Inland Waterways Vessels Market

Inland Waterways Vessels Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 -2030

Inland Waterways Vessels Market: Introduction

According to Organization for Economic Co-operation and Development (OECD), inland waterway vessels are defined as floating craft particularly designed for the carriage of goods and/or public transport of passengers, navigating predominantly in areas where port regulations apply (i.e. navigable inland waterways or in waters within, or closely adjacent to sheltered waters of a country)
Rise in globalization has significantly boosted the import and export of various products among countries. Therefore, the need for transportation of various consumer goods and/or transport of public from region to region is expected to offer lucrative opportunity for the inland waterways vessels market.

Key Drivers of Inland Waterways Vessels Market

Rapid expansion of the logistics and shipping industry is likely to propel the global inland waterways vessels market. Rise in trading activities across various industries around the world is likely to increase preference for inland waterways vessels attributed to the benefits offered such as congestion free and reliable transportation. Additionally, ships offer more benefits such as lower emissions, larger cargo loading capacity, and budget-friendly transportation, as compared to trucks and railcars. This, in turn is, expected to boost the global inland waterways vessels market.
Increase in government support in terms of flexible transportation policies and investments are anticipated to drive the global inland waterways vessels market. For instance, the Norfolk Southern and the state and federal government contributed US$ 74 million and $16 million, respectively, toward the Charlotte Regional Intermodal Facility, NC, U.S. In March 2018, Government of India awarded the port sector of the country US$ 10 billion for the upgrade and maintenance of port facilities to boost inland waterways vessels business across the country.
Rise in trend of e-commerce and increased use of smartphones is further boosting the global inland waterways vessels market. It takes very little amount of time to purchase a product from a vendor online, and it can be done from the convenience of a mobile phone, without requiring a consumer to be present at the shop physically. A vendor/distributor can comply with orders and ship the required consumer goods using inland waterways vessels. This, in turn, is boosting the global inland waterways vessels market.

Global Inland Waterways Vessels Market: Restraint

Development of any port land requires considerable investments in terms of amount of funding, availability of land, labor resources, connectivity to roadways, and the most crucial factor, availability of inland waterways. High initial cost of establishing the facility is expected to restrain the global market.

North America and Europe combined are anticipated to dominate Inland Waterways Vessels Market

In terms of region, the global inland waterways vessels market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa
North America and Europe, cumulatively, dominated the global market, due to flexible government policies and a rise in the demand for cargo transport. Moreover, the availability of technologically advanced manufacturing companies catering to global inland waterways vessels market, high government funding, abundant land, and availability of inland waterways in North America and Europe are key factors boosting the market in these regions.

Key Players Operating in Inland Waterways Vessels Market

The global inland waterways vessels market is highly concentrated due to the owing of top manufacturers. A few key players operating in the global inland waterways vessels market are: