The COVID-19 pandemic has caused supply and manufacturing disruptions in the automotive sector creating uncertainties in every aspect. The change in customer behavior in terms of mobility preferences during this crisis is changing the automotive landscape.
This pandemic situation has shut down many production lines owing to the trade restrictions and closed borders, creating a shortage in required parts and limiting the distribution of supplies. Different enforced measures including the closing of workspaces and dismissal of short-time workers have created a depression in the growth rate of the automotive industry.
The growing fear of recession is estimated to decrease overall sales and revenue. A limited supply of parts coupled with a reduced workforce has forced the leading OEMs to shut down their production. A significant drop in demand has restricted the cash inflow which is highly important in payment of salaries to the workforce. With growing uncertainties around the COVID-19 pandemic, the industry leaders are taking measures to adapt to the situation.
About three-fourths of global goods are transported through ships, assisting the expansion of global maritime industry. The thriving ship building industry and costal lines are expected to call for an increase in boat fleet, consequently creating business opportunities for manufacturers of boat parts and components such as boat steering systems. A recent market study of Persistence Market Research (PMR) indicates a strong growth outlook for boat steering system market during the period of projection (2019 – 2029) and the market will surpass US$ 1 Bn mark in next five years.
Key Takeaways
- According to NMMA (National Marine Manufacturers Association), over the historical period of 2014-2016, manufacturing capability of the boat industry grew by 4%. This growth in marine tourism accounted for about one-tenth of the global GDP for the period. This trend is expected to continue throughout the forecast period, in turn, driving boat steering system sales.
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- One out of three Americans visit a coastal region every year, unsurprisingly then, coastal tourism spending in the region amounts to ~US$ 40 Bn each year. From the perspective of value creation, North America is estimated to remain dominant in the boat steering system market owing to the inclination of the region’s population towards recreational activities.
- Outboard propulsion type boats are expected to be favored for their performance, comparatively high cost effectiveness, easy upgradability, and optimum maintenance. Thus, outboard boats are expected to gradually take market share from their counterparts in the boat steering system market, especially sterndrive.
- In 2018, the global spending on maritime security was worth about US$ 20 Bn and disaster management remains one of the niche under-explored areas. As the coastal region is vulnerable to cyclones and tropical storms, there are significant growth opportunities for the boat steering systems market.
- Developing interest in recreational activities such as fishery, is increasing sales of small-sized boats – another arena that can act as a game changer in the boat steering systems market.
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The ocean economy represented over 2% of the global GDP in 2018. To put this in perspective, after the great recession, associated markets such as boat building and repair have gained significant traction, and apart from the Caribbean coastal regions, Mediterranean coastal countries will emerge as opportunistic markets in the boat steering system market.
Growing Emphasis on High Performance and Cost Competitiveness
Transportation of goods through sea routes, tourism activities, subsidies offered by governments for fishery, firm coastal security, and the inclination towards upgraded solutions are primary drivers for the growth of the boat steering system market. Cumulatively, North America and Europe are estimated to account for over three-fourth of the market share and remain attractive regions in the global steering systems market. Manufacturers of boat steering systems are aiming to reduce monetary stress on consumers by offering cost-effective and high-performing steering.
Who is Leading Boat Steering System Market?
The PMR report on the global boat steering system market highlights the course of the recent consolidation wave amongst manufacturers. The boat steering system market is estimated to be a fairly consolidated market, where market players such as SeaStar Solutions and Twin Disc, Inc. account for half of the market share, and remain ahead in the competitive backdrop. Market players are laying their attention exclusively on domestic markets.
Know More about the Report
The global boat steering system market report includes brief insights and analysis for the forecast period of 2019-2029. The report offers macro- and micro-economic factors, demand supply trends, regional pricing benchmarking & analysis, market dynamics, and procurement strategies adopted by market players to gain a competitive edge in the boat steering system market throughout the forecast period. Additionally, the study also explains value chain potential in the global boat steering system market.
Top Key Players:
- Vetus B.V.
- Lecomble & Schmitt
- Kobelt Manufacturing Co. Ltd.
- Twin Disc, Incorporated
- Northrop Grumman Sperry Marine B.V.
- Uflex USA
- HyDrive Engineering Pty Ltd.
- Hypro Marine
- ZF Friedrichshafen AG
- Techno Italia Kft.
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