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Boat Steering System Market Synopsis

Boat Steering System Market Size Was Valued at USD 1.95 Billion in 2023, and is Projected to Reach USD 3.60 Billion by 2032, Growing at a CAGR of 9.9% From 2024-2032.

Boat steering system is a related industry that deals with the manufacture of equipment’s for controlling the direction of boat and other forms of water bound vessels. These systems can be mechanical; hydraulic; electric; or electrohydraulic: their purpose is to give a boat exact directional control, thereby increasing the safety of navigation and the enjoyment of boating. Steering systems can be used in small and large vessels, for leisure boats, fishing boats, yachts and commercial ships.

Boat steering system market is in the state of continuous developments owing to increasing adoption of modern navigational technology, rising trend of leisure boating, as well as growing international commerce and transport. The market has felt a change in the mechanical technology adopted by manufacturers and ‘gearing of higher technology’ hydraulic and electronic systems providing higher accuracy, more flexible operation and much longer life. This movement is due to overall advancements in technology which enables enhancement of interaction between steering systems with other on-board facilities including autopilot, GPS, and other integrated navigation systems. In addition, the continued increase in the need for the manufacture of electric and hybrid boats that will need more advanced and efficient systems of steering are also factor that have been driving the market.

Besides leisure boating, there is a growing need for boat steering systems in other segments especially in fishing vessels, and large passenger ships. This demand is expected to be driven by the expansion of the tourism sector especially the marine sector. Third is enhanced safety and comfort to the boat operator, which is creating demand for better steering systems complete with variable ratio, and easy to use electronic controls as well as less noise. These systems not only increase efficiency within organizations but also increase the quality of services and products for users, which in turn adds value and grows the market over time on an international level.

Boat Steering System Market Trend Analysis:

Advancements in Electronic and Smart Steering Systems

  • One trend affecting the boat steering system market is the continued advancements in electronics and smart technology that make sailing easier, safer and more precise. These systems incorporate various elements like sensors as well as actuators together with algorithmic control to provide automatic anticipation and control of the boat’s helmsman and the amount of effort involved. That is why, some high-class models are equipped with unique SCI (Steering Control Interface) technologies that replace most of the mechanical and hydraulic connections with electronic counterparts.
  • At the same time, it is possible to connect these smart systems to other on board equipment including autopilots, integrated navigation systems and engine managing devices to make the performance guarantee with security. There are also increased concerns about energy efficiency and ecological impact, thus manufacturers are working to create systems capable of both higher efficiency and at the same time can fit electric and hybrid boat designs.

 Growth of Electric and Hybrid Boats

  • Another factor which presents great potential in the boat steering system market is the increasing use of electric and hybrid boats. Marine transportation has been under pressure, globally, to adopt sustainable practices due to an emphasis on low emission and efficiency in fuel consumption. Electric and hybrid boats, which use affordable energy, need steering arrangements that are satisfactory for electric drive technologies and linked with power stream controlling systems. Inventory control and other managerial uses of will also be benefited with these boats, however, the most important aspect would be the need for the development of lightweight, energy efficient and highly responsive steering mechanisms which would be a great opportunity for the designers and manufacturers to move into this new market. Global governments and environment conservation organizations have developed a policy aiming at reducing emission in water and thus electric and hybrid boats will find a good market coupled with the fact that manufacture of steering systems for ordinary boats is saturated.

Boat Steering System Market Segment Analysis:

Boat Steering System Market is segmented on the basis of type, application, and region

By Type, Racing, segment is expected to dominate the market during the forecast period

  • The racing segments market will presumably be the most successful by the end of the forecast period because of the worldwide trend towards motor races and faster growth of events and competitions. Existing racing leagues like Formula 1 motorcycle racing, MotoGP, NASCAR, and the WRC racing remain popular drawing large circus attendance and television coverage. The growth of Motorsport as a mean of entertainment has been boosted by developments in the technological feature of the cars and this has called for development and production of racing cars, parts and accessories. Moreover, modern individual competitions in professional car racings and virtual racing services deepen interests related to esports racing leagues and drive the young technical generation.
  • Moreover, the racing segment receives significant capital expenditure, sponsorships, and marketing communication expenditures. Automotive manufacturers, energy technologies firms and technology firms perceive the racing events as strategic way through which their brand can be marketed to a worldwide audience. As the racing market builds up more players are expected to unveil new products as well as new event formats, one of which is by going green through electric racing series and electric technology vehicles. Expansion of digital platforms, increased social media interaction, and live broadcasting of the racing events will continue to strengthen racing segment its position in the overall market till the end of forecast period.

