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North America Water Taxi Market to surpass US$ 287 billion by 2024

Author : Ronak Bora | Published Date : 2019-06-06 

North America is expected to showcase dominance in the water taxi market, accounting for more than USD 287 billion by the end of 2024. Presence of key industry participants such as Brunswick coupled with established marine industry across the region will primarily support the regional dominance. Rising marine passenger traffic in Canada and U.S. will further drive the industry growth.

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Asia Pacific water taxi market will exhibit more than 5% CAGR from 2018 to 2024 owing to continuously increasing production coupled with easy availability of cheap labor across the region. Rising traffic congestion on road and rail transportation modes has resulted in shifting preference towards marine transportation, further propelling the region’s growth.

Water taxi market from hybrid taxis is likely to grow significantly, witnessing over 5% CAGR from 2018 to 2024. Provision of the advantages such as lesser marine and noise pollution will essentially drive the industry growth. Rising promotion of green movement has further resulted in shifting preference towards these taxis, propelling the segment’s growth till 2024.

Water taxi market for Ferries will exhibit growth at over 6% over the next seven years owing to their increasing production and lesser travel rates than others. Moreover, they are highly used for transportation of passengers, majorly for daily work purposes.

Water taxis reduce the traffic congestion on roadways & railways significantly and ensure rapid point to point transportation. These benefits are increasingly attracting the customer base, improving the product sales. Moreover, it is highly preferred over the other transportation modes owing to its cost effectiveness. Rising focus towards green movement across the globe has resulted in proliferating demand for electric ferries, accelerating their production. Excessive costs associated with their manufacturing and operations may negatively impact the water taxi market growth.

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Diesel is anticipated to capture maximum volume share of more than 58% over the forecast timeframe. The fuel is pre-dominantly used in marine industry over the past decades. This strong prevalence is major factor contributing towards the revenue generation. The high presence of diesel-driven boats in waterways across the globe will further strengthen the water taxi market penetration.

Water taxi market from sail boats dominated the overall industry share in 2017 and is expected to continue its dominance with more than 78% volume share by 2024. These boats have witnessed high production across the globe owing to their increasing adoption for short distance travel. Cost effective manufacturing as compared to the counterparts will further support the industry dominance.

Beneteau Group, Azimutt-Benetti, Sunseeker, Ferretti, and Brunswick are among the established participants in the water taxi market. Other prominent competitors include Hunter, MacGregor, Princess, American Sail Inc., Catalina Yachts, and Bavaria Yachtbau. The competitors are constantly focusing on adopting emerging technologies including marine hybrid propulsion and autonomous taxis to ensure regulatory compliance and minimal pollution.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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