Global Water Taxi Market By Product Type, By Fuel Type, And By Region (North America, Europe, Asia Pacific, Latin America, And Middle East & Africa) – Global Forecast From 2020 To 2029
8th July 2019
“Global Water Taxi Market” is a published report at MarketResearch.biz. The global water taxi market is expected to be valued at over US$ 290 Bn in 2020 and is projected to register a CAGR of 3.9% over the forecast period. The global water taxi market report has been segmented on the basis of product type, fuel type, and region.
Water transportation has recently gained traction along with other modes of transportation. Water taxi, also known as sightseeing boat, is a watercraft, which is used to provide public or private transport. Water taxi has played a major role in promoting tourism, particularly in cities like Amsterdam, Venice, various cities in Kerala, Goa, Seattle where waterways form a significant section of the transportation system. Moreover, water taxi is mostly used in regions like Europe and North America. Water taxi service can be a potential element of the region's transportation system that provides both social or leisure trips. In addition, it enables travelers to reach destinations along coastal waterways and rivers. Water taxis facilitates faster river crossings that decrease overall travel time. Furthermore, it also offers multiple assistance such as a decrease in traffic crowding on roadways and quick point to point conveyance at a fixed speed. It is also a more economical passenger transportation mode compared to others. In addition, traveling in a water taxi is a pleasant experience for people, which brings a lot of joy and unforgettable moments. Due to this fun aspect of water transport, people are interested to travel by water whenever possible than other modes.
The major factors driving growth of the global market are sunset cruises, waterfront cruises, riverfront tours, and nature tours. These are various sightseeing opportunities offered by water taxies. These sightseeing opportunities provided by water taxis are expected to drive growth of the global water taxi market during the forecast period. Initiatives from governments to support marine transit and water ferries to reduce road traffic load is projected to drive growth of the global water taxi market during the forecast period.
Growing number of vehicles on the road has resulted in heavy traffic load on the road around the globe. Unnecessary traffic is wasting time and fuel and causes a delay in reaching the destination. Water-based taxis have somehow helped in reduction of traffic load on the road, which is one of the major factors driving demand for water taxi in the global water taxi market during the forecast period. Rapid growth in disposable income of the world population has resulted in the growth of the travel and tourism industry, which is expected to be a factor driving growth of the global water taxi market. Water ferries have gained major attraction in the regions where the waterway is the main source of transport, especially for travel and tourism. Thus, growing tour and travel industry is expected to support growth of the global water taxi market. Rising scope of eco-friendly and cost-effective means of transport has resulted in increasing significant demand for electric ferries, which can be attributed to various benefits offered such as the reduction of human efforts, durability, reduction in traffic, and minimal water and noise pollution. This has resulted in increased growth of the global water taxi market. Growing unnecessary world population has increased the load on the transport system, which has resulted in a growing demand for water transport across the world. Moreover, increasing traveling preferences among the high-income group population in sea transportation is expected to increase demand for the water taxies in the global water taxi market during the forecast period.
The major restraints hampering growth of the global water taxi market are High operational costs & initial capital requirement and high fuel consumption of water taxis. In addition, facing competition and challenges from substitutes such as railways and roadways is also expected to hamper the market growth. Collaboration between public and private entities to cater to the needs of tourists, residents and workers is expected to bring new opportunities to the market in the future.
Global Water Taxi Market Segment Analysis:
By Product Type: Among the product type segments, the ferries segment is projected to account for the majority revenue share. The yacht segment is expected to register a CAGR of over 4% over the forecast period.
By Fuel Type: Among the fuel type segments, the diesel segment is projected to account for the majority revenue share. The battery-powered or electric segment is expected to register a CAGR of 4.8% over the forecast period.
Global Water Taxi Regional Analysis:
The market in North America currently accounts for highest revenue share among the regional markets, followed by Asia Pacific, Europe, South America, and Middle East & Africa respectively. The North America market is projected to register highest CAGR of over 3.5% in the global water taxi market.
Key Developments by Companies
Beneteau S.A. (Year-2019)
Digital Transformation at #Liveworx in Boston
40 Years of Passion for Wood
Singapore Yacht Show 2019: Growth Strategy and 3 First in Asia Pacific
Acquisition of Digital Nautica
Annette Roux, Winner of The Grand Prix of the Economy 2018
Brunswick Corporation (Year-2019)
Reduced corporate costs, streamlining, other actions anticipated to produce approximately $17 million in cost reductions on a full-year basis
Brunswick Completes Acquisition of Freedom Boat Club
Brunswick Boat Group to Establish Integrated Manufacturing Center
Brunswick granted exclusions from Section 301 tariffs for Mercury Marine 40, 50 and 60hp engines
Brunswick joint venture completes investment in Sea Machines Robotics
OnBoard Boating Club and Rentals and Bay Liner Boats honor military families at Folds of Honor fundraiser
Global Water Taxi Segmentation:
By Product Type:
- Sail Boats
By Fuel Type:
- Battery Powered or Electric
- Others (steam, petrol, & human-powered boats)
- North America
- Asia Pacific
- South America
- Middle East & Africa
- Beneteau S.A
- Brunswick Corporation
- Azimut Benetti Group
- Ferretti S.p.A.
- Sunseeker International Ltd
- Bavaria Yachtbau GmbH
- American Sail Inc.
- Catalina Yachts, Inc.
- Fincantieri S.p.A
- Princess Yachts Limited
- Gladding-Hearn Shipbuilding, Duclos Corporation
- Greenbay Marine Pte Ltd
- 1.1 Introduction
- 1.2 Taxonomy
- 1.3 Drivers for Global Water Taxi Market
- 1.4 Restraints for Global Water Taxi Market
- 1.5 Opportunities for Global Water Taxi Market
- 1.6 Trends for Global Water Taxi Market
- 1.7 PEST Analysis
- 1.8 PORTER’S Five Force Analysis
- 1.9 Macro-economic Factors
- 1.10 Opportunity Map Analysis
- 1.10.1 Optimistic Scenario
- 1.10.2 Likely Scenario
- 1.10.3 Conservative Scenario
- 1.11 Opportunity Orbits
- 1.12 Regional Market Share and BPS Analysis
- 1.13 Market Investment Feasibility Index
- 1.14 Manufacturing Expenses
Frequently Asked Questions (FAQ)
Revenue from the yachts segment in the global water taxi market is projected to register a CAGR of 4.3% during the forecast period
The projected revenue shares of the global water taxi market in 2029 is US$ 415,829.3 Mn.
Revenue from the global water taxi market is expected to reach at US$ 415,829.3 Mn over the forecast period.
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