Factors such as rise in the growth of naval fleet, increasing investments by logistics companies to enhance maritime trade, rising trend of cruise vacations owing to increasing international tourism as well as rapid growth of recreational boating and fishing industry especially in the U.S. and coastal European countries are driving the market growth.
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The boat steering system market is witnessing a tremendous growth from the various technologic advancements in order to ensure better maneuverability and ease of control. The problems of maneuverability is given high priority with the increase in the size of the ships. The comfort and safety of the vessel and the crew is heavily dependent on the efficiency of the steering system. This has induced the adoption of high performance manually steering or digitally controlled and integrated steering systems for larger vessels.
Adroit Market Research launched a study titled, “Global Marine Steering Systems Market Size 2017 By Type (Hydraulic Steering Systems, Electronic Power Steering, Mechanical Steering), By Application (Outboard Steering, Inboard Steering), By Region and Forecast 2018 to 2023”. The study covers the global marine steering market value and volume for a period ranging between 2012 to 2023, where 2012 to 2017 imply the actual annual revenue with forecast between 2018 and 2023. The global marine steering market report also includes qualitative insights of the market such as drivers, restrains, value chain, regulatory framework and trade statistics.
By 2023, the global marine steering market is expected to reach USD 1,153.2 million resulting from the rising demand for premium cruise boats for tourism and recreational purposes. Cruise tourism is one of the most dynamic segment in the tourism industry and is instrumental in making a significant contribution to a destination’s economy.
The global recreational boating market is witnessing an exponential growth. The market is expected to grow from almost 3.8 million passengers in 1990 to over 23.5 million passengers in 2019. The range of options in worldwide cruise destinations and transatlantic routes is increasing, thereby providing continued expansion of cruise lines. This growth in the recreational boating industry directly affects the demand for cruise ships and thereby the demand for marine steering market.
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Hydraulic steering system market witnessed the highest growth in 2017, occupying over 57% market share. It has dominated the market over electronic power steering market and mechanical steering system market on account of its better maneuverability and ease of maintenance advantages. Hydraulic systems are best suited for large vessels as it offers larger and high powered vessels a smooth, lightweight feel when turning the steering wheel. With a lesser amount of metal parts than the hydraulic system, the hydraulic system is more resistant to corrosion. These convenient handling features have led to hydraulic steering systems dominate the market and is expected to continue the same during the forecast period.
On the basis of geography, North America leads the global marine steering market due to the presence of a large number of recreational and luxury vessels. The market is also driven by the rising initiatives by the government to strengthen its naval fleet with vessels that are equipped with sophisticated technology which includes high performance steering systems. However, Asia Pacific is expected to foresee the fastest growth due to increasing trade activities through waterways. The improving tourism levels especially in the East Asian countries is also expected to propel the market in this region.
The global marine steering market is concentrated in the U.S. and EU-5 countries. Some of the key players in the boat steering system market include SeaStar Solutions Incorporated, Mercury Marine, Inc., Vetus, N.V. Sperry Marine, Inc. and Pretech Co. Inc. among others.
Type Overview, 2013-2023 (USD million)
Hydraulic Steering Systems
Electronic Power Steering
Application Overview, 2013 – 2023 (USD million)
Regional Overview, 2013 – 2023 (USD million)
Rest of Europe
Rest of Asia-Pacific
Middle East & Africa
Rest of Middle East & Africa
Central & South America
Rest of South America
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