Recreational boating is one of the most talked about leisure activities in the world. With the arrival of more luxurious boats, people are increasingly opting for vacations and trips where boating is at the top of their list of amusement activities. The modern boats are less complicated and more fun to ride, primarily owing to the technological advancements in boat steering system. Besides, boat manufacturers are consistently trying to enhance the steering system, as riding a boat with utmost convenience remains the priority. Persistence Research Market (PMR) has recently published its forecast report on the global boat steering market, insights from which reveals that around 613,882 units of boat steering system were sold in 2016.
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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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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Additional Highlights of the report Include:
- In 2016, nearly 523,305 units of boat steering based on outboard propulsion system were sold across the globe, which is projected to reach 1,033,218 units by the end of 2025.
- The hydraulic steering type is expected to account for more than 52% revenue share of the market by 2017-end
- By 2025-end, around 472,448 units of boat steering system are projected to be installed in mid-size boats.