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Marine Steering System Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

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

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Marine Steering Systems Market Size

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Marine Steering System 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

Marine Steering System Market Key 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.

Marine Steering System Market Trends

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 System Market Analysis

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

  1. SeaStar Solutions

  2. Vetus

  3. Uflex

  4. Sperry Marine

  5. Lewmar

*Disclaimer: Major Players sorted in no particular order

SeaStar Solutions, Vetus, Uflex, Sperry Marine, Lewmar
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Marine Steering Systems Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Product Type

      1. 5.1.1 Rotary Vane Type

      2. 5.1.2 Ram Type

    2. 5.2 Means of Steering

      1. 5.2.1 Auto-Pilot

      2. 5.2.2 Manual

    3. 5.3 Type

      1. 5.3.1 Hydraulic

      2. 5.3.2 Electric

    4. 5.4 End-user Industry

      1. 5.4.1 Passenger Vessels

      2. 5.4.2 Defense

      3. 5.4.3 Commercial

    5. 5.5 Geography

      1. 5.5.1 North America

        1. 5.5.1.1 United States

        2. 5.5.1.2 Canada

        3. 5.5.1.3 Rest of North America

      2. 5.5.2 Europe

        1. 5.5.2.1 Germany

        2. 5.5.2.2 United Kingdom

        3. 5.5.2.3 France

        4. 5.5.2.4 Spain

        5. 5.5.2.5 Rest of Europe

      3. 5.5.3 Asia Pacific

        1. 5.5.3.1 India

        2. 5.5.3.2 China

        3. 5.5.3.3 Japan

        4. 5.5.3.4 South Korea

        5. 5.5.3.5 Rest of Asia-Pacific

      4. 5.5.4 South America

        1. 5.5.4.1 Brazil

        2. 5.5.4.2 Argentina

        3. 5.5.4.3 Rest of South America

      5. 5.5.5 Middle-East and Africa

        1. 5.5.5.1 United Arab Emirates

        2. 5.5.5.2 Saudi Arabia

        3. 5.5.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Overton

      2. 6.2.2 Mercury Marine

      3. 6.2.3 West Marine

      4. 6.2.4 Bosch Rexroth

      5. 6.2.5 Wills Ridley Ltd

      6. 6.2.6 Hypro Marine

      7. 6.2.7 SeaStar Solutions

      8. 6.2.8 ZF Friedrichshafen AG

      9. 6.2.9 Techno Italia Kft

      10. 6.2.10 HyDrive Engineering Pty Ltd.

    3. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Marine 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
Europe
Germany
United Kingdom
France
Spain
Rest of Europe
Asia Pacific
India
China
Japan
South Korea
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
United Arab Emirates
Saudi Arabia
Rest of Middle-East and Africa
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Marine Steering Systems Market Research FAQs

The Marine Steering System Market is projected to register a CAGR of greater than 8% during the forecast period (2024-2029)

SeaStar Solutions, Vetus, Uflex, Sperry Marine and Lewmar are the major companies operating in the Marine Steering System Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Europe accounts for the largest market share in Marine Steering System Market.

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.

Marine Steering System Report Snapshots

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Marine Steering System Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)