Marine Steering System Market Growth Drivers, Challenges and Opportunities

Marine Steering System Market Size, Competitive Landscape & Future Outlook

The marine steering system market is forecasted to expand from USD 3.65 billion in 2025 to USD 5.09 billion by 2034, growing at a CAGR of 3.76% from 2025 to 2034.

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Introduction

The marine steering system market is a crucial sector of the marine industry. This industry deals in the developing advanced steering systems for the marine industry. There are different types of steering developed in this sector consisting of hydraulic steering systems, mechanical steering systems, electronic steering systems, power assisted steering systems and some others. These steering consists of various components including steering wheel, rudders, steering cylinders, electronic control units, sensors and some others. It finds application in different types of vessels comprising of commercial vehicles, fishing vessels, recreational boats, naval vessels, tugboats and some others. The rising application of marine transportation for exporting goods has boosted the market expansion. This market is projected to grow significantly with the rise of the e-commerce sector in different parts of the world.

• According to the India Brand Equity Foundation, the revenue of the exported marine products in India was US$ 7759.58 million in 2021-22 that increased to US$ 8094.31 million in 2022-23.

Highlights of the Marine Steering System Market

• North America held the largest share of the marine steering system market due to the presence of several market players in this region.
• Asia Pacific is expected to grow with a significant CAGR due to the rising investment in shipbuilding industry in this region.
• The hydraulic steering systems segment led the industry due to its numerous advantages such as enhanced reliability, improved control and some others.
• The commercial vessel segment held the largest portion of the industry due to its application in transportation of goods and passengers across the world.

Key Metrics and Overview

Marine Steering System: Trends in the Industry

• Several steering companies are developing advanced electronic steering systems for a wide range of boats. For instance, in December 2023, Dometic launched Optimus 3000. Optimus 3000 is an advanced electric steering designed for inboard powered boats.
• Numerous marine brands are partnering with each other to develop new products for the marine sector. For instance, in February 2024, Honda Marine announced partnership with Scout Boats. This partnership is done for developing advanced steering systems for the marine sector.
• Various market players are developing wind-assist steering systems to enhance the capabilities of boats. For instance, in September 2024, Becker Marine Systems launched Becker Steering Gear. This system is integrated with advanced technology that helps in enhancing the efficiency of private yachts.

Industry Leader Announcement

In October 2024, Piero Gai, the CEO of Honda Marine made an announcement stating that, “The collaboration between Honda Motor EU and Ultraflex continues with enthusiasm, making it possible to equip Honda’s outboard engines with high-performance servo-assisted steering and electronic steer by wire. In particular, we are proud to present the IntegraJStm electronic driving system interfaced with Vetus BOW PRO bow thrusters.”

Geographical Insights

North America held the largest share of the marine steering system market. The rising use of marine transportation for logistics operations has boosted the market expansion. Also, several government initiatives aimed at strengthening the maritime sector along with rapid investment in shipbuilding companies by public entities is crucial for the industrial growth. Moreover, the presence of various market players such as Northrop Grumman, Uflex USA, SeaStar Solutions and some others has driven the market growth in this region.

Competitive Landscape

The marine steering system market is a rapidly developing industry with the presence of several dominating players. Some of the prominent companies in this industry consists of Emerson Electric Co., Jastram Engineering Ltd., Kongsberg Maritime, Lewmar Limited, Northrop Grumman, Twin Disc, Inc., Vetus B.V., Wartsila Corporation and some others. These companies are constantly engaged in developing advanced steering systems for the marine sector and adopting numerous strategies to maintain their dominant position in this industry.

• According to the annual report of Twin Disc, the revenue of the marine and propulsion systems in 2023 was US$ 147825 that increased to US$ 171766 in 2024.

Marine Steering System Market Segments

By Type

• Hydraulic Steering Systems
• Mechanical Steering Systems
• Electronic Steering Systems
• Power Assisted Steering Systems

By Vessel Type

• Commercial Vessels
• Fishing Vessels
• Recreational Boats
• Naval Vessels
• Tugboats

By Component

• Steering Wheel
• Rudders
• Steering Cylinders
• Electronic Control Units
• Sensors

By Installation Type

• New Installation
• Retrofit

By Region

• North America
• Europe
• South America
• Asia Pacific
• Middle East and Africa