Global Boat Steering Market to Surpass US$ 1.24 Billion by 2025

Published On : Apr 03, 2018

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.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/boat-steering-market-1481 

Browse 150 market data tables* and 90 figures* on "Boat Steering Market” - Global forecast to 2025.

Key Trends and Analysis of the Global Boat Steering Market:

  • Latin America market is expected to exhibit a CAGR of 6.77% during the forecast period. This growth is attributed to presence of the longest coastline in Chile and Brazil, which has led to increasing tourism, sailing, cruising, and fishing activities. For instance, according to Coherent Market Insights’ analysis, in 2015, Latin America registered 97 million international tourist arrivals. The travel and tourism industry in Latin America was valued at over US$ 371.8 billion in 2015. Hence, tourism and fishing activates is influencing demand for boats in Latin America, which is further fueling growth of the boat steering market in this region.
  • Europe accounted for second-largest share in the global boat steering market in 2016 and is expected to retain its dominance during the forecast period. Revenue from the Europe market is expected to be valued at about US$ 372.4 million by 2025. This growth is attributed to high demand for recreational boats in this region. Italy, the U.K., Germany, and France are the growth engines in recreational boating markets in European region. This is owing to growing coastal and maritime tourism in this region. With over 27,000 km of inland waterways and over 70,000 km of coastline, Europe offers the perfect environment for its citizens, who regularly participate in recreational marine activities along with increasing numbers of tourists. This demand for luxurious boats is further accelerating the boat steering market growth.
  • Major players operating in the global boat steering market are 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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