Press release
Boat Steering Systems Market to Accumulate US$ 1,101.4 Mn by 2025
Boat manufacturers are enhancing the steering system to ride the boat with utmost convenience. According to the report by Persistence Market Research (PMR), the boat steering systems market will witness 8.2% CAGR during 2017-2025.
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Boating is also one of the popular activity in regions such as North America and Europe, hence the boat steering systems market is large in these regions. North America is projected to be the highly lucrative market followed by Europe. Boating as an activity is also rising in Asia-Pacific, hence the boat steering systems will witness a heavy growth in a couple of years.
Tiller Mechanism acts as a restraint in the Boat Steering System Market
Tillers, being the ancient method of steering is mostly used in outboard motor boats. The basic arrangement of the lever the engine is one thing that attracts the user to install tiller mechanism on the boats. The method is also cost-effective as compared to the other boat steering system. Low cost and low maintenance makes tiller mechanism more attractive and acts as the roadblock in the growth of boat steering system.
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European Region to see the rise in use of Powered Boats as compared to Sail Boats
Factors such as improved mooring and trailing infrastructure are influencing the growth of powered boats. Europe is anticipated to hold 30% market share in global boat steering system market by 2025. The growth of tourism in ASEAN and Middle East & Africa region, this has shown some improvement in the boat steering system market in these regions.
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The manufacturers of boat steering system are also focusing on the countries where railways and roadways are not considered as the most convenient way of transport, and the marine way is the most convenient way of transportation. Also, with the rise in marine transportation, the demand for boat steering system has also increased in recent years.
Revamp of boating as a recreational activity has boosted the market for boat steering system. North America is considered as the largest market when it comes to boating industry and boating sales. Moreover, the boating activity has also improved in regions such as New Zealand and Australia, opening the opportunity for boat steering system manufacturers.
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