Marine Steering Systems Market size to grow by USD 203.2 Mn; Market to have fragmented structure – Technavio – QNT Press Release

NEW YORK, Nov. 16, 2022 /PRNewswire/ — The “Marine Steering Systems Market by End-user and Geography – Forecast and Analysis 2022-2026” report has been added to Technavio’s offering. The report expects the market size to grow by USD 203.2 millionaccelerating at a CAGR of 7.87% during the forecast period. The global marine steering systems market is competitive and has the presence of a limited number of well-established vendors. The key vendors in the market are currently increasing their investments in R&D and focusing on expanding their customer base. The competitive environment of the market will intensify with advances in technology, government regulations, and the entry of new competitors. Most of the advances in the market are due to the increasing number of powerboat and ship sales and increasing interest in water-based recreational activities in the US, canada, Brazil, Australiaand Europe. The market will experience consolidation because of increased competition. To survive and succeed in this competitive environment, vendors need to distinguish their products and services through product differentiation, cost differentiation, or a mix of both. Such factors will grow the positively th market during the forecast period. Gain more insights into the vendor landscape. Download a Free PDF Report Sample

Marine Steering Systems Market 2022-2026: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our marine steering systems market report covers the following areas:

Marine Steering Systems Market 2022-2026: Segmentation

The global marine steering systems market is segmented as below:

  • End-user
    • Cargo Ships
    • Navy
    • Cruise Ships
    • Others

Cargo ships are the prime end-users in the market. 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. For instance, the first entirely electric cargo ship in China has a capacity of 2,200 tons and a range of 80 kilometers. Approximately 200,000 container loads of cargo can be transported aboard a large container ship. It is estimated that the engine itself weighs 2,300 tons. These factors will positively grow thships the segment during the forecast period.

  • Geography
    • North America
    • Europe
    • APAC
    • South America
    • Middle East and Africa

40% of the market growth will come from North America during the forecast period. The US observed the most robust sales from pontoon boats, new ski boats, personal watercraft, powerboats, and aluminum fishing boats. Wakeboards, ski boats, and personal watercrafts also witnessed an increase in 1 sales in The mand for 202 marine steering systems in the US primarily come from the states of Florida, Michigan, Californiaand Wisconsin.In North Americathe market has been heavily reliant on the US. The US Navy is planning to rebuild 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. Identify potential segments and regions in the market. Download a Free Sample Report

Marine Steering Systems Market 2022-2026: Vendor Analysis

We provide a detailed analysis of around 25 vendors operating in the Marine Steering Systems Market, including some of the vendors such as vendors Backed with competitive intelligence and benchmarking, our research reports on the Marine Steering Systems Market are designed to provide entry support, custom and M&As as well as go-to-market strategy support.

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 are some of the major market participants.

Although the growth of commercial shipping will offer enormous growth opportunities, economic factors affecting sales of boats will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments , while maintaining their positions in the slow-growing segments. Discover market potential and make informed business decisions based on qualitative and quantitative evidences highlighted exclusively in this market study. Buy Now!

Technavio’s library includes over 17,000+ reports covering more than 2,000 emerging technologies. Subscribe to our “Basic Plan” at just USD 5,000 and get lifetime access to our Technavio Insights

Marine Steering Systems Market 2022-2026: Key Highlights

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will assist marine steering systems market growth during the next five years
  • Estimation of the marine steering systems market size and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior
  • The growth of the marine steering systems market
  • 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

Related Reports:

  • The automotive steering wheel market share is expected to increase to 28.97 million units from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.17%. The increasing use of steering-mounted electronics makes wheels more intuitive is notably driving the automotive growth wheel marketing steer Although factors such as the development of cars without steering wheels may impede the market growth.
  • The automotive steering motor market share is expected to increase by USD 524.32 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.08%. …

Full story available on

Source link

Recommended For You

About the Author: News Center