“Global Passenger Ferries Market, By Product Type (Monohull, Multihull), By Application (Cruise Ship [Sea], Air Cushion Ferry, Cruise Ship [Inland], Pass. /Car Catamaran Vessel, Pass. /Car Ferry, Passenger Catamaran Vessel, Passenger/Cargo Vessel, Passenger/Ro-Ro [Inland], Ro-Ro Freight/Passenger, Motor Yacht, Motor Mega-Yacht), as well as by Region – Global Forecast 2020 to 2029.”, which offers a comprehensive view of the Global Passenger Ferries Market through systematic segmentation that encompasses every aspect of this target market. 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.
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 steady increase in the number of individuals travelling across the globe, either for business or pleasure, is a major factor that is contributing to the increase in ferry usage. Additionally, the significant increase in the population of the world is also resulting in more individuals utilizing public services such as these, which is also further contributing the overall market growth of the global passenger ferries sector in the years to come. Moreover, various respective governing authorities are now focusing their efforts towards better management and utilization of their given waterways or routes, which is another factor that is expected to fuel the revenue growth of the global passenger ferries industry over the next decade. Furthermore, with the introduction of electric or hybrid-powered ferries in various parts of the world, a greater number of individuals are now using these services owing to their convenience and upgraded facilities. This is another major factor that is slated to have aa profound influence on the projected revenue growth of the Global Passenger Ferries Market in the foreseeable future. In addition to this, various anticipated mergers & acquisitions between given service providers, as well as various tie-ups or collaborations with several tourism and travel companies to offer exclusive services or tours is also expected to have an impact on this global sector. These are some of the most crucial factors anticipated to play a critical role in catapulting projected revenues for the Global Passenger Ferries Market to $83,408.6 Mn by 2029, at a CAGR of 3.9%.
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