United States/WA: The global boat steering system market is estimated to exhibit a CAGR of 8.9% over the forecast period.
Report Pages:[130 Pages]
Global Boat Steering System Market, By Propulsion System (Stern drive, Inboard, and Outboard), By Steering Type (Electro-Hydraulic Steering, Hydraulic Steering, Manual Steering, and Electric Power Steering), By Sales Channel (Aftermarket and OEM (Original Equipment Manufacturer)), By Boat Type (Large, Small, and Mid-Size) and by Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa), is projected to attain a market valuation of US$ XX million in 2023 and is anticipated to grow at a CAGR of XX% during the forecast period (2021-2028), as mentioned in a new report published by Coherent Market Insights.
Overview
The hydraulically operated boat steering wheel is attached to the hull by a series of pipes and hoses. The steering pump, transmission pump, and battery power supply all go in one long flexible pipe. There is an arm on the front of the boat that rotates when you rotate the wheel. This arm also moves when you change the steer angle.
Competitive Landscape
Major companies contributing to the global boat steering system market include Kobelt Manufacturing Co. Ltd., Excel Controlinkage Pvt. Ltd., Lecomble & Schmitt, Vetus B.V., Lewmar Limited, HyDrive Engineering Pty Ltd., Uflex USA, Northrop Grumman Sperry Marine B.V., SeaStar Solutions, Twin Disc, Inc., and Techno Italia Kft.
Drivers
Growing popularity of water-based sports, marine tourism, and increasing number of boat ownerships in parallel to the rising disposable incomes and increased affordability is expected to propel growth of the boat steering system market throughout the forecast period.
Furthermore, the growing shipbuilding sector amidst rising freight transportation is expected to support the growth of the boat steering system market during the forecast period.
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The Epitome of the COVID-19 Aftermath
The onset of the COVID-19 pandemic had created a barrier in the progress of the global boat steering system market. Halt of manufacturing operations coupled with the travel ban and cancellation of shipments have severely impacted the maritime transportation and the tourism industry. Contrarily, the ease in restrictions have revived the coastal trade and the emerging trend of ‘revenge travel’ is benefitting the market.
Key Takeaways
- The boat steering system market is anticipated to grow at a CAGR of XX % during the forecast period owing to the rising popularity of coastal tourism and increased disposable incomes. For instance, in November 2020, the International Maritime Organization (IMO) reported that cruise tourism generates around US$ 150 billion every year and employs 1.2 million people.
- Factoring the territorial landscape, the North American region is driving the boat steering system market on the heels of growing cross-border patrolling in the wake of increased illegal immigration through waterways.
- In the same tune, the European region is teeming with attractions for the boat steering system market on account of increased tourist footfalls in the Mediterranean coasts, which is fuelling boat sales.
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