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Boat Steering System Market to Reflect a Modest CAGR of 8.2% Throughout 2017-2025
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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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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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