Boat Steering Systems Market to Observe Strong Development by 2025

Global Market Study on Boat Steering Systems: North America Projected to Grow at a Relatively Fast Pace Among All Regions During 2017-2025

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Sales of global boat steering systems are estimated to be valued at more than US$ 550 Mn by 2017 end and are projected to reach a market valuation in excess of US$ 1,100 Mn by the end of 2025, registering a CAGR of 8.2% over the forecast period. In terms of value, United States in the North America region is expected to be the most attractive and dominant market, registering a CAGR of 9.4% over the forecast period (2017-2025) with an estimated market value of nearly US$ 230 Mn by 2017 end and projected to reach a market value of nearly US$ 470 Mn by 2025. Latin America and Middle East & Africa (MEA) are the least attractive regions in the global boat steering system market with an estimated combined market share of less than 10% by 2017 end.

Revamp of the recreational boating industry likely to boost the global boat steering system market

Recreational boating is one of the prominent leisure activities enjoyed by a large percentage of the population in North America and Europe. As per estimates published by the National Marine Manufacturers Association (NMMA), manufacturers of boat steering systems and other boating products have increased their spending in manufacturing capabilities at a CAGR of 4% from 2009 to 2014. Though the 2009 recession has largely impacted small-scale manufacturers to run out of business, several medium to large-scale manufacturers held on through the impact of recession and have continued to generate a steady revenue stream since then. With North America being a dominant market when it comes to boating sales and the boating industry as a whole, the participation of middle income class people in boating activities has been the largest and it is steadily growing at a healthy rate of around 5% annually since 2009. This is proving as a backbone in driving the growth of the boat steering system market. Such growth in recreational boating activities can also be witnessed in several European countries and in Australia.

Powered boats to grow faster than sail boats in the European region

From the perspective of powered boats consisting of inboards, sterndrive and outboards, North America is the most dominant region as far as boat sales, boat park and boat production are concerned. Recreational boating is a common activity amongst the people in this region, which is likely to help the growth of the boat steering system market in the coming years. Powered boats are the preferred choice of boats among consumers and improved mooring and trailing infrastructure has positively influenced the growth of this industry. United States leads the market with around half the global market share, and the region is estimated to retain its share in the coming years.

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The market of steering systems in the European region is slightly different from the North American market as sailboats sell more than powered boats in this region, making it the second largest market of boat steering systems for powered boats. Recreational boating activities have improved in Oceanic countries such as Australia and New Zealand. Growth of tourism in ASEAN countries has slightly improved the market share held by the Asia Pacific region. Similarly, growth of tourism and high disposable income in GCC countries in the current scenario has attributed to market growth in the Middle East & Africa region positively.

Global Boat Steering System Market Attractiveness Analysis by Region

Among all regions, North America is projected to account for a relatively large market share in terms of both value and volume, while Latin America will account for a relatively low market share in terms of value by 2025. North America is expected to maintain its dominance in the global boat steering system market throughout the forecast period in terms of value. This is mainly attributed to the high sales of powered boats, especially outboards, coupled with high recreational boating activity followed by people in North America. Europe is estimated to hold almost 30% market share in the global boat steering system market by 2025 end.

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Prevalence of Tiller Mechanism on Small Outboard Motor Boats is likely to act as a growth restraint in the global boat steering system market

Tillers are the most primitive method of steering, commonly used in outboard motor boats. In this system, a lever is attached on the head or the upper section of the outboard engine, which provides torque generating leverage necessary to rotate the engine. 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. Together, these factors can come across as a roadblock in the growth of the boat steering system market. Though the problems associated with tiller mechanism are more as compared to proper steering systems, low cost and low maintenance of tiller mechanisms are attractive attributes largely favored by consumers.

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