By Application, Monohulled segment expected to held the largest share

  • There is likely to be a dominance of monohulled segment that forms a significant market share owing to the increasingly widespread use of monohulled boats across various marine applications. Monohulled since they have only one hull are beneficial for recreational purposes, professional racing, and business while still having the added advantage and stability. These boats are versatile, and suitable for various types of water and they are generally cheaper than multihull boats hence the high demand. Also due to the historical presence of monohulled in the sailing and power boats category and due to multifaceted functionality of this boat type it occupies a major market share in the world.
  • Thus, the monohulled segment continues to find improvements in the material and manufacturing technologies making boats lighter, stronger, and faster. The increased use of boats for leisure activities such as boating and sailing coupled with the use of the vessels for water activities including yachting boosts the demand for use of monohulled boats. In addition, transport, fishing, and military activities still find the efficiency and reliability typical of monohulled designs convenient. With such advancement in modern technology and fuel efficiency, these boats are likely to experience modification and development in the coming years, while the monohulled boats are expected to remain on top in terms of demand until the end of the forecasting period.

Boat Steering System Market Regional Insights:

North America is Expected to Dominate the Market Over the Forecast period

  • North America emerged as the largest consumer and having market share of 46.34% in the boat steering system market. This can be attributed to the areas recreational boating history, large coastal line and the growth of the modern technologically advance and high-performance style of the state-of-the-art steering systems. In particular, the United States is a successful player in the market due to the large number of boat manufacturers and consumers. The increased demand of water sports, fishing and yaching has boosted the demand for sophisticated steering systems – electronic and hydraulic.

Active Key Players in the Boat Steering System Market:

  •  Caterpillar Inc. (USA)
  •  Jastram Engineering Ltd. (Canada)
  •  Kongsberg Gruppen (Norway)
  • Lewmar Ltd. (UK)
  •  Lewmar Ltd. (UK)
  •  Morse Controls (USA)
  •  Parker Hannifin Corporation (USA)
  •  Raymarine (UK)
  • Seastar Solutions (USA)
  •  Suzuki Motor Corporation (Japan)
  •  Teleflex Incorporated (USA)
  •  Uflex Ltd. (India)
  •  Volvo Penta (Sweden)
  •  Wartsila Corporation (Finland)
  •  ZF Friedrichshafen AG (Germany)
  • Other Active Players

Key Industry Development Boat Steering System Market:

  • In January 2025, Damen Marine Components (DMC) secured a major contract to supply advanced steering and propulsion systems for four dry cargo vessels built at GS Projects’ shipyard in Waterhuizen, Netherlands. The collaboration involved Groot Ship Design and Ship and Steelbuilding (SaS), with Longship commissioning the vessels. DMC delivered ‘plug-and-play’ Piston RAM-type steering systems, Barke rudders, and Optima nozzles, tailored for 99-meter-long ships with a deadweight of 5,900 tonnes. Designed for enhanced efficiency and maneuverability, the components met Lloyd’s Register and Finnish-Swedish 1A ice class standards.
  • In September 2024, Norvestor IX SCSp signed an agreement to acquire Kongsberg Maritime’s steering gear and rudder business, establishing a dedicated maritime maneuvering company in Norway’s maritime cluster. The new company built on a legacy of over 70 years of innovation, tracing its origins to 1953, with renowned brands like Tenfjord and Frydenbø. More than 14,000 vessels worldwide relied on these steering gears and rudders for safe and efficient navigation. A first-class service, aftermarket, and spare-part organization ensured reliable lifecycle operations.

