Boat Steering System Market

Boat Steering System Market Outlook (2024 to 2034)

Worldwide revenue from boat steering system sales is estimated at US$ 1.47 billion in 2024 and is projected to increase at a CAGR of 8.9% to reach US$ 3.45 billion by the end of 2034.

Boat steering systems aid in effectively maneuvering a boat as it travels across a water body. These systems act as an actuating mechanism and a link between the steering wheel and rudder.

A steering system consists of the wheel and cables connecting the marine steering wheel to the engine, along with the helm. Helm plays a pivotal role by transforming the rotary motion of the wheel into a push-pull motion on the cable. In the end, this shifts the propeller amidships, to the right, or left. The majority of helms are rotary in design, meaning the rudder is turned by gears. Different kinds of steering exist in the market, including electro-hydraulic, manual, and hydraulic steering.

Key Market Growth Drivers

• The market for boat steering systems is projected to grow at a significant pace, driven by factors such as increased shipbuilding activity, advancements in steering technologies, and rising demand for fuel-efficient and environmentally friendly vessels.
• Key factors contributing to the expansion of the boat steering system market size are intensive manufacturing processes and regulations ensuring the safety and security of a nation.
• Rise in criminal activities, such as piracy, narcotics trafficking, and smuggling, has compelled authorities in several countries to deploy security forces in these maritime channels. This deployment aims to safeguard national sovereignty, with boats utilized by security personnel for patrolling.
• The most popular type of power steering system used in boats is hydraulic power steering. It turns the boat's steering mechanism with hydraulic pressure. Considering their reputation for dependability and durability, hydraulic systems are perfect for large boats and commercial vessels.

Report Attributes	Details
Boat Steering System Market Size (2024E)	US$ 1.47 Billion
Forecasted Market Value (2034F)	US$ 3.45 Billion
Global Market Growth Rate (2024 to 2034)	8.9% CAGR
East Asia Market Share (2024E)	21.7%
North America Market Share (2024E)	57.8%
Sales of Outboard Steering Systems (2024E)	US$954.2 Million
Key Companies Profiled	Vetus B.V Lecomble & Schmitt Kobelt Manufacturing Co. Ltd. Twin Disc, Inc. Northrop Grumman Sperry Marine B.V Uflex USA HyDrive Engineering Pvt Ltd Hypro Marine ZF Friedrichshafen AG Techno Italia Kft (Ltd.)

Why is Europe Key to Overall Sales of Marine Steering Systems?

“Growing Coastal and Marine Tourism Propelling Sales of Boat Steering Systems”

Marine tourism focuses on water sports using boats. Following the recession in 2008, the tourism sector has witnessed significant growth, with over 1 billion tourists visiting the United States in 2012 alone. Europe is considered the most sought-after tourist destination globally, and growing coastal and marine tourism in the region is contributing to increased sales of boat steering systems.

• The Mediterranean coastal region has been recording 200 million visitors annually, and contributes to the 6% annual growth in the number of tourists visiting Europe, according to the World Trade Organization (WTO).
• The National Marine Manufacturers Association (NMMA) released statistics showing that from 2009 to 2014, manufacturers of boat steering systems and other boating products increased investments in the enhancement of their manufacturing capabilities.

Which Challenges are Narrowing the Profit Margins of Boat Steering System Manufacturers?

“Uncertain Economic Conditions and Extreme Weather Patterns Affecting Sales of Boats”

Boat manufacturers with limited funds are finding it difficult to afford the more advanced steering systems due to their higher costs. Potential manufacturers are also being discouraged by the high cost of installation and upkeep of these systems. External factors such as the unpredictable weather and economic conditions and regulations governing marine tourism are impeding boat steering system market growth.

Country-wise Insights

The market in North America is forecasted to expand at a CAGR of 8.6% over the next decade. Europe is projected to make a substantial contribution to the market as well, given its prominence as a shipping and tourism hub.

What Opportunities Await Marine Steering System Manufacturers in the United States?

“Availability of Advanced Boating Infrastructure and Increasing Demand for Police Watercraft”

Attribute	United States
Market Value (2024E)	US$ 632.4 Million
Growth Rate (2024 to 2034)	8.4% CAGR
Projected Value (2034F)	US$ 1.41 Billion

Increasing demand for both commercial and recreational boats, which is one of the key boat steering system market trends, is influencing market growth in the United States. The country’s advanced boating infrastructure and several well-known players in the maritime industry are contributing to market growth. The United States leads in the number of police watercraft, with the United Kingdom, Canada, and Germany following suit.

