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The marine steering systems market share is expected to increase by USD 203.2 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 7.87%.
This marine steering systems market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers marine steering systems market segmentation by end-user (cargo ships, navy, cruise ships, and others) and geography (North America, Europe, APAC, South America, and Middle East and Africa). The marine steering systems market report also offers information on several market vendors, including AB Volvo, ARTZAINAK Group, Brunswick Corp., Dometic Group AB, HyDrive Engineering Pty Ltd., Hypro Developments Ltd., Kobelt Manufacturing Co. Ltd., Lewmar Ltd., Mavi Mare and Mancini SRL, Northrop Grumman Corp., Pretech Co Inc., Robert Bosch GmbH, Techno Italia Kft, Twin Disc Inc., VETUS BV, West Marine, Wills Ridley Ltd., and ZF Friedrichshafen AG among others.
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The growth of commercial shipping is notably driving the marine steering systems market growth, although factors such as economic factors affecting sales of boats may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the marine steering systems industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Marine Steering Systems Market Driver
Key Marine Steering Systems Market Trend
Increased participation in water-related recreational activities is one of the key marine steering systems market trends fueling the market growth. The governing bodies in most regions are focusing on strategic priorities to maximize the environmental, economic, and social benefits of water-related recreational activities. Moreover, Below are some of the reasons for the increased participation in water-related recreational activities:
Thus, the aforementioned factors will fuel the market growth during the forecast period.
Key Marine Steering Systems Market Challenge
This marine steering systems market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global marine steering systems market as a part of the global automotive components and accessories market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the marine steering systems market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the marine steering systems market encompasses successful business strategies deployed by the key vendors. The marine steering systems market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The marine steering systems market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the marine steering systems market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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40% of the market’s growth will originate from North America during the forecast period. The US is the key market for the marine steering systems market in North America. Market growth in this region will be slower than the growth of the market in Europe, APAC, and South America.
Industry operators have invested in existing and new facilities, which will facilitate the marine steering systems market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The market in focus in the region witnessed a slow growth in 2020 owing to the outbreak of COVID-19. However, in 2021, marine activities were restored due to progressing region vaccination drives. Furthermore, the US Navy plans to restructure its ships and increase its fleet size to 372 crewed ships and 140 small vessels by 2026, which will help boost the demand for marine steering systems in the region during the forecast period.
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The marine steering systems market share growth by the cargo ships segment will be significant during the forecast period. A cargo ship, also known as a freighter, is a merchant ship that carries cargo, materials, and goods from one port to another. The steering system generates a torsional force at a certain scale which is then, in turn, transmitted to the rudder stock that turns the rudder. The intermediate steering systems of a modern-day ship can be multifarious, with each small component having its unique function. Thus, these factors will positively impact the growth of the cargo ships segment of the global marine steering systems market during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the marine steering systems market size and actionable market insights on post COVID-19 impact on each segment.
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Marine Steering Systems Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.87% |
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Market growth 2022-2026 |
$ 203.2 million |
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Market structure |
Fragmented |
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YoY growth (%) |
6.79 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 40% |
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Key consumer countries |
US, China, UK, Germany, and France |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
AB Volvo, ARTZAINAK Group, Brunswick Corp., Dometic Group AB, HyDrive Engineering Pty Ltd., Hypro Developments Ltd., Kobelt Manufacturing Co. Ltd., Lewmar Ltd., Mavi Mare and Mancini SRL, Northrop Grumman Corp., Pretech Co Inc., Robert Bosch GmbH, Techno Italia Kft, Twin Disc Inc., VETUS BV, West Marine, Wills Ridley Ltd., and ZF Friedrichshafen AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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