Lewes, DE -- (SBWIRE) -- 01/17/2019 -- Global Marine Steering System market will register a 7.1% CAGR in terms of revenue, reach US$ 500 million by 2023, from US$ 330 million in 2017.

This report studies the Marine Steering System market. A boat's steering system determines the boat's course when the steering wheel is turned and, like most other systems on a boat, needs regular inspection, maintenance and cleaning during the boating season.

A boat's steering wheel is part of the helm that connects to a mechanical, electric, or hydraulic system to assist in turning the boat. Boats with outboard motors steer with a wheel which rotates the entire drive unit; inboards sometimes use a pod with an attached propeller; personal watercraft use jet drives with an impeller to force water into a nozzle that the operator can turn to the desired course. Some modern ships replace the wheel with a toggle that remotely controls an electric or hydraulic rudder drive, with an indicator that shows the rudder angle in real time to the helmsman.

The global average price of Marine Steering System is in the decreasing trend, from 653.8 USD/unit in 2013 to 612.3 USD/unit in 2017. With the situation of global economy, prices will be in decreasing trend in the following five years.

The hydraulic type is expected to account for 52.33% volume share in 2017, followed by electric power steering and mechanical steering. And nearly 437 k unit products based on outboard propulsion system were sold in 2017 across the global, accounting for nearly 80% market share.

Among all regions, North America is projected to account for a relatively large market share in terms of both value and volume, while South America account for a relatively low market share in terms of value. North America leads the market with nearly half the global market share, and the region is estimated to retain its share in the coming years.

Over the next five years, study projects that Marine Steering System will register a 7.1% CAGR in terms of revenue, reach US$ 500 million by 2023, from US$ 330 million in 2017.

This report presents a comprehensive overview, market shares, and growth opportunities of Marine Steering System market by product type, application, key manufacturers and key regions.

To calculate the market size, study considers value and volume generated from the sales of the following segments:

Segmentation by product type:
Electronic Power Steering
Hydraulic Steering
Mechanical Steering

Segmentation by application:
Outboard Steering
Inboard Steering

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Spain
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The report also presents the market competition landscape and a corresponding detailed analysis of the major vendor/manufacturers in the market. The key manufacturers covered in this report:
SeaStar Solutions
Uflex
Mercury Marine
ZF
Vetus
Sperry Marine
Twin Disc
Lewmar
HyDrive Engineering
Lecomble?Schmitt
Pretech
Mavi Mare

In addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key manufacturers and the market as a whole. It also analyzes key emerging trends and their impact on present and future development.

Research objectives
To study and analyze the global Marine Steering System consumption (value & volume) by key regions/countries, product type and application, history data from 2013 to 2017, and forecast to 2023.
To understand the structure of Marine Steering System market by identifying its various subsegments.
Focuses on the key global Marine Steering System manufacturers, to define, describe and analyze the sales volume, value, market share, market competition landscape, SWOT analysis and development plans in next few years.
To analyze the Marine Steering System with respect to individual growth trends, future prospects, and their contribution to the total market.
To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
To project the consumption of Marine Steering System submarkets, with respect to key regions (along with their respective key countries).
To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
To strategically profile the key players and comprehensively analyze their growth strategies.

Spanning over 161 pages "Forecast of Global Marine Steering System Consumption Market 2023" report covers Scope of the Report, Executive Summary, Global Marine Steering System by Players, Marine Steering System by Regions, Market Drivers, Challenges and Trends, Marketing, Distributors and Customer, Global Marine Steering System Market Forecast, Key Players Analysis, Research Findings and Conclusion.

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