How is the Market for Boat Steering Systems Progressing in China?

“Market Benefitting from Extensive Coastline and Rising Adoption of Recreational Boating”

Attribute	China
Market Value (2024E)	US$ 123.8 Million
Growth Rate (2024 to 2034)	10.5% CAGR
Projected Value (2034F)	US$ 335.6 Million

The market in China is expanding as a result of the country’s extensive coastline and growing marine tourism. Another reason is the rising popularity of recreational boating in the country. With growing industrialization and urbanization, China is estimated to occupy 40% of the boat steering system market share in East Asia in 2024. Passenger boats, environmental concerns, and the general expansion of the maritime sector are the main drivers of the recent increase in boat steering system sales in China.

Category-wise Insights

Boat steering systems are divided into three categories: electronic, power, hydraulic, and manual steering. Electronic sensors, motors, and controllers are used in electronic power steering systems to aid in steering. Hydraulic cylinders and pumps are used in hydraulic steering systems to assist with steering. Mechanical steering systems steer using& mechanical links, such as cables or rods. The electronic power steering system uses an electronic helm, a single power steering pump, and a single cylinder at the rudders.

Why Do Hydraulic Boat Steering Systems Account for a Significant Market Share?

“Superior Performance and Ease of Use Associated with Hydraulic Steering Systems”

Attribute	Hydraulic Steering
Segment Value (2024E)	US$ 502.1 Million
Growth Rate (2024 to 2034)	9.2% CAGR
Projected Value (2034F)	US$ 1.21 Billion

A hydraulic pump that is attached to the steering wheel transfers fluid to a hydraulic cylinder or ram by pumping it out of a reservoir. The steering mechanism can be turned by the hydraulic pressure through the cylinder or ram, which is attached to the boat's outboard motor or rudder.

Hydraulic steering systems are projected to dominate the market due to their superior performance and ease of use. Hydraulic systems enable precise control and maneuverability by transmitting the operator's input to the outboard motor with the help of hydraulic fluid pressure.

Why are Manufacturers Focusing on Production of Outboard Steering Systems?

“Rising Seaborne Trades Boosting Need for Increased Number of Boats”

Attribute	Outboard Steering
Segment Value (2024E)	US$ 954.2 Million
Growth Rate (2024 to 2034)	9% CAGR
Projected Value (2034F)	US$ 2.25 Billion

Outboard steering systems significantly improve boat control, reduce operator exhaustion, and increase safety. Growing emphasis on environmentally friendly methods is generating the need for systems that improve fuel economy and cut emissions. An increase in seaborne trades is driving demand for ships and outboard steering systems.

Competitive Landscape

Key players in the boat steering system market are Vetus B.V, Lecomble & Schmitt, Kobelt Manufacturing Co. Ltd, Twin Disc Inc., Northrop Grumman Sperry Marine B.V, Uflex USA, HyDrive Engineering Pvt Ltd., Hypro Marine, ZF Friedrichshafen AG, Techno Italia Kft.

• Delphi Technologies was purchased by BorgWarner in October 2020 for an upfront cost of US$ 3.3 billion. By strengthening BorgWarner's electronics and power electronics product portfolio, scale, and capabilities, the acquisition is anticipated to position the company as a leader in electrified propulsion.
• ZF Friedrichshafen AG acquired WABCO in May 2020 for US$ 7 billion. ZF and WABCO will develop globally integrated systems for commercial vehicle technology as WABCO is a part of ZF's Commercial Vehicle Control Systems Division.
• ZF and WABCO recently collaborated to develop Evasive Maneuver Assist, which helps commercial vehicles avoid collisions. ZF has relied heavily on WABCO as a supplier of braking systems.

Segmentation of Boat Steering System Market Research

• By Steering Type :

  • Manual
  • Hydraulic
  • Electric Power
  • Electro-Hydraulic

• By Application :

  • Outboard
  • Inboard
  • Stern

• By End Use :

  • Passenger Vessels
  • Defense
  • Commercial

• By Region :

  • North America
  • Europe
  • Latin America
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa