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.
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.
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.
Persistence Market Research presents a comprehensive and insightful report on the boat steering system market titled ‘Boat Steering System Market: Global Industry Analysis and Forecast 2017–2025’. The report begins with an executive summary that states the important market numbers related to the global boat steering market such as the market values for the year 2017 and 2025 and market volume numbers related to the number of boat steering units sold. The related CAGRs, both value and volume for the forecast period of 2017 till 2025 are also given. The executive summary gives the market numbers and related information regarding the most lucrative region in the global boat steering market and a list of key market players operating in this market. The executive summary also gives the global boat steering system market split for the year 2016 by region, by propulsion system, by steering type, by sales channel and by boat type.
At the end of the executive summary, there is a concise and yet informative Persistence Market Research analysis of the overall market approach that the key players operating in the global boat steering system market have adopted along with the target product and the target region that is most lucrative in this market. The differentiating strategy of the key market players operating in the boat steering system market is also given at the end of the executive summary. After this, there is a section related to the market introduction, which gives the market definition of the global boat steering system market and explains what this market is all about, along with the definitions of propulsion system, steering type and boat type. This gives clarity about the scope of the report and the report audience know what has been included in the report and what has been excluded. After this section, a detailed market taxonomy of the global boat steering system market is given.
By Steering Type
By Propulsion System
By Boat Type
By Sales Channel
A section of the report is devoted to the global boat steering market size and forecast analysis. Thereafter, there is a section on the average pricing analysis (2016) of the global boat steering system market. Prices have been deduced for the forecast period based on historic market costs. Price increase over the forecast period is linearly distributed across regions. After this, there is an informative section on the global boat steering system market value chain. Another important and detailed section of the report is devoted to explaining the market dynamics of the global boat steering system market. This exhaustive section talks about the macro-economic factors that play a part in shaping the global boat steering system market. There is an exhaustive explanation of the drivers, restraints and opportunities available in the global boat steering system market. This is an important section of the report as it contains a detailed explanation about the factors that encourage the growth of this market as well as the factors that hamper the growth of this market. Besides this, weightage of impact of the forecast factors as well as key takeaways are also highlighted in this section. The subsequent sections of the report include the global boat steering system market analysis and forecast by propulsion system, by steering type, by boat type, by sales channel and by region. These sections contain information about important market figures such as Basis Point Share, year-on-year growth projections, absolute dollar opportunity and market attractiveness index.
An entire section of the report is devoted to the competition landscape of the global boat steering system market. This competition landscape gives a dashboard view of the key companies operating in the global boat steering system market along with important company information and broad strategy adopted to stay as leaders in the global boat steering system market. Each of the leading companies is also profiled individually and important information about the company such as company details, company description, product portfolio along with key developments concerning the company and strategic analysis is presented. A SWOT analysis of each leading market player is also presented which gives detailed information about the strengths, weaknesses, opportunities and threats that the company is dealing with. The competition landscape is the most important section of the report as it imparts a deep understanding of the top companies operating in the global boat steering system market.
Overall market size has been analyzed through historical data, primary responses, and public domain data. Revenue of companies in the global boat steering system market has been benchmarked to ascertain the market size for the base year. Macroeconomic indicators such as GDP and industry growth have been considered to forecast the market size over the assessment period. The historical growth trend of end-use industries, market participants’ performance, as well as the present macro-economic outlook has been taken into consideration for estimating the overall market trend forecast. Data thus acquired is then validated using the triangulation method and is extensively scrutinized using advanced tools to garner quantitative and qualitative insights into the global boat steering system market.