A boat steering system refers to equipment designed to help in effectively maneuvering the boat traveling on the surface of water bodies. The system acts as an actuating mechanism and link between the rudder and the steering wheel controlled by the helmsmen located on the deck of the boat. The boat steering system is comprised of the helm, steering cable, wheel, and cable connections, which all connect wheel to the engine. The helm is the most critical part, which converts the wheel’s rotary motion push-pull motion on the cable. This ultimately moves propeller right, left or amidships. Majorly helms are rotary types that are used with gears to turn the rudder. Moreover, there are different types of steering such as hydraulic steering, manual steering, electro-hydraulic steering, and electric steering.
The global boat steering system market was valued for US$ 672.5 Mn and 742,293.0 in terms of volume in 2019.
Market Dynamics- Drivers
Recreational boating is one of the most sought out vacation activities, which is enjoyed by a large percentage of population in Europe and North America. According to the National Marine Manufacturers Association (NMMA), makers of boat steering systems and other boating products have boosted their investment in manufacturing capabilities at a CAGR of 4% from 2009 to 2014. Furthermore, North America holds the dominant positions in boating sales and boating industry. Hence, these factors are expected to drive the global boat steering system market growth over the forecast period.
Apart from fishing, recreational, and maritime purposes, boats have been used for various applications. It has been adopted for security purposes with certain modifications as well. Increasing crime on water bodies such as seas, rivers, and canals combined with growing tension between countries has compelled government of various countries to deploy police watercrafts to patrol such areas. Such water bodies have been used for piracy, narcotics, and illegal items smuggling, forced invasions, and rescue operations. Furthermore, the boats used for aforementioned purposes need to be powerful, nimble, and must possess fast response for steering systems to navigate through water bodies. Hence, such factors are expected to support the global boat steering system market growth in the near future.
North America region dominated the global boat steering system market in 2019, accounting for 52.0% share in terms of volume, followed by Europe and Asia Pacific and Middle East respectively.
Source: Coherent Market Insights
Market Dynamics- Restraint
In watercraft, the tiller is attached to a rudder post that provides leverage in the form of torque to turn rudder. This basic arrangement of lever with the engine poses as an attractive alternative for end users to install steering mechanism on boats. Outboard motor boats are the highest selling type of propulsion systems in the current market, and there is a minimal cost involved in the adoption of tiller mechanism in these boats. These factors are expected to restrain growth of the global boat steering system market in the near future.
According to Coherent Market Insights’ analysis, in North America, the U.S. accounts for the highest number of boat production and sales. Although around 95% of boats manufactured in the U.S. are sold locally, growing coastal tourism in other parts of the world has increased sales in Europe, GCC, and ASEAN countries. This, in turn, has increased the demand for boat steering systems. However, boat manufacturers have to comply with changing trade policies with higher import taxes. They also need to make alterations to their designs and also to raw materials supply route. Such uncertainties in export policies are expected to hamper the global boat steering system market growth in the near future.
Marine transportation has emerged as suitable alternative where road and railways are not convenient mode of transportation. Increasing number of ports in countries such as Rotterdam, Riga, Hamburg, Amsterdam, and London is expected to increase the demand for sea trade activities. Furthermore, islands such as Caribbean Islands, Greenland (Australia), New Guinea, Broneo (Asia), Madagascar (Africa) and Baffin Island will provide lucrative business opportunity for market players in the near future.
Rising illegal invasions has compelled the authorities to increase cross border patrolling. For instance, in May 2019, the U.S. Customs and Cross Border Patrol (CBP) arrested 13 individuals of crossing illegally into the U.S. on boats. Such incidents have increased the demand for boat steering systems, thereby providing significant growth opportunity for market players over the forecast period.
Source: Coherent Market Insights
On the basis of design of boat, outboard boats hold dominant position in the global boat steering system market followed by inboards and sterndrives. This is owing to simplicity design by which these steering systems can be installed, as well as the improvement in deck space, which provides more room to consumers as the engine is conveniently attached on the stern of the boat. Moreover, outboard engines are more fuel-efficient, have better power-to-weight ratio, and offer better acceleration than other propulsion systems.
Aftermarket sales for boat steering systems account for low market share due to low breakdown rate, replacement rate and the preference of consumers to stick to the default steering system present on a boat. Moreover, weak retailing activity is another factor hindering the market share for aftermarket sales.
In global boat steering system market, by Boat Type segment, the Mid –Size sub-segment dominated the global market in 2019, accounting for 53.7% share in terms of value, followed by Small & Large, respectively.
Source: Coherent Market Insights
Value Chain Analysis
Key players operating in the global boat steering system market are HyDrive Engineering Pty Ltd., Lewmar Limited, Vetus B.V., SeaStar Solutions, Lecomble & Schmitt, Excel Controlinkage Pvt. Ltd., Kobelt Manufacturing Co. Ltd., Techno Italia Kft., Twin Disc, Incorporated, ZF Friedrichshafen AG, Northrop Grumman Sperry Marine B.V., and Uflex USA.
Boat steering system is an equipment used to effectively maneuvering the boat traveling on the surface of water bodies. Boat steering system made of wheel, helm, steering cable, and cable connections. These components are linking between wheel and engine. Among all these components helm is the most important component as help is used to convert pull and push motion of the cable, moving the propeller right, left, or to amidships. All these system is controlled by helmsmen located on the deck of the boat. Moreover, Most of the ships uses rotary type’s helms. These helms are that are used with gears to turn the rudder. Moreover, there are different types of steering such as hydraulic steering, manual steering, electro-hydraulic steering, and electric steering. Similar to other systems on a boat, it requires timely maintenance and inspection during the boating season. A boat steering wheel is part of the helm that connects to hydraulic, electric or mechanical systems
Rising water tourism industry all over the world is expected to fuel the global boat steering system market in the forecast period. For instance, in 2019, a report published by World Tourism Organization, United Nations specialized agency for world tourism, International tourism is increased over 4% in between 2017-18. Apart from tourisms, territorial waters security heavily investing in surveillance boats. The illegal cross border activities such as landing of illegal arms, gold etc. on rise, to prevent these incident government all across the world are investing in the costal patrolling and infra-structure. For instance, in February 2018, according to Union budget of India, an annual budget of India, Indian Cost Guard, a water security agency of India, is allocated with around US$ 565.52 Mn in 2018 from 438.38 in 2017 with 29% growth between2017-18. These factors are expected drive the global Boat steering system market in the forecast period.
This report segments the global boat steering system market on the basis of propulsion system, by steering type, by sales channel, by boat type and region. On the basis of propulsion system, global boat steering system market is segmented into inboard, outboard and stern drive. On the basis of sales channel, the global boat steering system market is segmented into manual steering, hydraulic steering, electric power steering and electro-hydraulic steering. On the basis of sales channel, the global boat steering system market is segmented into original equipment manufacturer (OEM) and aftermarket. On the basis of boat type, the global boat steering system market is segmented into, small mid-size, large. On the basis of region, global boat steering system market is segmented into North America, Latin America, Europe, Asia pacific, Middle East and Africa.
Key features of the study:
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