Pune, India, Dec. 22, 2021 (GLOBE NEWSWIRE) -- The global passenger ferries market size is expected to gain momentum owing to the growing adoption of high-tech ferries during the forecast period. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Passenger Ferries Market, 2021-2028.” It's a type of boat or ship that is used to transport passengers across interior canals, seas, and oceans. These ferries can be an important part of the public transportation system in cities that are close to the coast or big bodies of water, islands, or areas with a lot of canals and rivers. The market is likely to be driven by population growth, an increase in the number of road accidents, and traffic congestion.
Industry Development-
- December 2019: Mitsubishi Shipbuilding Company has agreed to a deal with Mitsui O.S.K Lines to build Japan's first LNG-fueled ferries. The two warships will be finished and handed over by the end of 2022 or early 2023 at Shimonoseki Shipyard & Machinery Works.
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COVID-19 Impact-
Supply Chain Disruption to Hamper Growth
COVID- 19 travel limitations have resulted in a dramatic reduction in the number of passengers carried, and passenger ferry service has been discontinued in numerous locations. Even though they can no longer transport passengers or personal automobiles, several operators continue to provide freight service. These businesses continue to provide critical services despite the fact that they are experiencing increasing financial losses that are unsustainable in the long run.
Rising Tourism Activities to Stimulate Growth
The global passenger ferries market is expected to grow due to rising tourism activities during the projected period. Because of increased demand for new modes of transportation, rising housing costs, and the profitability of ferries on numerous routes across countries, the passenger ferries business is expected to grow. The market for tourists is being driven by rising demand for exotic travel, the tranquilly of island destinations, and proximity to water. Therefore, increased tourism is predicted to fuel significant development in the passenger ferry sector.
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REGIONAL INSIGHTS
Development of Fuel Technologies to Promote Growth in North America
North America is expected to hold the largest global passenger ferries market share during the forecast period. The increasing demand for waterway public transport, viable alternative transport, development of fuel technologies, increasing investment, innovation and development, technologically advanced systems, and rising inclination towards luxury and comfort are expected to drive the market in the region.
Europe is anticipated to hold a significant position in the market. The rising shift towards usage of ferries for daily commuting, and increasing adoption of passenger ferries are major contributing factors.
Competitive Landscape-
Manufacturers Focus on R&D Investments to Offer Advanced Products
The global market is predicted to be concentrated, and the market's leading players are focusing on increasing their client base across foreign nations through strategic collaboration initiatives to enhance their market share and profitability. Furthermore, the industry participants are concentrating on upgrading battery technology to get a competitive advantage over their competitors.
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List of Key Players Profiled in the Global Market for Passenger Ferries:
- MEYER WERFT GmbH & Co. KG
- Grand Large Yachting SAS
- Gladding-Hearn Shipbuilding
- MITSUBISHI HEAVY INDUSTRIES
- Duclos Corporation
- Blount Boats
- Nicholas Brothers Boat Builders
- Chantiers Allais
- Fincantieri S.p.A.
- Greenbay Marine pte.
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Market Segmentation:
By Type
- Monohull
- Multihull
By Application Type
- Private
- Commercial
By Geography
- North America (USA, Canada, and Mexico)
- Europe (Germany, France, U.K., and Rest of Europe)
- Asia Pacific (Japan, China, India, South Korea, and Rest of Asia Pacific)
- Rest of the World
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