Passenger Ferries Market: Overview

The passenger ferries market is expected to witness robust growth during 2019-2027. The rise of low-cost airlines around the world and growing policies to encourage tourism are expected to drive significant growth for the passenger ferries market. Additionally, rising consumer preference to visit tropical islands, seas, and oceans is also a major boost for the passenger ferries market. In many important nation dependent on tourism solely, passenger ferries also remain an integral part of the public transport system. Growing adoption of sustainable, high-tech, and clean passenger ferries are expected to drive the next wave of innovation in the passenger ferries market.

Passenger Ferries Market: Notable Developments

Passenger ferries market is witnessing a rising adoption of ferries in conventional cities like Seattle wherein the traffic is driving more and more people out of their usual path. Additionally, ferries also travel faster to take more passengers to their workplaces, which thanks to rising costs of housing are much farther on average. In 2018, a total 12.1 million passenger used the Washington ferries as compared to simply 430,000 in 2014. The tremendous growth in passenger services is also thanks to the foot ferries, which are dominating growth. Foot ferries are at the forefront of meeting consumer demands and thanks to their prompt schedules, and more number of ferries, it drove 8, 76,000 across, the highest recorded service segment.

Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report

California Air Resource Board has provided 3 million dollar funding for the first hydrogen fuel cell boat. The funds are allocated for a 70 foot-84 passenger carrying large ferry, which will be first commercial ferry in the world powered by hydrogen. This is a major step in the use of alternative fuels and promises a major leap for the industry as regulations regarding fuel use continues to grow. The industry had set sights on using 50% alternative fuel usage by 2050. The usage of hydrogen ferries and large commercial ones are expected to drive usage of clean fuels in the near future.

Global Passenger Ferries Market: Drivers and Restraints

Rising commute of passengers remains a key driver of the global passenger ferries market. in places like Seattle, where ferry business is registering tremendous growth, the costs of housing continues to rise. The expansive costs of housing, the viability of ferries on many routes across countries, and rising demand for new forms of transportation are expected to drive growth for the passenger ferries market. Additionally, the rise of tourism is also expected to augment significant growth for the passenger ferries market. Rising demand to travel to exotic locations, the solace offered by island locations, and access to water are major drivers for the passenger ferries market for tourists.

Looking for Regional Analysis or Competitive Landscape in Passenger Ferries Market, ask for a customized report

Global Passenger Ferries Market: Geographical Analysis

The passenger ferries market is expected to register highest growth in North America. The rising demand for public transportation, the emerging status of ferries in key locations as a viable alternative, and innovation in fuel technologies are likely to drive growth of the market. Additionally, the rising costs of housing, the affordability of travelling by public transport, and growth of the suburbs across countries like the United States are expected to drive growth. Moreover, the passenger ferries market is also expected to witness significant growth in Asia Pacific. The region is home to a booming tourism industry with countries like Malaysia, Indonesia, Thailand, and Australia taking a significant lead in growth of the passenger ferries market. Additionally, many countries in Africa as well as large Asian economies like India, China, and Japan are making significant investment in improving maritime infrastructure to drive growth of the passenger ferries market.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market   

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis. 

Custom Market Research Services

TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.

REQUEST CUSTOMIZATION

Passenger Ferries Market

Pre Book