Marine Steering Systems Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 8.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Marine Steering Systems Market Analysis
The Marine Steering System Market is expected to register a CAGR of over 8% during the forecast period.
- The dynamics of the market studied are linked to the performance of the shipbuilding industry, which, in turn, is dependent upon trade and the global economic growth. The shipbuilding industry is being driven by the growth in the global GDP, global seaborne trade, rising urbanization, and increase in global steel production. One of the significant trends impacting the marine steering market is green shipbuilding technology.
- However, the expansion of the shipbuilding industry can be affected by increasing competition, environmental regulations, enhanced globalization, and political and financial instability. For the fifth year in a row, world fleet growth has decelerated, owing to overcapacity.
- The major factors that can hinder the growth of the market are labor-intensive manufacturing processes and government regulations regarding environmental protection. For instance, the Federal Refuse Act announced that the discharge of fuel, oil, oily wastes, and hazardous substance into the waters of the United States or the contiguous zone is completely prohibited.
Marine Steering Systems Market Trends
This section covers the major market trends shaping the Marine Steering Systems Market according to our research experts:
Passenger Vessels Driving the growth of the Market
The passenger's vessels include cruise ships, ocean liners, ferries, yachts, and other vessels. These vessel's share in dead-weight tonnage is negligible compared to that of other types of vessels, and thus accounted for more than 11% of the overall fleet's market value in 2018.
In 2018, 1.4 billion international tourist arrivals were recorded, according to the World Tourism Organization (UNTWO), a rise of 6% over 2017. Cruise shipping is one of the most dynamic and fastest-growing components of the leisure industry worldwide, and it can make a significant contribution to a destination's economy and local communities.
The demand for cruise ships is experiencing exponential growth, which grew from almost 3.8 million passengers in 1990 to more than 22.2 million in 2015. By the end of 2019, more than 25.3 million passengers are expected to travel on cruise ships. This adds up to an average annual passenger growth rate of 6.55% between 1990 and 2019.
With the increase in tourism and passenger shipping, the demand for steering systems for marine applications is expected to grow significantly over the forecast period.
North America Leading the Growth of the Market
North America is leading the market and holds the most significant market share. The growth in the region is mainly due to the high sales of powered boats, especially outboards, coupled with the high recreational boating activity followed by people in North America.
Europe is the second biggest market for the marine steering system, as sailboats sell more than powered boats in this region. Recreational boating activities have improved in Oceanic countries like Australia and New Zealand. The tourism sector in ASEAN countries has been enhanced to some extent, which is helping the region in increasing the market share. Similarly, the increase in tourism and the growth in income of the GCC countries have contributed to the market growth in the Middle East & African region, positively.
Refined petroleum products, finished steel goods, pharmaceutical products, automobiles, food, and cotton products have been major export volume drivers. Volume growth for overseas trade shipping is expected to be in the range of 6-7% during the coming years. These increasing trade volumes in cargo vessels are likely to drive the demand for a greater number of cargo vessels deployment, with well-equipped facilities like ballast water treatment system, marine steering system, and exhaust gas scrubbers during the forecast period
Marine Steering Systems Industry Overview
The global marine steering system market is a consolidated market. Some of the major players in the market are SeaStar Solutions, ZF, Vetus, Uflex, Sperry Marine, and Lewmar, amongst others.
Marine Steering Systems Market Leaders
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SeaStar Solutions
-
Vetus
-
Uflex
-
Sperry Marine
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Lewmar
*Disclaimer: Major Players sorted in no particular order
Marine Steering Systems Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Drivers
- 4.2 Market Restraints
-
4.3 Industry Attractiveness - Porter's Five Force Analysis
- 4.3.1 Threat of New Entrants
- 4.3.2 Bargaining Power of Buyers/Consumers
- 4.3.3 Bargaining Power of Suppliers
- 4.3.4 Threat of Substitute Products
- 4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
-
5.1 Product Type
- 5.1.1 Rotary Vane Type
- 5.1.2 Ram Type
-
5.2 Means of Steering
- 5.2.1 Auto-Pilot
- 5.2.2 Manual
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5.3 Type
- 5.3.1 Hydraulic
- 5.3.2 Electric
-
5.4 End-user Industry
- 5.4.1 Passenger Vessels
- 5.4.2 Defense
- 5.4.3 Commercial
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5.5 Geography
- 5.5.1 North America
- 5.5.1.1 United States
- 5.5.1.2 Canada
- 5.5.1.3 Rest of North America
- 5.5.2 Europe
- 5.5.2.1 Germany
- 5.5.2.2 United Kingdom
- 5.5.2.3 France
- 5.5.2.4 Spain
- 5.5.2.5 Rest of Europe
- 5.5.3 Asia Pacific
- 5.5.3.1 India
- 5.5.3.2 China
- 5.5.3.3 Japan
- 5.5.3.4 South Korea
- 5.5.3.5 Rest of Asia-Pacific
- 5.5.4 South America
- 5.5.4.1 Brazil
- 5.5.4.2 Argentina
- 5.5.4.3 Rest of South America
- 5.5.5 Middle-East and Africa
- 5.5.5.1 United Arab Emirates
- 5.5.5.2 Saudi Arabia
- 5.5.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Vendor Market Share
-
6.2 Company Profiles
- 6.2.1 Overton
- 6.2.2 Mercury Marine
- 6.2.3 West Marine
- 6.2.4 Bosch Rexroth
- 6.2.5 Wills Ridley Ltd
- 6.2.6 Hypro Marine
- 6.2.7 SeaStar Solutions
- 6.2.8 ZF Friedrichshafen AG
- 6.2.9 Techno Italia Kft
- 6.2.10 HyDrive Engineering Pty Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityMarine Steering Systems Industry Segmentation
Marine Steering System Market is segmented by Product Type (Rotary Vane Type and Ram Type), by Means of Steering (Auto-Pilot and Manual) by Type (Hydraulic and Electric), by End-User Industry (Passenger Vessels, Defense, and Commercial), and by Geography
| Product Type | Rotary Vane Type | |
| Ram Type | ||
| Means of Steering | Auto-Pilot | |
| Manual | ||
| Type | Hydraulic | |
| Electric | ||
| End-user Industry | Passenger Vessels | |
| Defense | ||
| Commercial | ||
| Geography | North America | United States |
| Canada | ||
| Rest of North America | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Spain | ||
| Rest of Europe | ||
| Geography | Asia Pacific | India |
| China | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | United Arab Emirates |
| Saudi Arabia | ||
| Rest of Middle-East and Africa |
Marine Steering Systems Market Research FAQs
What is the current Marine Steering System Market size?
The Marine Steering System Market is projected to register a CAGR of greater than 8% during the forecast period (2024-2029)
Who are the key players in Marine Steering System Market?
SeaStar Solutions, Vetus, Uflex, Sperry Marine and Lewmar are the major companies operating in the Marine Steering System Market.
Which is the fastest growing region in Marine Steering System Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Marine Steering System Market?
In 2024, the Europe accounts for the largest market share in Marine Steering System Market.
What years does this Marine Steering System Market cover?
The report covers the Marine Steering System Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Marine Steering System Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Marine Steering System Industry Report
Statistics for the 2024 Marine Steering System market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Marine Steering System analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
