Boat Steering Market by Propulsion System (Inboard, Outboard, and Sterndrive), by Steering Type (Manual Steering, Hydraulic Steering, Electric Power Steering, and Electro-Hydraulic Steering), by Sales Channel (Original Equipment Manufacturers (OEM), and Aftermarket), by Boat Type (Small, Mid-size, and Large) and by Geography - Global Trends and Forecast to 2025

  • Published On : Apr 2018 |
  • Pages : 250 Pages |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

Boat Steering Market

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).

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.

Figure:  Global Boat Steering Market Value (US$ Million), by Region, 2025.

Boat Steering Market

Source: Coherent Market Insights Analysis, 2018

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.

Key companies

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.

Boat steering systems comprises a wheel, steering cable, helm, and cable connections. These equipment are linked to the wheel to the engine. Among these components, helm is the most important component as it converts the rotary motion of a wheel into a push-pull motion, which further moves the boat right or left. Helm is connected to a mechanical or hydraulic system, which is responsible for changing the vertical angle of the craft. At the point when a ship is made to guide at the left hand side it is called as, 'swinging to the port side' and when it is made to control to right side, it is called as, 'swinging to the starboard side'. The primary components in a boat steering system are telemotor, control unit, and power unit.

Market Dynamics

Rampant growth of B2B communications across various countries including India, China, and others across the globe, have increased imports and exports significantly in the recent past, and the same is expected to increase over the forecast period. According to World Trade Organization, in India transport export by sea accounted for around 66.2% and transport import by sea accounted for 61.4%, in 2016. This is one of the major factors supporting the growth of transportation via sea route, which in turn, is further expected to aid in growth of the boat steering systems market.

However, advent of smart steering systems is one of the major factors expected to restraint growth the of global boat steering market during the forecast period. These smart steering systems are expected to replace mechanical and hydraulic steering systems used by conventional boat manufacturers.

Key features of the study:

  • This report provides in-depth analysis of boat steering market size (US$ Million), and Cumulative Annual Growth Rate (CAGR %) for the forecast period (2017– 2025), considering 2016 as the base year
  • It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by the leading players
  • It profiles leading players in the global boat steering market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, key developments, strategies, and future plans
  • Companies covered as part of this study 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
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decision regarding their future product launches, product upgrades, market expansion, and marketing tactics
  • The global boat steering market report caters to various stakeholders in this industry including investors, suppliers, manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the global boat steering market

Detailed Segmentation:

  • Global Boat Steering Market, By Propulsion System:
    • Inboard
    • Outboard
    • Sterndrive
  • Global Boat Steering Market, By Steering Type:
    • Manual Steering
    • Hydraulic Steering
    • Electric Power Steering
    • Electro-Hydraulic Steering
  • Global Boat Steering Market, By Sales Channel:
    • Original Equipment Manufacturers (OEM)
    • Aftermarket
  • Global Boat Steering Market, By Boat Type:
    • Small
    • Mid-size
    • Large
  • Global Boat Steering Market, By Geography:
    • North America
      • By Propulsion System:
        • Inboard
        • Outboard
        • Sterndrive
      • By Steering Type:
        • Manual Steering
        • Hydraulic Steering
        • Electric Power Steering
        • Electro-Hydraulic Steering
      • By Sales Channel:
        • Original Equipment Manufacturers (OEM)
        • Aftermarket
      • By Boat Type:
        • Small
        • Mid-size
        • Large
      • By Country:
        • U.S.
        • Canada
    • Europe
      • By Propulsion System:
        • Inboard
        • Outboard
        • Sterndrive
      • By Steering Type:
        • Manual Steering
        • Hydraulic Steering
        • Electric Power Steering
        • Electro-Hydraulic Steering
      • By Sales Channel:
        • Original Equipment Manufacturers (OEM)
        • Aftermarket
      • By Boat Type:
        • Small
        • Mid-size
        • Large
      • By Country:
        • Germany
        • UK
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Propulsion System:
        • Inboard
        • Outboard
        • Sterndrive
      • By Steering Type:
        • Manual Steering
        • Hydraulic Steering
        • Electric Power Steering
        • Electro-Hydraulic Steering
      • By Sales Channel:
        • Original Equipment Manufacturers (OEM)
        • Aftermarket
      • By Boat Type:
        • Small
        • Mid-size
        • Large
      • By Country:
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Latin America
      • By Propulsion System:
        • Inboard
        • Outboard
        • Sterndrive
      • By Steering Type:
        • Manual Steering
        • Hydraulic Steering
        • Electric Power Steering
        • Electro-Hydraulic Steering
      • By Sales Channel:
        • Original Equipment Manufacturers (OEM)
        • Aftermarket
      • By Boat Type:
        • Small
        • Mid-size
        • Large
      • By Country:
        • Brazil
        • Mexico
        • Rest of Latin America
    • Middle East
      • By Propulsion System:
        • Inboard
        • Outboard
        • Sterndrive
      • By Steering Type:
        • Manual Steering
        • Hydraulic Steering
        • Electric Power Steering
        • Electro-Hydraulic Steering
      • By Sales Channel:
        • Original Equipment Manufacturers (OEM)
        • Aftermarket
      • By Boat Type:
        • Small
        • Mid-size
        • Large
      • By Country:
        • GCC Countries
        • Israel
        • Rest of Middle East
    • Africa
      • By Propulsion System:
        • Inboard
        • Outboard
        • Sterndrive
      • By Steering Type:
        • Manual Steering
        • Hydraulic Steering
        • Electric Power Steering
        • Electro-Hydraulic Steering
      • By Sales Channel:
        • Original Equipment Manufacturers (OEM)
        • Aftermarket
      • By Boat Type:
        • Small
        • Mid-size
        • Large
      • By Country:
        • Northern Africa
        • Central Africa
        • South Africa
  • Company Profiles
    • Vetus B.V.*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments/ Updates
    • 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
    • Techno Italia Kft. 

