Market Trends of Marine Steering System Industry
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
