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    Home Automotive and Transportation OEMS and Ancillaries Global Marine Steering Systems Market Size and Share Analysis to 2023

    Global Marine Steering Systems Market Size 2017 By Type (Hydraulic Steering Systems, Electronic Power Steering and Mechanical Steering), By Application (Outboard Steering, Inboard Steering), By Region and Forecast 2017 to 2023

    Jul 20 2018 Total Pages: 85

    The global marine steering systems market size is expected to be valued at USD 1,153.2 million by 2023. Marine steering systems have started to witness high demand in the past few years on account of increasing growth of recreational boating industry. A chief contribution to the maritime industry is made by coast guards, merchant navies and naval forces. Increasing governmental funding for the enhancement of the naval fleet, introduction of new and advanced watercrafts as well as increased adoption of electronic power steering systems in submarines are the key growth drivers in the global marine steering systems market.

                          Global Marine Steering Systems Market Revenue, 2013-2023 (USD Million)

    Global marine steering systems market revenue, 2013-2023 (USD Million)

    Maritime trade has increased over the past few years majorly due to reduced costs of marine transport. This is substantiated by the increase of 2.6% in global maritime trade volumes in 2016, up from 1.6% in 2015. In addition, the revamp of recreational boating industry is expected to boost the market growth. Recreational boating is one of the most popular leisure activities, enjoyed by a large number of people, especially across U.S. and several European countries.

    Adoption of hydraulic steering systems is gaining momentum in the market owing to its low cost and ease of installation. Currently, most of the mechanical marine steering systems are getting replaced by hydraulic steering systems especially in fishermen boats, recreational boats, and small yacht. The hydraulic steering segment accounted for more than half of the total share in the global market in 2017. This segment is foreseen to register a growth of 7.4% during the forecast period.

    In the course of next 10 years, hydraulic steering systems are expected to be swapped by electronic power steering systems since they are more efficient, highly ergonomic and provide a number of additional features. The electronic power steering systems segment is projected to account for more than one-thirds of the total market by the end of 2023 expanding at the fastest CAGR of 8.7% between 2018 and 2023.

                                           Global Marine Steering Systems Market, by Type, 2017 (%)

    Global marine steering systems market, by type, 2017 (%)

    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.

    Geographically, North America was the largest market for marine steering systems in 2017 accounting for more than 57% of the global industry. Increasing disposable incomes coupled with rise in expenditure towards leisure activities are some factors driving the demand for newer and technologically advanced recreational boats in the region. As far as boat production, boat sales and boat maintenance are concerned, North America dominated the global marine steering systems market in 2017. Furthermore, enhanced trailing and mooring infrastructure has certainly influenced the growth of the global marine steering systems industry in the region.

    The presence of a large number of marine steering manufacturers providing sales and service especially in North America and Europe are expected to dominate the market throughout the forecast period. Players including Twin Disc, SeaStar Solutions and Mercury Marine have started to cater to the growing demand for hydraulic and electronic power steering systems across the globe. The easy availability of marine steering systems, spare parts and services especially at online platforms has resulted in easy purchasing procedures and has aided customers to choose products precisely depending upon their requirements.

    The global marine steering systems market is fragmented owing to the presence of several companies including ZF Friedrichshafen AG, Vetus N.V., Sperry Marine, Inc., Lewmar Limited and UFlex USA, Inc. among others. These companies are focusing on adopting newer marketing strategies such as providing on-the-spot services, aftermarket services, easy replacements and online assisted sales to catch a stronger share in the global industry.

    Key segments of the global marine steering systems market

    Type Overview, 2013-2023 (USD Million)

    • Hydraulic Steering Systems
    • Electronic Power Steering
    • Mechanical Steering

    Application Overview, 2013 – 2023 (USD Million)

    • Outboard Steering
    • Inboard Steering

    Regional Overview, 2013 – 2023 (USD Million)

    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • UK
      • Italy
      • France
      • Germany
      • Russia
      • Rest of Europe
    • Asia-Pacific
      • China
      • Japan
      • Korea
      • India
      • Southeast Asia
      • Rest of Asia-Pacific
    • Middle East & Africa
      • Saudi Arabia
      • UAE
      • Egypt
      • Nigeria
      • South Africa
      • Rest of Middle East & Africa
    • Central & South America
      • Brazil
      • Argentina
      • Colombia
      • Rest of South America

    Reasons for the study

    • The study annotates the potential opportunities across different geographies and segments in the global marine steering systems industry.
    • The study involves in-depth insights about new product developments, restraints, drivers and opportunities pertaining in the global market.
    • While researching about the type of marine steering systems, we witnessed that hydraulic marine steering systems are gaining tremendous popularity over mechanical and electronic steering systems.
    • It is observed that consumers are more inclined towards purchasing hydraulic and electronic power steering systems especially for outboard motors.
    • Manufacturers of marine steering systems are focusing on collaborating and merging with smaller and local players to gain competitive edge.

