The global Boat Control Lever market is expected to witness a market value of US$ 1.2 Billion in 2023 and is expected to accumulate a market value of US$ 1.8 Billion by registering a CAGR of 3.8% in the forecast period 2023 to 2033. The Boat Control Lever market registered a CAGR of 2.3% in the historical period 2018 to 2022. Factors such as the increasing demand for boats for recreational activities, rising disposable incomes, and growing popularity of boating as a leisure activity.
As per Future Market Insights - market research and competitive intelligence provider, the global market value for Boat Control Lever has been flourished. One of the major factors that is expected to boost the market growth includes the increasing demand for boats for recreational activities. Boating is becoming an increasingly popular leisure activity, especially among the younger generation. As a result, there is a growing demand for boats that are equipped with advanced features and technologies that provide a smooth and comfortable boating experience. Boat control levers play a crucial role in providing a smooth and easy boating experience, which is anticipated to fuel the growth of the boat control lever market.
Another important factor contributing to the growth of the boat control lever market is rising disposable incomes. As disposable incomes increase, people are more likely to spend money on leisure activities such as boating. This is expected to drive the demand for boats and boat accessories, including boat control levers. In addition, the growing popularity of boating as a leisure activity is expected to drive the demand for boats and boat accessories in the coming years.
The increasing adoption of advanced technologies in boats is another major factor that is anticipated to accelerate the market growth in the near future. Advanced technologies such as electronic throttles and shifters are becoming increasingly popular, especially in high-end boats. These technologies provide a smoother and more precise control over the boat, which is expected to drive the demand for boat control levers.
Another major factor that is likely to escalate the market growth includes the growing demand for eco-friendly and sustainable boats. As environmental concerns become more prominent, people are increasingly looking for boats that are environmentally friendly and sustainable. This is expected to drive the demand for electric boats, which are equipped with advanced technologies such as electric propulsion systems and battery management systems. Boat control levers play a crucial role in providing a smooth and efficient boating experience, which is expected to drive the demand for boat control levers in electric boats.
On the regional end, the Boat Control Lever market in North America is expected to account for the maximum share during the analysis period, owing to the factors such as the growing popularity of boating as a leisure activity, increasing adoption of advanced technologies in boats, and growing demand for eco-friendly and sustainable boats in the region.
On the other hand, the Boat Control Lever Market in Europe is currently experiencing moderate growth, driven by several factors. Europe is home to a large number of waterways and coastal areas, making it an attractive market for recreational boating. In addition, the region is home to several major boat manufacturers, such as Beneteau Group, Princess Yachts, and Ferretti Group, which are key players in the boat control lever market.
The growing popularity of boating as a leisure activity is one of the key factors driving the growth of the boat control lever market in Europe. Boating is becoming increasingly popular among younger generations, who are seeking new experiences and adventure in the outdoors. In addition, there is a growing trend towards boating as a family activity, which is expected to drive the demand for boats and boat accessories, including boat control levers.
Recent developments in the technology, mergers and acquisitions, and partnerships within the companies involved in the designing of Boat Control Lever are expected to create lucrative opportunities for the market growth over the analysis period.
For instance, Volvo Penta, in September 2021, introduced its new Electronic Vessel Control system, which features an ergonomic and intuitive control lever for improved performance and ease of use.
Subsequently, in 2021, Mercury Marine introduced its new VesselView Mobile app, which allows boat owners to control their engines and access important information from their mobile devices.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 1.2 Billion |
| Projected Market Value in 2033 | US$ 1.8 Billion |
| Growth Rate (2023 to 2033) | 3.8% CAGR |
The marine engine control levers market is being driven by a surge in worldwide marine freight transit and an increase in maritime tourism.
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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.
According to figures supplied by the International Chamber of Shipping (United Kingdom), 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
According to the National Marine Manufacturers Association (NMMA), which represents recreational boat, engine, and marine equipment manufacturers across the USA, 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.
Principal Consultant
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, United Kingdom, 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.
Some of the leading manufacturers and suppliers of Boat Control Lever include
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.
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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Boat Control Lever Market
