Marine Steering Systems Market by End-user and Geography - Forecast and Analysis 2022-2026

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.

What will the Marine Steering Systems Market Size be During the Forecast Period?

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Marine Steering Systems Market: Key Drivers, Trends, and Challenges

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

• The growth of commercial shipping is one of the factors driving the marine steering systems market growth.
• Sea transportation is a necessary means for delivering goods from distant suppliers. The transportation of goods through the sea primarily takes place in containers, with products categorized as either less-than-container load (LCL) or full container load (FCL). As tankers are used to transport goods they are ideal for transporting heavy and bulky goods and products with long lead times. 
• Ships mainly use less fuel than trucks and trains and, therefore, produce less carbon dioxide (CO2), contributing considerably to climate change.
• Ships are associated with lower emissions of air pollutants, including carbon monoxide (CO), sulfur oxides (SOx), and nitrogen oxides (NOx), than trucks and trains. This factor is expected to increase seaborne trade and thereby drive market growth.

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:

• An increase in the aging population, especially in developed regions has a growing interest in health and well-being activities.
• Water-related tourism is increasingly getting organized.
• Increased focus on the development of marine recreational activities to meet the changing needs of participants. 

Thus, the aforementioned factors will fuel the market growth during the forecast period.

Key Marine Steering Systems Market Challenge

• Economic factors affecting sales of boats is one of the key factors limiting the marine steering systems market growth.
• The demand for marine steering systems is positively correlated with the sales of boats. 
• Crucial economic factors affecting the boating industry are the performance of the global economy, job market prospects, sales opportunities, performance of the boating industry, the disposable income of consumers, and the number of people participating in boat shows. 
• The demand for marine steering systems is usually cyclic with fluctuations and the decrease in demand for marine steering systems is expected to be followed by an increase in the sales momentum in consecutive years.
• The sales of marine steering systems were at their peak before the COVID-19 recession due to the high disposable income and the interest of consumers in buying boats. However, during the recession, the sales of boats were adversely impacted due to the sharp decline in disposable incomes of consumers. Thus, the fluctuating demand for boats will limit the market growth during the forecast period.

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.

Parent Market Analysis

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.

Who are the Major Marine Steering Systems Market Vendors?

The report analyzes the market’s competitive landscape and 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.
• ZF Friedrichshafen AG

 

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.

Product Insights and News

• Brunswick.com - The company offers marine steering systems such as Hydraulic Steering and Mechanical Steering, through its subsidiary Mercury Marine.
• Dometicgroup.com - The company offers marine steering systems namely power steering systems, through its subsidiary SeaStar Solutions.
• Kobelt.com - The company offers marine steering systems such as hydraulic and electronic marine steering systems.

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.

Marine Steering Systems Market Value Chain Analysis

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.

Which are the Key Regions for Marine Steering Systems Market?

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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.

What are the Revenue-generating End-user Segments in the Marine Steering Systems Market?

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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.

 

Marine Steering Systems Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 7.87%
Market growth 2022-2026	$ 203.2 million
Market structure	Fragmented
YoY growth (%)	6.79
Regional analysis	North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution	North America at 40%
Key consumer countries	US, China, UK, Germany, and France
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
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
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
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.

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What are the Key Data Covered in this Marine Steering Systems Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive marine steering systems market growth during the next five years
• Precise estimation of the marine steering systems market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the marine steering systems industry across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of marine steering systems market vendors

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