About three-fourths of global goods are transported through ships, assisting the expansion of global maritime industry. The thriving ship building industry and costal lines are expected to call for an increase in boat fleet, consequently creating business opportunities for manufacturers of boat parts and components such as boat steering systems. A recent market study of Persistence Market Research (PMR) indicates a strong growth outlook for boat steering system market during the period of projection (2019 – 2029) and the market will surpass US$ 1 Bn mark in next five years.
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Key Takeaways
- According to NMMA (National Marine Manufacturers Association), over the historical period of 2014-2016, manufacturing capability of the boat industry grew by 4%. This growth in marine tourism accounted for about one-tenth of the global GDP for the period. This trend is expected to continue throughout the forecast period, in turn, driving boat steering system sales.
- One out of three Americans visit a coastal region every year, unsurprisingly then, coastal tourism spending in the region amounts to ~US$ 40 Bn each year. From the perspective of value creation, North America is estimated to remain dominant in the boat steering system market owing to the inclination of the region’s population towards recreational activities.
- Outboard propulsion type boats are expected to be favored for their performance, comparatively high cost effectiveness, easy upgradability, and optimum maintenance. Thus, outboard boats are expected to gradually take market share from their counterparts in the boat steering system market, especially sterndrive.
- In 2018, the global spending on maritime security was worth about US$ 20 Bn and disaster management remains one of the niche under-explored areas. As the coastal region is vulnerable to cyclones and tropical storms, there are significant growth opportunities for the boat steering systems market.
- Developing interest in recreational activities such as fishery, is increasing sales of small-sized boats – another arena that can act as a game changer in the boat steering systems market.
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The ocean economy represented over 2% of the global GDP in 2018. To put this in perspective, after the great recession, associated markets such as boat building and repair have gained significant traction, and apart from the Caribbean coastal regions, Mediterranean coastal countries will emerge as opportunistic markets in the boat steering system market.
Growing Emphasis on High Performance and Cost Competitiveness
Transportation of goods through sea routes, tourism activities, subsidies offered by governments for fishery, firm coastal security, and the inclination towards upgraded solutions are primary drivers for the growth of the boat steering system market. Cumulatively, North America and Europe are estimated to account for over three-fourth of the market share and remain attractive regions in the global steering systems market. Manufacturers of boat steering systems are aiming to reduce monetary stress on consumers by offering cost-effective and high-performing steering.
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