Passenger Ferries Market Growth Driven By Steady Increase Of Passengers Travelling In Recent Years

Published: Fri 24 Sep 2021 04:59 PM
A ferry is a merchant vessel that is used to carry passengers, and sometimes vehicles and cargo, across a body of water. A passenger ferry with several stops, in places such as Venice, Italy, is sometimes referred to as a water taxi or a water bus.
The Global Passenger Ferries Market was valued at UD $2,830.0 n in 2020, and is projected to achieve a valuation of UD $3,957.6 n by 2030, at a GR of 4.2%. The 5-year (2020–2025) cumulative revenue of this market is projected to be over $71,591.7 Mn, and is estimated to increase significantly over the latter part of the forecast period.Dynamics:
There has been a steady increase in recent years, in the volume of passengers travelling for various purposes across the world. This is a primary factor that is expected to continue to fuel the revenue growth of the global passenger ferries market in the near future. Moreover, increasing focus is now being channeled towards the better utilization of waterways and other bodies for the purposes of transporting individuals by respective regional public transportation authorities across the world, as well as to offer enhanced experiences and services to their clients are also primary factors that are slated to improve market growth opportunities for this global industry in the coming years.
Furthermore, various strategic mergers and tie-ups with various other travel and tourism channels or firms to improve services and packages being offered as a means to increase sales is another significant factor that is anticipated to have an impact on the revenue growth of the passenger ferries market in the years to come.
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However, in light of the recent COVID-19 outbreak, the operations of numerous industries have either been temporarily halted or are functioning with a minimal workforce due to enforced lockdowns and imposed restrictions by respective governing bodies. The global passenger ferries market is no different, and this factor is anticipated to have a significantly negative impact on the revenue growth of this industry. Moreover, the enforcement of strict regulations concerning travel for passengers at this given time, as well as the gradual change in consumer preferences for other forms of travel are also other factors that may restrain the revenue growth of the global passenger ferries market in the years to come.
Nonetheless, the development of technologically innovative passenger ferry vehicles that are not only safer, but more energy-efficient is a factor that is anticipated to boost revenue growth opportunities for the global passenger ferries market in the foreseeable future.Segmentation of the Global Passenger Ferries Market is as follows:
In terms of product type, the multihull segment accounted for the maximum number of revenue shares of the global passenger ferries market in 2020, and is expected to continue doing so over the forecast period. The monohull segment is also anticipated to index a high CAGR over the next 10 years.
On the basis of application, the cruise ship (sea) segment accounted for the maximum number of revenue shares of the global passenger ferries market in 2020, and this segment is slated to continue to do so over the next 10 years. However, the cruise ship (inland) segment is expected to register the highest CAGR over the forecast period.Regional Segmentation and Analysis:
The markets in Europe accounted for the maximum number of revenue shares of the global passenger ferries market in 2020, and are indicative of remaining this industry’s front-runner over the next decade. However, the markets the Asia Pacific region are anticipated to register the highest CAGR over the course of the forecast period.
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Segmentation of the Global Passenger Ferries Market:Segmentation by Product Type:MonohullMultihullSegmentation by Application:Cruise Ship (Sea)Air Cushion FerryCruise Ship (Inland)/Car Catamaran Vessel/Car FerryPassenger Catamaran VesselPassenger/Cargo VesselPassenger/Ro-Ro (Inland)Ro-Ro Freight/PassengerMotor YachtMotor Mega-YachtKey Players:MEYER WERFT GmbH & Co. KGMitsubishi Heavy Industries Ltd.Grand Large Yachting SAS (Alumarine Shipyard SAS)Blount Boats Inc.Burger Boat CompanyChantiers AllaisFincantieri S.p.AGladding-Hearn Shipbuilding Duclos CorporationGreenbay Marine Pte Ltd.Petróleos Mexicanos (Hijos De J. Barreras, S.A.)CJSC Smart-HoldingLung Teh shipbuilding Co. Ltd. (LTS)Nichols Brothers Boat Builders Inc.The Italian Sea Group (Nuovi Cantieri Apuania– REFIT)Remontowa Holding (Remontowa Shipbuilding S.A.)Top Related Reports:
Passenger Information System Market
Passenger Service System (PSS) Market
Duty-Free Travel Retail Market
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