    What does the report include?

    • The study on the global marine steering systems market includes factors such as regional outlook, competitive strategies and new product launches done by the leading players as well as covers drivers, restraints, and opportunities.
    • The study proposes the lucrative opportunities across several segments and elucidates attractive investment opportunities
    • The study covers qualitative and quantitative analysis of the market segmented on the basis of type, and application.
    • Historical, current and forecast market numbers are provided for all the segments and geographies.
    • The study includes the profiles of key players in the market based on product offerings, geographical presence, financial status and recent initiatives.

    Who should buy this report?

    This study is suitable for industry participants and stakeholders in the marine steering systems industry, who want an in-depth insight into the movement of the marine steering systems market. The report will benefit:

    • Executives of marine steering manufacturing companies engaged in its production and distribution
    • Managers within financial institutions looking to publish recent and forecasted statistics pertaining to marine steering industry
    • Venture capitalist looking into investing capital
    • Government organizations, regulatory authorities, policymakers and financial organizations looking for in-depth analysis of marine steering industry
    • Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies

    1. Executive Summary

    2. Research Methodology

    • Research approach
    • Scope, definition, and assumptions
    • Data sources

    3. Market Outlook

    • Introduction
    • Key trends
    • Market drivers
    • Market restraints
    • Market opportunities
    • Porter’s Five Forces’ analysis

    4. Marine Steering Systems Market Overview, By Type

    • Global marine steering systems market share, by type, 2017 & 2023Hydraulic Marine Steering Systems
    • Market size and projections, 2013-2023 (USD Million)
    • Electronic Power Steering
    • Market size and projections, 2013-2023 (USD Million)
    • Mechanical Steering Systems
    • Market size and projections, 2013-2023 (USD Million)

    5. Marine Steering Systems Market Overview, By Application

    • Global marine steering systems market share, by distribution channel, 2017 & 2023Outboard Steering
    • Market size and projections, 2013-2023 (USD Million)
    • Inboard Steering
    • Market size and projections, 2013-2023 (USD Million)

    6. Marine Steering Systems Market Overview, By Region

    • Global marine steering systems market share, by region, 2017 & 2023North America
    • Market size and projections, 2013-2023 (USD Million)
    • US
    • Market size and projections, 2013-2023 (USD Million)
    • Canada
    • Market size and projections, 2013-2023 (USD Million)
    • Mexico
    • Market size and projections, 2013-2023 (USD Million)
    • Europe
    • Market size and projections, 2013-2023 (USD Million)
    • Germany
    • Market size and projections, 2013-2023 (USD Million)
    • United Kingdoms
    • Market size and projections, 2013-2023 (USD Million)
    • France
    • Market size and projections, 2013-2023 (USD Million)
    • Italy
    • Market size and projections, 2013-2023 (USD Million)
    • Russia
    • Market size and projections, 2013-2023 (USD Million)
    • Rest of Europe
    • Market size and projections, 2013-2023 (USD Million)
    • Asia Pacific
    • Market size and projections, 2013-2023 (USD Million)
    • China
    • Market size and projections, 2013-2023 (USD Million)
    • Japan
    • Market size and projections, 2013-2023 (USD Million)
    • India
    • Market size and projections, 2013-2023 (USD Million)
    • Korea
    • Market size and projections, 2013-2023 (USD Million)
    • Southeast Asia
    • Market size and projections, 2013-2023 (USD Million)
    • Rest of Asia-Pacific
    • Market size and projections, 2013-2023 (USD Million)
    • South America
    • Market size and projections, 2013-2023 (USD Million)
    • Brazil
    • Market size and projections, 2013-2023 (USD Million)
    • Argentina
    • Market size and projections, 2013-2023 (USD Million)
    • Colombia
    • Market size and projections, 2013-2023 (USD Million)
    • Rest of South America
    • Market size and projections, 2013-2023 (USD Million)
    • Middle East & Africa
    • Market size and projections, 2013-2023 (USD Million)
    • Saudi Arabia
    • Market size and projections, 2013-2023 (USD Million)
    • UAE
    • Market size and projections, 2013-2023 (USD Million)
    • Egypt
    • Market size and projections, 2013-2023 (USD Million)
    • Nigeria
    • Market size and projections, 2013-2023 (USD Million)
    • South Africa
    • Market size and projections, 2013-2023 (USD Million)
    • Rest of Middle East & Africa
    • Market size and projections, 2013-2023 (USD Million)

