Pune, India., Dec. 06, 2023 (GLOBE NEWSWIRE) -- The global passenger ferries market size was valued at USD 9.43 billion in 2022. The market is anticipated to expand from USD 5.07 billion in 2023 to USD 12.71 billion by 2030, exhibiting a CAGR of 3.83% over the estimated period. The market has witnessed a considerable growth over the years due to the growing popularity of hydrogen fuel cell ferries compared to traditional diesel engine-based ferries.
Drivers & Restraints-
Rising tourism Activities across various Region to Foster Industry Growth
The passenger ferries market growth is propelled by its role in promoting tourism. These ferries are quite useful in promoting tourism to remote coastal areas and islands, granting visitors access to unique destinations that might be difficult to reach by road. This enhances the appeal for these unique locales, driving tourism and increasing ferry demand. However, the high maintenance costs associated with ferries could hamper the market growth.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 3.83% |
| 2030 Value Projection | USD 12.71 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 5.07 Billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 200 |
Competitive Landscape-
Key Players Involved in Strategic Decisions and Product Offerings to Gain Strong Market Footing
A few major companies have established their dominance through diverse product offerings and strategic decision in the global market. Players such as Mitsubishi Shipbuilding Co., and Austal, known for their persistent commitment to R&D, have ventured into the manufacturing of electric ferries, aligning with the latest transportation industry trends.
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Segments-
Private Segment Captures the Key Market Share Due to Rising Need for Reliable Transportation Services
On the basis of booking type, the market for passenger ferries is divided into private and commercial. The private booking type segment is securing the major market share. In regions with many coastal or island destinations, private ferries are favored by vacationers for leisure travel, contributing to the segment’s growth.
Growing Need for Cost-Effective Designs to Boost Multihull Segment Growth
Based on type, the market for passenger ferries is segmented into monohull and multihull. The multihull segment is set to lead the market over the study period. This can be credited to its streamlined hull designs which prove to be economical as they lead to fewer greenhouse emissions.
In terms of region, the market is categorized into the Middle East & Africa, Europe, Latin America, North America, and the Asia Pacific.
| Segmentation | By Booking Type
|
By Type
|
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Regional Insights-
Rising Emphasis on Using Green Technology to Fuel the Market Growth in North America
North America region is expected to dominate the global market. This growth is being driven by the rising commitment toward cleaner sources and emission reduction within the shipping industry.
Europe is anticipated to hold the second-highest position during the projected timeframe. Several ferry operators are making a significant shift toward electric propulsion systems to decrease emissions and reduce noise pollution. This is set to drive the passenger ferries market share in the region during the forecast period.
Report Coverage:
Secondary and primary sources are used to get an overview of the market. The report provides a detailed analysis and focuses on key aspects such as types, product types, and leading companies. The report further provides insight into the key driving and restraining factors.
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A list of prominent Passenger Ferries manufacturers operating in the global market:
- Austal (Australia)
- Brodosplit Shipyard (Croatia)
- Hijos De J Barreras SA (Spain)
- Mitsubishi Shipbuilding Co., Ltd. (Japan)
- Gladding-Hearn Shipbuilding Duclos Corporation (U.S.)
- Blount Boats Inc (U.S.)
- Nichols Bros Boat Builders (U.S.)
- Fincantieri S.p.A. (Italy)
- Greenbay Marine Technologies Pte Ltd (Singapore)
- Samsung Heavy Industries Co. Ltd. (South Korea)
COVID-19 Impact:
Cancellations of Planned Investments in Areas Such as Technological Upgrades, Infrastructure Improvements Hindered Market Growth
The global passenger ferries market experienced a substantial setback due to the significant impact of the COVID-19 outbreak, which stemmed primarily from the sharp decline in tourism activities. The market suffered as a result of the slowdown in tourism. The sector, which is the crucial source of revenue for many ferry operators, virtually came to a halt due to the pandemic, leading to a sharp decline in the number of passengers. Moreover, the pandemic created uncertainty in the market, leading to delays or cancellations of planned investments in areas such as technological upgrades, infrastructure improvements, and new vessels.
Notable Industry Development:
• July 2023- The "Sea Change," a USD 14 million hydrogen fuel cell-powered passenger ferry, was set to begin operation in the San Francisco Bay in August. This initiative was aimed at assessing the viability of hydrogen technology for high-speed passenger ferries in the region.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Porters Five Forces Analysis
- PEST Analysis
- Technological Development
- Impact of Covid-19
- Global Passenger Ferries Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Booking Type
- Private
- Commercial
- Market Analysis, Insights and Forecast – By Type
- Monohull
- Multihull
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the world
- North America Passenger Ferries Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Booking Type
- Private
- Commercial
- Market Analysis, Insights and Forecast – By Type
- Monohull
- Multihull
- Market Analysis – By Country
- U.S.
- By Type
- Canada
- By Type
- Mexico
- By Type
- U.S.
- Market Analysis, Insights and Forecast – By Booking Type
- Europe Passenger Ferries Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Booking Type
- Private
- Commercial
- Market Analysis, Insights and Forecast – By Type
- Monohull
- Multihull
- Market Analysis – By Country
- The U.K
- By Type
- Germany
- By Type
- France
- By Type
- Rest of Europe
- By Type
- The U.K
- Market Analysis, Insights and Forecast – By Booking Type
- Asia Pacific Passenger Ferries Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Booking Type
- Private
- Commercial
- Market Analysis, Insights and Forecast – By Type
- Monohull
- Multihull
- Market Analysis – By Country
- China
- By Type
- India
- By Type
- Japan
- By Type
- South Korea
- By Type
- Rest of Asia Pacific
- By Type
- China
- Market Analysis, Insights and Forecast – By Booking Type
- Rest of the World Passenger Ferries Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Booking Type
- Private
- Commercial
- Heavy Duty
- Market Analysis, Insights and Forecast – By Type
- Monohull
- Multihull
- Market Analysis, Insights and Forecast – By Booking Type
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