Wilmington, Delaware, United States, March 28, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - According to the passenger ferries market research by TMR, the global industry was worth US$ 8.1 Bn in 2022 and is estimated to grow at a CAGR of 7.1% and reach US$ 15.0 Bn by the end of 2031.
Passenger ferries are boats or ships used for public transport and freight. These ferries travel long distances in a short time period. These ferries are often adorned with attractive interiors and can be handled more efficiently than traditional ferries. They are well-equipped with technological support, which provides luxury and comfort to passengers. Rise in demand for cost-effective and technologically advanced ferries has opened new growth avenues for the global market.
The rising consumer preference for ferry services with hi-tech facilities coupled with lavish ambiance has led to increasing n demand for water taxis and buses
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Passenger Ferries Market: Growth Drivers
- Burgeoning demand for freight transportation and passenger service boosting industry growth: Pressing need for efficient commuting alternatives for the increasing global population has created immense growth opportunities for the global industry. Passenger ferries prove to be beneficial for people residing around water bodies and the tourists visiting these places. Concurrently, rise in demand for freight transportation and passenger services is anticipated to fuel business growth.
- Expansion of global tourism industry to drive market dynamics: Tourism has gained immense attention across the globe. Initiatives by government bodies of several countries to promote tourism have augmented market development. Growth in digital promotion of tourism through various websites and portals may contribute toward the industry's progress. Increase in footfall of tourists in water regions and coastal areas has led to prodigious growth of the passenger ferries market.
Key Findings of Passenger Ferries Market
- Luxury/tourism Application segment to offer lucrative growth: Rise in disposable income of individuals has created multiple growth avenues for the tourism sector. People across the globe are exploring various types of tourism activities such as sports tourism, medical tourism, adventure tourism, and gaming/event tourism. Furthermore, rise in preference for adventure tourism, including kayaking and excavating, has fostered the growth of tourism, which is ultimately expected to augment market progress.
- Online Sales Channel Segment Proving to be Game Changer: Expansion in tourism has led to an increase in online sale of tickets. Internet penetration has led to an improvement in network coverage and smoothened the working of mobile-based and web-based applications for reservations. Ease and convenience of the booking procedure have augmented the growth of online sales channels. However, offline sales have also started showing lucrative growth owing to the post pandemic tourist activities. The ticket booking counters and travel companies have started operating offline which may bring promising growth to the market.
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Passenger Ferries Market: Regional Dynamics
North America is expected to lead the global market due to the need for cost-effective and efficient transport services in the region. Furthermore, rise in efforts to look for quick, safe, and pocket-friendly travel solutions has led to market expansion. The region is home to research and development activities that have led to the introduction of novel technologies and innovations, which are likely to revolutionize the market. Countries such as the U.S. are preferring public transport and strive to make it better. This is projected to positively impact the passenger ferries market.
The market in Asia Pacific is also anticipated to witness rapid growth in the near future. The tourism sector in the region has been expanding substantially owing to the significant investment by government bodies of several countries, including Australia, Malaysia, Thailand, and Indonesia. Moreover, countries such as Japan, India, and China are creating novel and advanced maritime infrastructure owing to the attraction of the majority of the population toward marine exploration. Other drivers include a rise in awareness regarding the ecosystem, rapid urbanization, population growth, and an increase in disposable income.
The market in Europe is likely to witness lucrative growth due to the inclination of the masses toward water-based transport over other means of transportation.
Passenger Ferries Market: Competitive Landscape
Key players operating in the global industry are investing significantly in the manufacture of technologically sound and esthetically beautiful passenger ferries. They are striving to provide efficient and hassle-free services to consumers in order to gain a competitive advantage. Expenditure on marketing and promotions is likely to reap attractive market gains.
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Some of the major market participants are:
- P&O Group
- Trasmediterranea
- AS Tallink Grupp
- Hy-Line Cruises
- Bintan Resort Ferries
- Adria Ferries
- AegeanSpeed Lines
- Agoudimos Lines
Passenger Ferries Market: Segmentation
Ferry Type
- Hydrofoil (50-60 kts)
- Hovercraft (25-32 kts)
- Catamaran (40-50 kts)
- Cruiseferry (25-30 kts)
- Others (Pontoon Ferry, Foot Ferry, and Others)
Application
- Commercial
- Individual
- Luxury/Tourism
Sales Channel
- Online
- Web
- App
- Offline
- Counter Tickets
- Agents
Payload Type
- Pax
- Cars
- Trucks
- Others
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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