Passenger ferry is a ship or boat utilized to transport passengers through inland waterways, or oceans and seas. For cities nearby to large bodies of coastal or water areas, locations or islands with a large number of canals and rivers, ferries be able to form an important part of public transport system.
The first five-year cumulative revenue (2019–2023) is projected to be over US$ 14.5 Bn, which is estimated to increase moderately over the latter part of the five-year forecast period. The global passenger ferries market is estimated to value at over US$ 2.5 Bn in 2019, and is projected to register a CAGR of 3.4% in terms of value over the forecast period.
Increasing government support to demolish old passenger ferries is a major factor expected to drive growth of the global passenger ferries market over the forecast period. Scrapping of old-passenger ferries helps to reduce oversupply of tonnage and encourages modernization of fleets – including from an ecological perspective – as older vessels tend to be less fuel efficient and more detrimental to the environment as far as emissions are concerned.
However, continuous fluctuations in prices of fuel used in passenger ferries is a major factor expected to hamper growth of the global passenger ferries market in the near future.
Global Passenger Ferries Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global passenger ferries market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global passenger ferries market is estimated to expand at a CAGR of 3.4% over the forecast period.
Global Passenger Ferries Market: Segmental Snapshot
The market report has been segmented on the basis of type, application, and region/country. The type segment includes monohull and multihull. The application segment includes commercial and individual. The regions/countries covered in the analysis are US, Europe, China, India, Japan, Southeast Asia, and Rest of the World.
By Type: The multihull segment is expected to register highest CAGR of over 3%, thereby accounting for highest revenue share as compared to the other type segments
By Application: The commercial segment is expected to register highest CAGR of over 3% over the forecast period
By Region/Country: The market in Europe is expected to account for highest revenue share in the global passenger ferries market. The market in China is projected to register highest CAGR of over 4% in the global market over the forecast period.
Global Passenger Ferries Market: Competitive Analysis
The research report on the global passenger ferries market includes profiles of major companies such as 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, and Uusikaupunki Workboat Oy (Uki Workboat).