Boat Steering System Market

Base Year:

2023

Forecast Period:

2024-2032

Historical Data:

2017 to 2023

Market Size in 2023:

USD 1.95 Billion

Forecast Period 2024-32 CAGR:

9.9%

Market Size in 2032:

USD 3.60 Billion

Segments Covered:

By Type

  • Racing
  • Classic
  • Others

By Application

  • Monohulled
  • Multihull
  • Others

By Region

  • North America (U.S., Canada, Mexico)
  • Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
  • Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
  • Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  •  Advancements in Electronic and Smart Steering Systems

Key Market Restraints:

  • High Costs and Complex Installation

Key Opportunities:

  •  Growth of Electric and Hybrid Boats

Companies Covered in the report:

  • Teleflex Incorporated (USA), ZF Friedrichshafen AG (Germany), Seastar Solutions (USA), Uflex Ltd. (India), Suzuki Motor Corporation (Japan), and Other Active Players.

Chapter 1: Introduction
 1.1 Scope and Coverage

Chapter 2:Executive Summary

Chapter 3: Market Landscape
 3.1 Market Dynamics
  3.1.1 Drivers
  3.1.2 Restraints
  3.1.3 Opportunities
  3.1.4 Challenges
 3.2 Market Trend Analysis
 3.3 PESTLE Analysis
 3.4 Porter's Five Forces Analysis
 3.5 Industry Value Chain Analysis
 3.6 Ecosystem
 3.7 Regulatory Landscape
 3.8 Price Trend Analysis
 3.9 Patent Analysis
 3.10 Technology Evolution
 3.11 Investment Pockets
 3.12 Import-Export Analysis

Chapter 4: Boat Steering System Market by Type
 4.1 Boat Steering System Market Snapshot and Growth Engine
 4.2 Boat Steering System Market Overview
 4.3 Racing
  4.3.1 Introduction and Market Overview
  4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.3.3 Key Market Trends, Growth Factors and Opportunities
  4.3.4 Racing: Geographic Segmentation Analysis
 4.4 Classic
  4.4.1 Introduction and Market Overview
  4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.4.3 Key Market Trends, Growth Factors and Opportunities
  4.4.4 Classic : Geographic Segmentation Analysis
 4.5 Others
  4.5.1 Introduction and Market Overview
  4.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.5.3 Key Market Trends, Growth Factors and Opportunities
  4.5.4 Others: Geographic Segmentation Analysis

Chapter 5: Boat Steering System Market by Application
 5.1 Boat Steering System Market Snapshot and Growth Engine
 5.2 Boat Steering System Market Overview
 5.3 Monohull
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Monohull: Geographic Segmentation Analysis
 5.4 Multihull
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Multihull : Geographic Segmentation Analysis
 5.5 Others
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 Others: Geographic Segmentation Analysis

Chapter 6: Company Profiles and Competitive Analysis
 6.1 Competitive Landscape
  6.1.1 Competitive Benchmarking
  6.1.2 Boat Steering System Market Share by Manufacturer (2023)
  6.1.3 Industry BCG Matrix
  6.1.4 Heat Map Analysis
  6.1.5 Mergers and Acquisitions
  
 6.2 CATERPILLAR INC. (USA)
  6.2.1 Company Overview
  6.2.2 Key Executives
  6.2.3 Company Snapshot
  6.2.4 Role of the Company in the Market
  6.2.5 Sustainability and Social Responsibility
  6.2.6 Operating Business Segments
  6.2.7 Product Portfolio
  6.2.8 Business Performance
  6.2.9 Key Strategic Moves and Recent Developments
  6.2.10 SWOT Analysis
 6.3 JASTRAM ENGINEERING LTD. (CANADA)
 6.4 KONGSBERG GRUPPEN (NORWAY)
 6.5 LEWMAR LTD. (UK)
 6.6 LEWMAR LTD. (UK)
 6.7 MORSE CONTROLS (USA)
 6.8 PARKER HANNIFIN CORPORATION (USA)
 6.9 RAYMARINE (UK)
 6.10 SEASTAR SOLUTIONS (USA)
 6.11 SUZUKI MOTOR CORPORATION (JAPAN)
 6.12 TELEFLEX INCORPORATED (USA)
 6.13 UFLEX LTD. (INDIA)
 6.14 VOLVO PENTA (SWEDEN)
 6.15 WARTSILA CORPORATION (FINLAND)
 6.16 ZF FRIEDRICHSHAFEN AG (GERMANY)
 6.17 OTHER ACTIVE PLAYERS

