Passenger Ferries Market By Type (Monohull And Multihull), End-Use Application (Commercial And Personal), And Region - Global Forecast To 2029
27th September 2019
The global passenger ferries market is estimated to be valued at approximately US$ 2.8 Bn in 2020, and is projected to register a CAGR of 3.8% in terms of value over the forecast period. The global passenger ferries market is segmented on the basis of product type, end-use application, and region.
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 vessel’s 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 Product 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 3.9%. Growing demand for individual or personal 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 and is projected to witness the highest growth rate of over 3.6% over the next 10 years. 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:
The Europe market is estimated to account for major share in terms of revenue in the global passenger ferries market. 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 North America passenger ferries market is estimated to account for second-highest revenue share in the global market. Increasing initiatives by various major manufacturers in the region 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 region. 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 North America market over the forecast period.
The Asia Pacific market is projected to register significant growth rate of more than 4.2% over the next 10 years. The market in China is expected to register significant CAGR in the Asia Pacific 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. This is further expected to drive Asia Pacific market growth.
The market in India is expected to register moderate CAGR in the Asia Pacific 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 Product Type:
Segmentation on the basis of End-use Application:
- Cruise Ship
- Car Ferry
- Cargo Vessel
- Motor Yacht
- Motor Mega-Yacht
Segmentation on the basis of Region:
- North America
- Asia Pacific
- South America
- Middle East & Africa
- MEYER WERFT GmbH & Co. KG
- MITSUBISHI HEAVY INDUSTRIES, LTD.
- Grand Large Yatching SAS, Blount Boats, Inc.
- Burger Boat Company
- Chantiers Allais
- Fincantieri S.p.A.
- Gladding-Hearn Shipbuilding
- Duclos Corporation
- Greenbay Marine Pte Ltd.
- Petróleos Mexicanos (Hijos De J. Barreras, S.A.)
- CJSC Smart-Holding
- LUNG TEH SHIPBUILDING CO., LTD. (LTS)
- Nichols Brothers Boat Builders Inc.
- The Italian Sea Group (Nuovi Cantieri Apuania– REFIT)
- Remontowa Holding (Remontowa Shipbuilding S.A.)
- Swede Ship Marine AB
- Uusikaupunki Workboat Oy (Uki Workboat)
- Chapter 1 Global Passenger Ferries Market Overview
- 1.1 Introduction
- 1.2 Segmentation for Global Passenger Ferries Market, Based on Product Type, End User, and Region
- 1.3 Drivers for Passenger Ferries Market
- 1.4 Restraints for Passenger Ferries Market
- 1.5 Opportunities for Passenger Ferries Market
- 1.6 Trends for Passenger Ferries Market
- 1.7 Types of Passenger Ferries
- 1.8 Opportunity Map Analysis
- 1.8.1 Optimistic Scenario
- 1.8.2 Likely Scenario
- 1.8.3 Conservative Scenario
- 1.9 PEST Analysis
- 1.10 PORTER’s Five Forces Analysis
- 1.11 Opportunity Orbits
- 1.12 Macro-Economic Factors
- 1.13 Supply Chain Analysis
- 1.14 Manufacturing Process Analysis
- Chapter 1 Global Passenger Ferries Market Overview
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