to Federal Refuse Act, the discharge of fuel, oil, oily wastes and hazardous substances is
completely prohibited into the waters of the U.S. or the waters of the contiguous zone. In
addition, under state law F&GC 5650 prohibits discharges of petroleum and other substances
harmful to fish, plants, mammals, and birds.
North America Market Accounted for the Largest Share in 2016
On the basis of region, the global boat steering market is segmented into North America, Latin
America, Europe, Asia Pacific, Middle East, and Africa. The market in North America accounted for
the largest share in the global boat steering market in 2016 and is expected to maintain its
dominance during the forecast period in terms of value and volume. Moreover, North America
boat steering market is expected to exhibit the highest CAGR from 2017 to 2025. The market for
North America was valued about US$ 330.9 million in 2016 and expected to exhibit a CAGR of
8.39% during the forecast period followed by Europe. This growth is attributed to high sales of
powered boats, especially outboards, coupled with high recreational boating activity in North
America. For instance, according to the National Marine Manufacturers Association (NMMA)
Canada, in 2016, there were approximately 37,349 units of new power boats sold, which
exhibited an increase of 0.3% from 2015. Within these units, 18,868 units of Outboard boats
were sold in 2016. Recreational boating is gaining significant traction in Canada. The U.S. is the
manufacturing hub and growth engine in boats industry in North America region. The U.S.
accounted for around 70% of market share in the global boat steering market in 2016. According
to Grow Boating Organization, in North America around 238,000 units of new powerboats were
sold in 2015, which is an increase of 8.5% as compared to 2014. Among these, about 95% power
boats were sold in the U.S. and made in the U.S.
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Europe accounted for second-largest share in global boat steering market in 2016, in terms of
value and volume. The market for Europe accounted for around 29.71% share in the global boat
steering market in 2016. In addition to this, Europe boat steering market is expected to exhibit
8.33% CAGR during the forecast period. The U.K., Germany, France, and Italy are growth engines
in the region. France was the dominant country in the European recreational boating market
accounting for over 18% share of the regional production in 2016. The boat steering market in
France was valued at about US$ 30.9 million in 2016 and is expected to retain its dominance
during the forecast period. This growth is attributed to growing coastal and maritime tourism in
this region. Increasing preference for leisure ports, cruise shipping, and luxury cruisers is
expected to drive demand for recreational boating market in Europe. According to European
Boating Industry, 70,000 km of coastline in Europe offers perfect environment for its citizens,
who regularly participate in recreational marine activities. Moreover, growth of the French
boating industry was due to increased domestic demand for boats. For instance, according to The