Chapter 7: Global Boat Steering System Market By Region
 7.1 Overview
7.2. North America Boat Steering System Market
  7.2.1 Key Market Trends, Growth Factors and Opportunities
  7.2.2 Top Key Companies
  7.2.3 Historic and Forecasted Market Size by Segments
  7.2.4 Historic and Forecasted Market Size By Type
  7.2.4.1 Racing
  7.2.4.2 Classic
  7.2.4.3 Others
  7.2.5 Historic and Forecasted Market Size By Application
  7.2.5.1 Monohull
  7.2.5.2 Multihull
  7.2.5.3 Others
  7.2.6 Historic and Forecast Market Size by Country
  7.2.6.1 US
  7.2.6.2 Canada
  7.2.6.3 Mexico
7.3. Eastern Europe Boat Steering System Market
  7.3.1 Key Market Trends, Growth Factors and Opportunities
  7.3.2 Top Key Companies
  7.3.3 Historic and Forecasted Market Size by Segments
  7.3.4 Historic and Forecasted Market Size By Type
  7.3.4.1 Racing
  7.3.4.2 Classic
  7.3.4.3 Others
  7.3.5 Historic and Forecasted Market Size By Application
  7.3.5.1 Monohull
  7.3.5.2 Multihull
  7.3.5.3 Others
  7.3.6 Historic and Forecast Market Size by Country
  7.3.6.1 Bulgaria
  7.3.6.2 The Czech Republic
  7.3.6.3 Hungary
  7.3.6.4 Poland
  7.3.6.5 Romania
  7.3.6.6 Rest of Eastern Europe
7.4. Western Europe Boat Steering System Market
  7.4.1 Key Market Trends, Growth Factors and Opportunities
  7.4.2 Top Key Companies
  7.4.3 Historic and Forecasted Market Size by Segments
  7.4.4 Historic and Forecasted Market Size By Type
  7.4.4.1 Racing
  7.4.4.2 Classic
  7.4.4.3 Others
  7.4.5 Historic and Forecasted Market Size By Application
  7.4.5.1 Monohull
  7.4.5.2 Multihull
  7.4.5.3 Others
  7.4.6 Historic and Forecast Market Size by Country
  7.4.6.1 Germany
  7.4.6.2 UK
  7.4.6.3 France
  7.4.6.4 Netherlands
  7.4.6.5 Italy
  7.4.6.6 Russia
  7.4.6.7 Spain
  7.4.6.8 Rest of Western Europe
7.5. Asia Pacific Boat Steering System Market
  7.5.1 Key Market Trends, Growth Factors and Opportunities
  7.5.2 Top Key Companies
  7.5.3 Historic and Forecasted Market Size by Segments
  7.5.4 Historic and Forecasted Market Size By Type
  7.5.4.1 Racing
  7.5.4.2 Classic
  7.5.4.3 Others
  7.5.5 Historic and Forecasted Market Size By Application
  7.5.5.1 Monohull
  7.5.5.2 Multihull
  7.5.5.3 Others
  7.5.6 Historic and Forecast Market Size by Country
  7.5.6.1 China
  7.5.6.2 India
  7.5.6.3 Japan
  7.5.6.4 South Korea
  7.5.6.5 Malaysia
  7.5.6.6 Thailand
  7.5.6.7 Vietnam
  7.5.6.8 The Philippines
  7.5.6.9 Australia
  7.5.6.10 New Zealand
  7.5.6.11 Rest of APAC
7.6. Middle East & Africa Boat Steering System Market
  7.6.1 Key Market Trends, Growth Factors and Opportunities
  7.6.2 Top Key Companies
  7.6.3 Historic and Forecasted Market Size by Segments
  7.6.4 Historic and Forecasted Market Size By Type
  7.6.4.1 Racing
  7.6.4.2 Classic
  7.6.4.3 Others
  7.6.5 Historic and Forecasted Market Size By Application
  7.6.5.1 Monohull
  7.6.5.2 Multihull
  7.6.5.3 Others
  7.6.6 Historic and Forecast Market Size by Country
  7.6.6.1 Turkey
  7.6.6.2 Bahrain
  7.6.6.3 Kuwait
  7.6.6.4 Saudi Arabia
  7.6.6.5 Qatar
  7.6.6.6 UAE
  7.6.6.7 Israel
  7.6.6.8 South Africa
7.7. South America Boat Steering System Market
  7.7.1 Key Market Trends, Growth Factors and Opportunities
  7.7.2 Top Key Companies
  7.7.3 Historic and Forecasted Market Size by Segments
  7.7.4 Historic and Forecasted Market Size By Type
  7.7.4.1 Racing
  7.7.4.2 Classic
  7.7.4.3 Others
  7.7.5 Historic and Forecasted Market Size By Application
  7.7.5.1 Monohull
  7.7.5.2 Multihull
  7.7.5.3 Others
  7.7.6 Historic and Forecast Market Size by Country
  7.7.6.1 Brazil
  7.7.6.2 Argentina
  7.7.6.3 Rest of SA

