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Trusted Business Insights presents an updated and Latest Study on Passenger Ferries Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Passenger Ferries market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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The global passenger ferries market is estimated to value at over US$ 2.5 Bn in 2019, and is projected to register a CAGR of 3.4% in terms of value over the forecast period. The global passenger ferries market is segmented on the basis of type, application, and region/country.
Global Passenger Ferries Market: Introduction
Passenger ferry is a boat or ship used to transport passengers across inland waterways, or seas and oceans. For cities adjacent to large bodies of water or coastal areas, islands or locations with a large number of rivers and canals, ferries can form an important part of the public transport system.
Global Passenger Ferries Market: Dynamics
Passenger volumes in countries across the globe have been increasing rather significantly in the recent past, and this is one among the major factors driving growth of the global passenger ferries market currently. Passenger volumes are increasing at a moderate pace in Asia, which is an important emerging region in the global passenger ferries market.
Increasing availability of passenger ferries for commercial as well as private, individual, or groups end-users is also a major factor supporting expansion of passenger volumes in various countries. In addition, passenger ferries act as a vital transport link between isolated communities and are also utilized to link different transport networks of different countries, which are other factors fueling expansion of passenger volume, and in turn propelling growth of the target market.
However, the ferry industry is heavily regulated in terms of safety, environmental impact, emission control, and security. Stringent regulations for passenger ferries generally covers vessel design, construction, repair, operations, manning, and regular inspections throughout a vessels life. Stringent emission standard is major factor expected to limit growth of the global passenger ferries market in the near future.
Technological advancements in passenger ferries to overcome concerns associated with sulfur oxides (SOx) emission control, increasing ferry accidents, and energy efficiency can create lucrative growth opportunities for manufacturers in the global passenger ferries market.
Global Passenger Ferries Market Analysis, by Type:
Among the type segments, the multihull segment is expected to contribute major revenue share in the global market, and is estimated to maintain its dominance over the forecast period. The multihull segment is projected to register a CAGR over 3%. Growing demand for individual ferries owing to high spending power of people is a major factor expected to drive revenue growth of this segment over the forecast period.
Catamarans are the most common type of multihull ferries, they are used as tourist, racing, sailing, and fishing boats. Catamarans are high speed ferries equipped with jet drives that enable the vessel to reach cruise speeds in the mid-30 knots. The ability of these ferries to sail at higher speed than monohull ferries is a major factor expected to support demand and drive revenue growth of this segment.
Global Passenger Ferries Market Analysis, by Application
Among the application segments, the commercial segment is expected to account for highest share in terms of revenue in the global market. Growing tourism industry across the world, coupled with rising demand for cost-effective transportation are key factors expected to fuel revenue growth of this segment over the forecast period. Moreover, growing R&D activities for production of passenger ferries that are environment-friendly is another factor expected to support revenue growth of this segment.
Global Passenger Ferries Market Analysis, by Region/Country
The Europe market accounted for major share in terms of revenue in the global passenger ferries market in 2018. Rapid shift in preference towards using passenger ferries for daily transportation is expected to boost growth of the Europe passenger ferries market.
In urban areas of countries in this region, various ferry services have been integrated with land-based public transport, ensuring that passengers can easily reach their destinations without using private cars. In addition, in cities with waterfront areas, passenger ferries are an effective mode of transportation, thereby easing up congestion on road networks. These are major factors increasing adoption of passenger ferries in countries in Europe, and in turn is expected to drive growth of the Europe passenger ferries market over the forecast period.
The US passenger ferries market is account for second-highest revenue share in the global market. Increasing initiatives by various major manufacturers in the US regarding capability management and vessel support services such as crew training and instruction, repairs and maintenance, vessel servicing, integrated logistics support, information management, and vessel sustainment systems support are among some of the major factors expected to drive growth of the passenger ferries market in the US.
Demand for passenger ferries is increasing owing to its wide range of features such as vessel design ranging from 16 m to 130 m, which are suited for various applications such as high volume commuter services to tourism-orientated operations, with improved layouts, seakeeping, speeds, and interiors optimized to match required service are among other factors expected to drive growth of the US market over the forecast period.
The market in China is expected to register highest CAGR in the global market in terms of revenue over the forecast period. Increasing investments from public and private sectors for development of the shipping industry in the country is expected to boost growth of the passenger ferries market in China over the forecast period. The government of China offers subsidies to ferries services providers for replacement of old vessels with new vessels, which is another factor expected to propel growth of the China market.
The market in India is expected to register moderate CAGR in the global market in terms of revenue over the forecast period. Wide applicability of passenger ferries in commercial and private sectors for transportation activities is a major factor expected to drive revenue growth of the passenger ferries market in India. In urban areas, ferries offer services to various locations where fixed links providing access to urban areas are congested. This is projected to increase adoption of passenger ferries, which in turn is expected to drive growth of the India market over the forecast period.
Global Passenger Ferries Market Segmentation:
Segmentation on the basis of Type:
Segmentation on the basis of Application:
Segmentation on the basis of Region/Country:
- Southeast Asia
- Rest of the World
Key Market Players included in the report: Global Passenger Ferries Market
Key Insights Covered: Global Passenger Ferries Market
1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Passenger Ferries industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Passenger Ferries industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Passenger Ferries industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Passenger Ferries industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Passenger Ferries industry.
Research Methodology: Global Passenger Ferries Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.
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