    7. Industry Structure

    • Company market share, 2016
    • Strategic framework

    8. Company ProfilesSeaStar Solutions Incorporated

    • Company overview
    • Product portfolio
    • Key developments
    • Financial performance
    • SWOT
    • UFlex USA Inc.
    • Company overview
    • Product portfolio
    • Key developments
    • Financial performance
    • SWOT
    • Mercury Marine, Inc.
    • Company overview
    • Product portfolio
    • Key developments
    • Financial performance
    • SWOT
    • ZF Friedrichshafen AG
    • Company overview
    • Product portfolio
    • Key developments
    • Financial performance
    • SWOT
    • Vetus N.V.
    • Company overview
    • Product portfolio
    • Key developments
    • Financial performance
    • SWOT
    • Sperry Marine, Inc.
    • Company overview
    • Product portfolio
    • Key developments
    • Financial performance
    • SWOT
    • Twin Disc
    • Company overview
    • Product portfolio
    • Key developments
    • Financial performance
    • SWOT
    • Lewmar Limited
    • Company overview
    • Product portfolio
    • Key developments
    • Financial performance
    • SWOT
    • HyDrive Engineering Pty Ltd.
    • Company overview
    • Product portfolio
    • Key developments
    • Financial performance
    • SWOT
    • Lecomble & Schmitt SA
    • Company overview
    • Product portfolio
    • Key developments
    • Financial performance
    • SWOT
    • Pretech Co., Inc.
    • Company overview
    • Product portfolio
    • Key developments
    • Financial performance
    • SWOT
    • Mavimare & Mancini SRL
    • Company overview
    • Product portfolio
    • Key developments
    • Financial performance
    • SWOT
    • List of other vendors

    List of Tables

    1. Key highlights of the global marine steering systems market
    2. List of other vendors

    List of Figures

    1. Market segmentation
    2. Research Programs/Design
    3. Global maritime trade industry, 2013 - 2023 (USD Million)
    4. Porter’s Five Forces’ analysis
    5. Global hydraulic steering systems market, 2013 - 2023 (USD Million)
    6. Global electronic power steering market, 2013 - 2023 (USD Million)
    7. Global mechanical steering systems market, 2013 - 2023 (USD Million)
    8. Global marine steering systems in outboard motors market, 2013 - 2023 (USD Million)
    9. Global marine steering systems in inboard motors market, 2013 - 2023 (USD Million)
    10. North America marine steering systems market, 2013 - 2023 (USD Million)
    11. U.S. marine steering systems market, 2013 - 2023 (USD Million)
    12. Canada marine steering systems market, 2013 - 2023 (USD Million)
    13. Mexico marine steering systems market, 2013 - 2023 (USD Million)
    14. Europe marine steering systems market, 2013 - 2023 (USD Million)
    15. Germany marine steering systems market, 2013 - 2023 (USD Million)
    16. UK marine steering systems market, 2013 - 2023 (USD Million)
    17. France marine steering systems market, 2013 - 2023 (USD Million)
    18. Italy marine steering systems market, 2013 - 2023 (USD Million)
    19. Russia marine steering systems market, 2013 - 2023 (USD Million)
    20. Rest of Europe marine steering systems market, 2013 - 2023 (USD Million)
    21. Asia Pacific marine steering systems market, 2013 - 2023 (USD Million)
    22. China marine steering systems market, 2013 - 2023 (USD Million)
    23. Japan marine steering systems market, 2013 - 2023 (USD Million)
    24. India marine steering systems market, 2013 - 2023 (USD Million)
    25. Korea marine steering systems market, 2013 - 2023 (USD Million)
    26. Southeast Asia marine steering systems market, 2013 - 2023 (USD Million)
    27. Rest of Asia Pacific marine steering systems market, 2013 - 2023 (USD Million)
    28. South America marine steering systems market, 2013 - 2023 (USD Million)
    29. Brazil marine steering systems market, 2013 - 2023 (USD Million)
    30. Argentina marine steering systems market, 2013 - 2023 (USD Million)
    31. Colombia marine steering systems market, 2013 - 2023 (USD Million)
    32. Rest of South America marine steering systems market, 2013 - 2023 (USD Million)
    33. MEA marine steering systems market, 2013 - 2023 (USD Million)
    34. Saudi Arabia marine steering systems market, 2013 - 2023 (USD Million)
    35. UAE marine steering systems market, 2013 - 2023 (USD Million)
    36. Egypt marine steering systems market, 2013 - 2023 (USD Million)
    37. Nigeria marine steering systems market, 2013 - 2023 (USD Million)
    38. South Africa marine steering systems market, 2013 - 2023 (USD Million)
    39. Rest of MEA marine steering systems market, 2013 - 2023 (USD Million)
    40. Company market share 2016 (%)


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