The boat steering market was valued at US$ 593.5 million in 2016 and is projected to reach US$ 1.24 billion by 2025, exhibiting a CAGR of 8.23% during the forecast period, according to Boat Steering Market Report, 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 Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) published by Coherent Market Insights.
A boat steering system determines the boat’s course, when the steering wheel is turned. 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 growth of the global boat steering market is increasing demand for recreational boats. This creates an opportunity in the inboard and sterndrive, outboard, and sailboat market. It is used for various activities including boat racing, sailing, campaigning, fishing, and others. According to the International Council of Marine Industry Associations (ICOMIA), in 2016, around 30 million recreational boats were in operation, globally.
Recreational watercraft, otherwise called as delight craft boats, are intended for entertainment only, on water surface. Individuals utilize this for pleasure activities such as sailing and cruising with friends and family. Owing to these reasons, manufacturers are more focused on manufacturing small crafts, for example, watersport pontoons, day pontoons, and boats that are relatively cost effective. Increasing use of boats for various activities such as fishing, cruising, and for watersports is expected to accelerate demand for boats, which in turn, is expected to further boost growth of the boat steering market.
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Key Trends and Analysis of the Global Boat Steering Market:
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