Global Boat Steering System Market to Witness a CAGR of 7.5% by 2025

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.

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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.

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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