Boat Steering Market Estimated To Witness a Phenomenal Growth by 2025
Boat steering systems comprises a wheel, steering cable, helm, and cable connections. These systems aid in determining the direction of the boat. A boat’s steering wheel is part of the helm that connects to a mechanical, electric, or hydraulic system to assist in turning the boat.
The major factor driving the market growth is increasing demand for recreational boats for racing, fishing, and other water sports and pleasure activities. This is driving manufacturers to manufacture small crafts for recreation such as inboard and stern drive, outboard, and sailboat. According to National Marine Manufacturers Association (NMMA), unit sales of recreational boats is expected to increase by 10% to 11% from US$ 8.4 billion in 2016. Therefore, increase in boat sales is expected aid in growth of the market over the forecast period (2017–2025).
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Boat Steering Market Key Restraining Factors
The key factors expected to restraint the market growth are labor-intensive manufacturing processes and government regulations regarding environment protection. For instance, according to Federal Refuse Act, the discharge of fuel, oil, oily wastes and hazardous substances is completely prohibited into the waters of the U.S. or the waters of the contiguous zone. In addition, under state law F&GC 5650 prohibits discharges of petroleum and other substances harmful to fish, plants, mammals and birds.
North America Market Accounted for the Largest Share in 2016
On the basis of region, the global boat steering market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The market in North America accounted for the largest share in the global boat steering market in 2016 and is expected to maintain its dominance during the forecast period in terms of value and volume. Moreover, North America boat steering market is expected to exhibit the highest CAGR from 2017 to 2025. The market for North America was valued about US$ 330.9 million in 2016 and expected to exhibit a CAGR of 8.39% during the forecast period followed by Europe. This growth is attributed to high sales of powered boats, especially outboards, coupled with high recreational boating activity in North America. For instance, according to the National Marine Manufacturers Association (NMMA) Canada, in 2016, there were approximately 37,349 units of new power boats sold, which exhibited an increase of 0.3% from 2015. Within these units, 18,868 units of Outboard boats were sold in 2016. Recreational boating is gaining significant traction in Canada. The U.S. is the manufacturing hub and growth engine in boats industry in North America region. The U.S. accounted for around 70% of market share in the global boat steering market in 2016. According to Grow Boating Organization, in North America around 238,000 units of new powerboats were sold in 2015, which is an increase of 8.5% as compared to 2014. Among these, about 95% power boats were sold in the U.S. and made in the U.S.
Europe accounted for second-largest share in global boat steering market in 2016, in terms of value and volume. The market for Europe accounted for around 29.71% share in the global boat steering market in 2016. In addition to this, Europe boat steering market is expected to exhibit 8.33% CAGR during the forecast period. The U.K., Germany, France, and Italy are growth engines in the region. France was the dominant country in the European recreational boating market accounting for over 18% share of the regional production in 2016. The boat steering market in France was valued at about US$ 30.9 million in 2016 and is expected to retain its dominance during the forecast period. This growth is attributed to growing coastal and maritime tourism in this region. Increasing preference for leisure ports, cruise shipping, and luxury cruisers is expected to drive demand for recreational boating market in Europe. According to European Boating Industry, 70,000 km of coastline in Europe offers perfect environment for its citizens, who regularly participate in recreational marine activities. Moreover, growth of the French boating industry was due to increased domestic demand for boats. For instance, according to The International Council of Marine Industry Associations, in 2016, the domestic demand accounted for 25% growth in motorboat sales and 18.5% in sailboat sales.
Major players operating in the global boat steering market include Vetus B.V., Lecomble & Schmitt, Kobelt Manufacturing Co. Ltd., Twin Disc, Incorporated, Northrop Grumman Sperry Marine B.V., Uflex USA, HyDrive Engineering Pty Ltd., Hypro Marine, ZF Friedrichshafen AG, and Techno Italia Kft.
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