Recreational Boating Industry Pivotal in Market Build-up
Recreational boating, especially in North America, is anticipated to remain a dominant segment in the boat steering system market over the forecast period. Recreational boating is enjoyed by a majority of the people in Europe and North America. North America market is expected to grow rigorously in the global boat steering system market over the forecast period. In terms of value, North America is anticipated to hold ~56% of the market share in the global boat steering system market. Due to factors such as improved tourism activities, and developed coastline areas, the U.S. is projected to account for a significant market share in the global boat steering market by the end of the forecast period.
North America has always been a dominant force regarding the sales of boats and in the industry as a whole. The recession had an enormous impact on local market players in 2009, which accounted for a loss in business in relation to boat steering systems. Established boat manufacturers in the boat steering system market held on despite the impact of the recession, and have continued to generate stable income in the boat steering system market. The growth in recreational boating activities is anticipated to be witnessed in several European countries and Australia, which is expected to further fuel the production of boat steering systems.
According to the estimates published by the National Marine Manufacturers Association (NMMA), manufacturers of boat steering systems and other boating products have increased investments in their manufacturing capabilities at a CAGR of ~4% from 2009 to 2014.
Coastal and Marine Tourism to Lead to Unrepressed Market Growth
Marine tourism is similar to coastal tourism, but is more focused on water sports. Both of these are eco-friendly forms of tourism. The tourism industry, has witnessed healthy growth post the recession era; recording more than 1 billion tourists for the first time in 2012, growing ~4% annually. This has positively impacted coastal & marine tourism, and indirectly boosted the sales of boat steering systems, with Europe being the world’s most visited tourist destination.
According to WTO’s estimates, the number of tourists visiting Europe is growing by 6% annually, with a large percentage of tourists concentrated in the Mediterranean Coastal region, which has been registering an average of 200 million visitors yearly. The trend of tourists taking part in marine tourism has led to the higher sales of boats, and has boosted the sales of boat steering systems, globally.
For instance, according to a study published by E.C. in 2011, more than 60% of the tourist population prefers visiting coastal areas over inner lands.
Product Innovations to Propel Sales
The boat steering systems market is fragmented. Market players such as SeaStar Solutions and Twin Disc Inc. account for half of the overall market share in the boat steering system market. Continuous product launches and innovations remain the key strategies of a majority of the players in the boat steering system market to achieve a competitive edge over their competitors.
For instance, in 2016, Mercury Marine introduced the VesselView Mobile application for Android and iOS users, and also added an updated joystick and shyhook feature to revive its product offerings in boat steering systems.
Increasing Adoption of Boats for Maritime Security
Powered boats have found application beyond their common usage for fishing, recreational, and maritime purposes. It has become common for these boats to be modified for security purposes. Criminal activities on water bodies, such as rivers and seas, coupled with growing tensions between countries in the present scenario, have prompted the increased deployment of police watercraft to patrol such water bodies, with the main focus on harbours.
Maritime security is required against illegal smuggling, piracy, and forced invasions, as well as for rescue operations. This necessitates the adoption of fast-moving boats. The boats utilized for these purposes must be nimble, powerful, and have fast response steering systems to efficiently navigate the water bodies. This has paved the way for a growth in the sales of boats, which, in turn, is projected to push the demand for boat steering systems. The United States has the highest number of police watercraft, followed by Canada, Germany, and the United Kingdom. Therefore, North America accounts for a higher number of boat sales, comparatively and thus, the growth of the regional boat steering system market.
Developments in coastline areas and rapidly growing tourism industry are anticipated to directly and positively impact the growth of the boat steering system market. Moreover, increasing consumer preference towards costal and marine leisure activities is projected to propel the growth of the steering system market. The demand for hydraulic steering systems are anticipated to grow impressively during the forecast period. The boat steering system markets in Europe and APAC are expected to show impressive growth rates, due to improved tourism activities and increase in disposable income of consumers in these regions.
Boat Steering System Market - Scope of the Report
PMR recently published a study report on the global boat steering system market. The report provides detailed valuation on key market dynamics such as the drivers, trends, opportunities, restraints, and essential information about the boat steering system market structure. This market research report represents exclusive facts and figures about how the boat steering system market is anticipated to grow over the forecast period 2019-2029.
Key indicators of market growth, such as value chain analysis and supply chain, Compounded Annual Growth Rate (CAGR), and Year-on-Year (Y-o-Y) growth of the market, are explained in PMR’s study in a comprehensive manner. This information will help readers understand the quantitative development projections of the boat steering system market for the forecast period.
The study is relevant for stakeholders in the boat steering system market, including boat steering system manufacturers, distributors, suppliers, and investors. It can also help them understand applicable strategies for growth in the boat steering system market. Stakeholders, industry experts, researchers, and journalists, as well as business researchers in the boat steering system market can leverage the information and statistics presented in PMR’s research report.
The report includes facts & figures related to the macro as well as microeconomic factors impacting the growth of the boat steering system market. The study also offers actionable insights based on the future trends in the boat steering system market. Regional players and new entrants in the boat steering system market can also use the information presented in this report to make effective business decisions and gain momentum in the market.
Key Segments of the Boat Steering System Market
PMR’s study on the boat steering system market is divided into five significant segments. This report offers comprehensive data and information about the important market dynamics and growth parameters related to these categories.
Key Questions Answered in PMR’s Boat Steering System Market Report
Boat Steering System Market: Research Methodology
In PMR’s research report, exclusive research methodology is utilized to conduct comprehensive research on the development of the boat steering system market to arrive at conclusions regarding the future growth factors of the market. In this research methodology, secondary and primary research is utilized by analysts to ensure precision and reliability of the drawn conclusions.
Secondary resources are referred to by analysts during the evaluation of the boat steering system market study. These sources comprise facts and figures from IATA, GAMA, FA, OEM websites, government websites, white papers, trade journals, and external and internal databases. Our analysts have thoroughly interviewed several industry experts such as sales supervisors, sales operation managers, product portfolio managers, senior managers, market intelligence managers, marketing/product managers, and production managers to provide critical insights.
Comprehensive information acquired from primary resources and secondary resources is validation from companies in the boat steering system market to make PMR’s projections of the growth prospects of the boat steering system market more accurate and reliable.