DUBLIN--(BUSINESS WIRE)--The "Boat Steering Systems - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The global market for Boat Steering Systems estimated at US$1.2 Billion in the year 2020, is projected to reach a revised size of US$1.7 Billion by 2026, growing at a CAGR of 6.8% over the analysis period.
Outboard, one of the segments analyzed in the report, is projected to grow at a 7.1% CAGR to reach US$1.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Inboard segment is readjusted to a revised 6.4% CAGR for the next 7-year period. This segment currently accounts for a 23.7% share of the global Boat Steering Systems market.
The U.S. Market is Estimated at $636.7 Million in 2021, While China is Forecast to Reach $65.8 Million by 2026
The Boat Steering Systems market in the U.S. is estimated at US$636.7 Million in the year 2021. The country currently accounts for a 51% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$65.8 Million in the year 2026 trailing a CAGR of 8.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.9% and 6.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.6% CAGR while Rest of European market (as defined in the study) will reach US$71.6 Million by the close of the analysis period.
Sterndrive Segment to Reach $146.9 Million by 2026
In the global Sterndrive segment, USA, Canada, Japan, China and Europe will drive the 5.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$95.2 Million in the year 2020 will reach a projected size of US$140.3 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$4.5 Million by the year 2026, while Latin America will expand at a 6.4% CAGR through the analysis period.
Select Competitors (Total 29 Featured) -
- Excel Controlinkage Pvt. Ltd
- HyDrive Engineering Pty Ltd.
- Hypro Marine
- Kobelt Manufacturing Co. Ltd.
- Lecomble & Schmitt
- Lewmar Limited
- Northrop Grumman Sperry Marine B.V.
- SeaStar Solutions
- Techno Italia Kft.
- Twin Disc, Incorporated
- Vetus B.V.
- ZF Friedrichshafen AG
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Boat Steering Systems - Global Key Competitors Percentage Market Share in 2022 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
- Year 2020 Has Been a Year of Astounding Disruption & Unbelievable Transformation
- COVID-19 Leaves the World in Shambles & Industries and Markets Upended: World Economic Growth Projections (Real GDP, Annual % Change) for 2019 to 2022
- The First Vaccines Are Here! Will It Change the Existing Economic Realities? & Is it Really the Silver Bullet We Were Waiting For?
- How Fast the World is Vaccinated Will Determine How Soon the Pandemic Will End: COVID-19 Vaccines In Millions of Annual Doses For Years 2020 Through 2025
- Recreation, Leisure, Tourism & Employment Rates, the Major Drivers of Non-Essential Boating Take a Massive Blow
- Recreational Boats, Watercrafts & Yachts Sales Slumps Impacting All in the Value Chain
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Robust International Trade in Fisheries to Push Demand for Fishing Boats
- Rising Seafood Consumption Brings a String of Opportunities for Commercial Open Catch Fishing Equipment Including Boats: Global Per Capita Fish Consumption (in Kg Per Person) by Region for 2020 & 2027
- Focus on Modernizing Aging Fishing Boats & Expanding Fishing Fleets to Benefit All in the Boat Manufacturing Value Chain
- Aging Fishing Boats Trigger Replacement Demand, Bringing in the Promise of Higher New Manufacturing Orders: Average Age of Fishing Boats & Vessels (In Years) As of the Year 2020
- Rise of Sports Fishing as a Healthful Pastime to Drive Demand for Sports Fishing Boats in the Post COVID-19 Period
- Expected Growth in Demand for Superyachts Post Pandemic to Benefit Boat Manufacturing Activities
- Expected Gains in Yacht Building to Benefit OE Suppliers of Boat Steering Systems: Global Number of Superyachts 100 FT or Larger (In Units) for Years 2017, 2019, 2022 & 2024
- Rise of Recreational Boating as a Hobby Spurs Opportunities for Growth in the Market
- Easing of Restrictions Witness a Quick Recovery of Recreational Boating Bringing Hope & Cheer for the Boating Industry
- Increased Indulgence in Boating Pleasure Opens New Growth Avenues for Boat Manufacturing, Parts/Components: Global Spending on Leisure Boats (In US$ Million) for Years 2020, 2023 & 2026
- Self-Steering or Autopilot Boats Grow in Popularity
- Fly By Wire Steering: Making the Switch from Cable to Electronic Throttle
- Technological Advancements and Innovations Crucial to Sustain Market Growth
- Introduction of Hybrid Propulsion System in Leisure Boats Presents Opportunities for Fully Electric Steering Systems
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/lsb9ar