“*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objective and assumption
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet By Propulsion System
      • Market Snippet By Steering Type
      • Market Snippet By Sales Channel
      • Market Snippet By Boat Type
      • Market Snippet By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
      • Regulatory Scenario
      • Industry Trend
      • Merger and Acquisitions
      • New Product Approvals/Launch
  4. Global Boat Steering Market, By Propulsion System, 2015 - 2025 (US$ Million & Thousand Units)
    • Introduction
      • Market Share Analysis, 2016 and 2025 (%)
      • Segment Trends
    • Inboard
      • Introduction
      • Market Size and Forecast, 2015 - 2025, (US$ Million & Thousand Units)
    • Outboard
      • Introduction
      • Market Size and Forecast, 2015 - 2025, (US$ Million & Thousand Units)
    • Stern drive
      • Introduction
      • Market Size and Forecast, 2015 - 2025, (US$ Million & Thousand Units)
  5. Global Boat Steering Market, By Steering Type, 2015 - 2025 (US$ Million & Thousand Units)
    • Introduction
      • Market Share Analysis, 2016 and 2025 (%)
      • Segment Trends
    • Manual Steering
      • Introduction
      • Market Size and Forecast, 2015 - 2025, (US$ Million & Thousand Units)
    • Hydraulic Steering
      • Introduction
      • Market Size and Forecast, 2015 - 2025, (US$ Million & Thousand Units)
    • Electric Power Steering
      • Introduction
      • Market Size and Forecast, 2015 - 2025, (US$ Million & Thousand Units)
    • Electro-Hydraulic  Steering
      • Introduction
      • Market Size and Forecast, 2015 - 2025, (US$ Million & Thousand Units)
  6. Global Boat Steering Market, By  Sales Channel, 2015 - 2025 (US$ Million & Thousand Units)
    • Introduction
      • Market Share Analysis, 2016 and 2025 (%)
      • Segment Trends
    • Original Equipment Manufacturer(OEMs)
      • Introduction
      • Market Size and Forecast, 2015 - 2025, (US$ Million & Thousand Units)
    • Aftermarket
      • Introduction
      • Market Size and Forecast, 2015 - 2025, (US$ Million & Thousand Units)
  7. Global Boat Steering Market, By Boat Type, 2015 - 2025 (US$ Million & Thousand Units)
    • Introduction
      • Market Share Analysis, 2016 and 2025 (%)
      • Segment Trends
    • Small
      • Introduction
      • Market Size and Forecast, 2015 - 2025, (US$ Million & Thousand Units)
    • Mid-size
      • Introduction
      • Market Size and Forecast, 2015 - 2025, (US$ Million & Thousand Units)
    • Large
      • Introduction
      • Market Size and Forecast, 2015 - 2025, (US$ Million & Thousand Units)
  8. Global Boat Steering Market, By Region, 2015 - 2025 (US$ Million & Thousand Units)
    • Introduction
    • Market Share Analysis, By Region, 2016 and 2025 (%)
    • North America
      • By Segment
        • Market Size and Forecast, By Propulsion System, 2015 - 2025 (US$ Million & Thousand Units)
        • Market Size and Forecast, By Steering Type, 2015 - 2025 (US$ Million & Thousand Units)
        • Market Size and Forecast, By Sales Channel, 2015 - 2025 (US$ Million& Thousand Units)
        • Market Size and Forecast, By Boat Type, 2015 - 2025 (US $ Million & Thousand Units)
      • By Country
        • U.S.
        • Canada
    • Europe
      • By Segment
        • Market Size and Forecast, By Propulsion System, 2015 - 2025 (US$ Million & Thousand Units)
        • Market Size and Forecast, By Steering Type, 2015 - 2025 (US$ Million & Thousand Units)
        • Market Size and Forecast, By Sales Channel, 2015 - 2025 (US$ Million & Thousand Units)
        • Market Size and Forecast, By Boat Type, 2015 - 2025 (US$ Million & Thousand Units)
      • By Country
        • Germany
        • UK
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Segment
        • Market Size and Forecast, By Propulsion, 2015 - 2025 (US$ Million & Thousand Units)
        • Market Size and Forecast, By Steering Type, 2015 - 2025 (US$ Million & Thousand Units)
        • Market Size and Forecast, By Sales Channel, 2015 - 2025 (US$ Million & Thousand Units)
        • Market Size and Forecast, By Boat Type, 2015 - 2025 (US$ Million & Thousand Units)
      • By Country
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest Of Asia Pacific
    • Latin America
      • By Segment
        • Market Size and Forecast, By Propulsion System, 2015 - 2025 (US$ Million & Thousand Units)
        • Market Size and Forecast, By Steering Type, 2015 - 2025 (US$ Million & Thousand Units)
        • Market Size and Forecast, By Sales Channel, 2015 - 2025 (US$ Million & Thousand Units)
        • Market Size and Forecast, By Boat Type, 2015 - 2025 (US$ Million &Thousand Units)
      • By Country
        • Brazil
        • Mexico
        • Rest Of Latin America
    • Africa
      • By Segment
        • Market Size and Forecast, By Propulsion System, 2015 - 2025 (US$ Million & Thousand Units)
        • Market Size and Forecast, By Steering Type, 2015 - 2025 (US$ Million & Thousand Units)
        • Market Size and Forecast, By Sales Channel, 2015 - 2025 (US$ Million & Thousand Units)
        • Market Size and Forecast, By Boat Type, 2015 - 2025 (US$ Million & Thousand Units)
      • By Country
        • South Africa
        • Central Africa
        • North Africa
    • Middle East
      • By Segment
        • Market Size and Forecast, By Propulsion System, 2015 - 2025 (US$ Million & Thousand Units)
        • Market Size and Forecast, By Steering Type, 2015 - 2025 (US$ Million & Thousand Units)
        • Market Size and Forecast, By Sales Channel, 2015 - 2025 (US$ Million & Thousand Units)
        • Market Size and Forecast, By Boat Type, 2015 - 2025 (US$ Million & Thousand Units)
      • By Country
        • GCC
        • Israel
        • Rest Of Middle East
  9. Competitive Landscape
    • Company Profiles
      •  Vetus B.V.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Lecomble & Schmitt
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Kobelt Manufacturing Co. Ltd
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Twin Disc, Incorporated
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Northrop Grumman Sperry Marine B.V
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Uflex USA
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • HyDrive Engineering Pty Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Hypro Marine
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • ZF Friedrichshafen AG
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Techno Italia Kft.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
    • Analyst Views
  10. Section
    • References
    • Research Methodology
    • About us and Sales Contact

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