Chapter 8 Analyst Viewpoint and Conclusion
8.1 Recommendations and Concluding Analysis
8.2 Potential Market Strategies

Chapter 9 Research Methodology
9.1 Research Process
9.2 Primary Research
9.3 Secondary Research
 

Boat Steering System Market

Base Year:

2023

Forecast Period:

2024-2032

Historical Data:

2017 to 2023

Market Size in 2023:

USD 1.95 Billion

Forecast Period 2024-32 CAGR:

9.9%

Market Size in 2032:

USD 3.60 Billion

Segments Covered:

By Type

  • Racing
  • Classic
  • Others

By Application

  • Monohulled
  • Multihull
  • Others

By Region

  • North America (U.S., Canada, Mexico)
  • Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
  • Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
  • Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  •  Advancements in Electronic and Smart Steering Systems

Key Market Restraints:

  • High Costs and Complex Installation

Key Opportunities:

  •  Growth of Electric and Hybrid Boats

Companies Covered in the report:

  • Teleflex Incorporated (USA), ZF Friedrichshafen AG (Germany), Seastar Solutions (USA), Uflex Ltd. (India), Suzuki Motor Corporation (Japan), and Other Active Players.
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Frequently Asked Questions :

What would be the forecast period in the Boat Steering System Market research report?

The forecast period in the Boat Steering System Market research report is 2024-2032.

Who are the key players in the Boat Steering System Market?

Caterpillar Inc. (USA), Jastram Engineering Ltd. (Canada), Kongsberg Gruppen (Norway), Lewmar Ltd. (UK), Morse Controls (USA), Parker Hannifin Corporation (USA), Raymarine (UK), Seastar Solutions (USA), Suzuki Motor Corporation (Japan), Teleflex Incorporated (USA), Uflex Ltd. (India), Volvo Penta (Sweden), Wartsila Corporation (Finland), ZF Friedrichshafen AG (Germany), and Other Active Players.

What are the segments of the Boat Steering System Market?

The Boat Steering System Market is segmented into Type, Application, and region. By Type, the market is categorized into Racing Classic, Others. By Application, the market is categorized into Monohull, Multihull, Others.  By region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; Netherlands; Italy; Russia; Spain; Rest of Western Europe), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).

What is the Boat Steering System Market?

Boat steering system is a related industry that deals with the manufacture of equipments for controlling the direction of boat and other forms of water bound vessels. These systems can be mechanical; hydraulic; electric; or electrohydraulic: their purpose is to give a boat exact directional control, thereby increasing the safety of navigation and the enjoyment of boating. Steering systems can be used in small and large vessels, for leisure boats, fishing boats, yachts and commercial ships.

How big is the Boat Steering System Market?

Boat Steering System Market Size Was Valued at USD 1.95 Billion in 2023, and is Projected to Reach USD 3.60 Billion by 2032, Growing at a CAGR of 9.9% From 2024-2032.