced invasions, and rescue operations. Furthermore, the boats used for aforementioned purposes need to be powerful, nimble, and must possess fast response for steering systems to navigate through water bodies. Hence, such factors are expected to support the global boat steering system market growth in the near future.

Market Opportunities

1. High growth of marine transportation is expected to present lucrative growth opportunity

Marine transportation has emerged as suitable alternative where road and railways are not convenient mode of transportation. Increasing number of ports in countries such as Rotterdam, Riga, Hamburg, Amsterdam, and London is expected to increase the demand for sea trade activities. Furthermore, islands such as Caribbean Islands, Greenland (Australia), New Guinea, Broneo (Asia), Madagascar (Africa) and Baffin Island will provide lucrative business opportunity for market players in the near future.

2. Increasing illegal immigration in the U.S. is expected to provide major market opportunity

Rising illegal invasions has compelled the authorities to increase cross border patrolling. For instance, in May 2019, the U.S. Customs and Cross Border Patrol (CBP) arrested 13 individuals of crossing illegally into the U.S. on boats. Such incidents have increased the demand for boat steering systems, thereby providing significant growth opportunity for market players over the forecast period.

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Market Trends

1. Outboards are expected to hold dominant position in the global boat steering system market

On the basis of design of boat, outboard boats hold dominant position in the global boat steering system market followed by inboards and sterndrives. This is owing to simplicity design by which these steering systems can be installed, as well as the improvement in deck space, which provides more room to consumers as the engine is conveniently attached on the stern of the boat. Moreover, outboard engines are more fuel-efficient, have better power-to-weight ratio, and offer better acceleration than other propulsion systems.

2. Low aftermarket sales to continue during the forecast period

Aftermarket sales for boat steering systems account for low market share due to low breakdown rate, replacement rate and the preference of consumers to stick to the default steering system present on a boat. Moreover, weak retailing activity is another factor hindering the market share for aftermarket sales.

Segment information:

In global boat steering system market, by Boat Type segment, the Mid -Size sub-segment dominated the global market in 2019, accounting for 53.7% share in terms of value, followed by Small & Large, respectively.

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