Boat Control Lever Market Forecast and CAGR
Boat control lever market is anticipated to exhibit impressive growth between 7% and 9% during the tenure of 2021 to 2031. The marine engine control levers market is being driven by a surge in worldwide marine freight transit and an increase in maritime tourism.
What is Driving Demand for Boat Control Lever?
Manufacturers are focusing on providing different types of control levers like electronic controls, push pull controls and pneumatic controls for ship control that deliver maximum performance to the engine of the boat. Different types of control levers are used for different boats depending on the size of boat.
Manufacturers provide throttle control systems that are safe and durable for controlling and guiding the boat’s movement. Boat levers and throttles are used for offshore supply boats, passenger ferries, fishing vessels, navy & coast guard and commercial vessels which is one of the major factor driving the market for boat lever.
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According to figures supplied by the International Chamber of Shipping (UK), about 90% of global commerce trade is carried out by sea, which is less expensive than road and rail transportation. Growing investments in shipbuilding and commercial freight transport provide the control levers market with high-growth potential.
Advances in engine design, as well as the use of smart engines for situational awareness and safety, are projected to result in new control levers and innovations on the market. To replace obsolete vessels, new energy-efficient vessels are being designed.
With the growth of technology, the marine sector has seen an increase in the popularity of technologically innovative features in various boat types. Few of the recent market developments include the development of autonomous boats, the use of IoT technology, increase in different varieties of boats and initiatives to draw millennials to boating all of which present a significant growth opportunity for the boating industry and boost to boat control levels eventually.
Sales of boats are predicted to increase as demand for customized recreational boats fitted with innovative technologies like autonomous handling, GPS tracking and infotainment systems grows. Companies are offering personalization of design, cabin décor, and integrated technology in response to changing lifestyles and technological advancements. The growth of sales of boats due to these factors will eventually drive the boat control lever market
US and Canada Demand Outlook of Boat Control Lever
According to the National Marine Manufacturers Association (NMMA), which represents recreational boat, engine, and marine equipment manufacturers across the US, retail unit sales of new powerboats increased by 4% in 2019.
Furthermore, the region’s rapidly growing tourism business has resulted in an increase in recreational and leisure boating activities including boat racing and water sport games, which has boosted the region’s prospects. This will improve the market for boat control lever in North America region.
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Europe Demand Outlook for Boat Control Lever
Europe is likely to increase at the fastest rate over the forecast period. Because of increased demand for recreational boats in countries including the France, Germany, U.K., Italy and Spain, the regional market is likely to grow. Due to an increase in people engaged in recreational boating activities, the region market is likely to grow. Furthermore, the increased number of recreational boating events and trade shows supported by manufacturers are helping to expand the industry in Europe. This is expected to fuel the boat control lever market in the region in the forecast period.
Who are the Key Manufacturers and Suppliers of Boat Control Lever?
Some of the leading manufacturers and suppliers of Boat Control Lever include VETUS, Kobelt Manufacturing Co. Ltd, Eval, VOLVO PENTA, Spohn & Burkhardt GmbH & Co. KG, Livorsi Marine, Riviera srl Genova, Pretech Cables and Controls, Mars Controls Inc., Ultraflex, Gaffrig, Flexball Italiana, Hydronautica bv and others.
Companies in the industry plan to acquire and partner strategically with end consumers and regional distributors to suit the needs of an expanding client base. To acquire a foothold in new and quickly growing industries, boat control lever manufacturers adopt acquisition and regional growth tactics.
Key Segments
By Product Type
- Single lever
- Double lever
By Application
- Yacht
- Sailboats
- Others
By Sales Channel
- OEM
- Aftermarket
By Region
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, Italy, France, U.K, Spain, Russia)
- South Asia & Pacific (India, ASEAN, Australia and New Zealand)
- East Asia (China, Japan, South Korea)
- Middle East and Africa (GCC Countries, South Africa, Northern Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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