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

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)

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 (%)

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.

Marine Steering Systems Market Scope

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