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With the growth in trading activities in several industries worldwide, the global inland waterways vessels market size is expected to grow significantly. The increase in preference for inland waterways vessels can be attributed to the benefits offered, including congestion-free and reliable transportation service. The advantages presented by the new generation ships, which include better loading capacity, lower emissions, economical transportation for cargo, and optimum fuel usage compared to other vehicles such as trucks and railcars, will intensify the industry's growth during the forecast period. With the constant government support for the enhancement and modernization of port facilities, there is a positive approach for the development of the market.
The rapid development of the logistics and shipping industry and the ever-increasing rise in globalization have considerably increased the import and export of numerous products among different countries. Hence, there is a demand for transportation of various consumer goods and transport of public from one region to another. These factors are expected to provide beneficial opportunities for the inland waterways vessels market. The ever-increasing trend of e-commerce and amplified use of smartphones by the youth is expected to drive market growth. However, the high capital cost required to set up supporting inland waterways vessel infrastructure is anticipated to be one of the major restraints for the global market since the expansion of any port involves significant investments in terms of the amount of funding, connectivity to roadways, availability of land, and labor resources, and the most crucial factor, availability of inland waterways. These factors are responsible for the high capital investment requirements in the market.
Key Market Driver -
The rapid growth in the globalization, and increase in the usage of e-commerce are some of the major factors responsible for the growth of the market.
Key Market Restraint -
High cost of capital investment in the establishment of inland waterways Vessels is one of the major factor that is responsible for the restraint of the market.
The global inland waterways vessels market is segmented by vessels, by fuel, and by region. Based on vessel type, the market is further sub-segmented into passenger ships, non-passenger vessels, freight vessels, tug boats, and workboats. The non-passenger vessel segment accounted for the largest share in the market in 2020. Factors such as the rise in globalization have increased the overall import and export of numerous products from one region to another. The need for transportation of goods through non-passenger inland waterways vessels is expected to drive the segment's growth. Based on fuel type, the market is further sub-segmented into LNG, low sulphur fuel oil, diesel oil, heavy fuel oil, and biofuel. The heavy fuel oil segment is expected to account for the highest share of the market. Heavy fuel is used in the vessels to ensure the continuous supply of fuel to engines. The lower fuel cost and lower environmental regulations are two of the major factors driving the growth of the segment. Additionally, due to the increase in operational efficiency of the ship fleet, the demand for LNG fuels is expected to grow steadily during the forecast period.
Key players in the global market are CIWTC (Central Inland Water Transport Corporation Limited), CMA CGM Group, Construction Navale Bordeaux, Daewoo Shipbuilding & Marine Engineering Company Limited, Damen Shipyards Group, EURO-RIJN B.V., European Cruise Service, Hodder Tugboat Co. Ltd, Hyundai Heavy Industries, McKeil Marine Limited, Mediterranean Shipping Company S.A, Meyer Wefts GmbH & Co., KG.
On the basis of geography, the global inland waterways vessels market is categorized into North America, Europe, Asia Pacific, and the Rest of the world. Asia Pacific held the largest share of the market in 2020. Factors such as the increase in trading activities in emerging economies, booming tourism industry in the region, the presence of massive waterways channels, and a continuous rise in the freight traffic are expected to drive the growth of the market in this region. North America is expected to show significant growth in the market during the forecast period due to the flexible government policies and increased demand for cargo transport services. Europe is estimated to account for a considerable market share during the forecast period. The presence of technologically advanced manufacturing companies in the region such as Euro-rijn B.V and European Cruise Services is expected to boost the market's growth.
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