Recreational boating is mostly opted by people during trips and vacations for amusement activities around the world. Due to the technological advancement, modern boats offer a host of leisure options. Moreover, boat makers are constantly innovating on steering systems, since boat riding with utmost ease remains the primary focus.
The overall market of boat steering systems is projected to grow at a CAGR of 8.2% during the forecast period. The market is estimated to be valued at $ 1.10 Billion by end of 2025.
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The global steering systems market is segmented into five major types: Steering type, Propulsion system, Boat type, Sales Channel, Region By steering type, the market is sub segmented into electro-hydraulic steering, manual steering, electric power steering and hydraulic steering. The hydraulic steering segment is estimated to account for nearly 52% revenue market share by end of 2017.
Based on the propulsion system, the global market of boat steering systems includes stern drive, inboard and outboard. Boat production boat sales and boat park are most prevalent in North America, making it one of the most lucrative markets with over half the revenue share.
On the basis of boat type, the overall market is sub divided into small, mid-size and large. It is estimated that nearly 472448 units of boat steering system are to be installed in mid-size boats by the end of the forecast period.
The sales channel segment includes aftermarket and original equipment manufacturer (OEM).
North America is anticipated to retain its dominance in the overall boat steering system market and is likely to attain the large market share on the basis of value and volume whereas Latin America will comprise a comparatively low market share on the basis of value by 2025. The European market is estimated to hold nearly 30% market share by the end of 2025. Besides the other main regions, the boating market is expanding at a remarkable pace in APAC. At present, APAC’s market is valued at nearly US$ 31.6 Million, and it is likely to see a strong development over the projected years.