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Passenger Ferries Market Size, Share & Industry Analysis, By Booking Type (Private and Commercial), By Type (Multihull and Monohull), and Regional Forecast, 2024-2032

Last Updated: May 27, 2024 | Format: PDF | Report ID: FBI103655



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The global passenger ferries market size was valued at USD 9.77 billion in 2023. The market is projected to grow from USD 10.14 billion in 2024 to USD 13.73 billion by 2032, exhibiting a CAGR of 3.9% during the forecast period.

Passenger ferries, also known as passenger ships or simply ferries, are vessels designed and dedicated to transporting people across water bodies such as rivers, lakes, seas, and oceans.

Unlike cargo ships carrying goods, passenger ferries are dedicated to providing passengers with safe and efficient transportation services. They have been a crucial mode of travel for centuries, connecting islands, coastal communities, and regions with limited road infrastructure.  

The ferries operate along the established route, connecting key destinations, islands, or crossing points. In urban areas, ferries offer an alternative to road transportation, providing faster and less congested routes for daily commuters. Moreover, during natural calamities, ferries serve as crucial assets for evacuating people and transporting essential relief supplies.

Growing technological advancements in Artificial Intelligence (AI) and machine learning and an increasing focus on autonomous ferries drives the market growth. In recent years, many autonomous technologies have been introduced to improve operational efficiency and reduce crew workload. These may include automated mooring systems, auto-pilot functions, and remote monitoring of critical systems. Additionally, there is a growing trend of greener energy sources, such as liquefied natural gas (LNG) or hydrogen as alternative fuels to reduce greenhouse gas emissions and promote cleaner operations, thereby increasing the demand for passenger ferries market growth across the globe.

The COVID-19 pandemic severely impacted the global transportation industry. Nationwide lockdown measures and travel restrictions led to a plummeting demand for ferry services. Tourism, which is a substantial source of revenue for many ferry operators, almost came to a halt, leading to a drastic decline in passenger numbers. This sharp drop resulted in substantial financial losses for ferry operators, which hampered the market demand during the pandemic.

Passenger Ferries Market Trends

Increasing Hydrogen Fuel Cell Technology Adoption is one of the Latest Trends in the Market

Hydrogen fuel cell ferries are vessels that harness hydrogen gas and oxygen from the air to generate electricity, which, in turn, propels the electric motors, driving the ferry. The only byproduct of this process is water vapor, making the hydrogen fuel cell a clean and environment-friendly alternative to traditional diesel engines. Compared to conventional engines, hydrogen fuel cell ferries operate quietly and produce minimal vibrations leading to a more comfortable and pleasant passenger experience. This technology also enables longer sailing distances than battery-powered ferries, making hydrogen a viable option for inter-island and international ferry routes.

In recent years, several countries, such as Norway, France, and Scotland, have initiated projects to test and implement hydrogen fuel cell ferries. In Norway, the MF Hydra, operated by Norled, is the world's first hydrogen fuel cell ferry in commercial operation. It began carrying passengers in 2021 on the Hjelmeland-Nesvik-Skipavik route.

As the demand for decarbonization has intensified, hydrogen fuel cell ferries offer a promising pathway toward a more sustainable maritime industry. Governments, ferry operators, and industry stakeholders actively invest in research & development and pilot projects to explore the full potential of hydrogen technology in passenger ferries. In coming years, it is expected that the adoption of hydrogen-operated ferries will soar, leading to cleaner and greener marine transportation.

In November 2023, Yanmar Power Technology Co., Ltd., a subsidiary of Yanmar Holdings Co., Ltd, delivered a commercialized maritime hydrogen fuel cell system that was designed for the HANARIA passenger ferry, operated by MOTENA-Sea. The company developed the maritime hydrogen fuel cell system in August 2023.

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Passenger Ferries Market Growth Factors

Technological Advancements in Passenger Ferries Fuels Market Development

Technological innovations play a momentous role in the growth of the passenger ferry market. Advanced propulsion systems, such as hybrid or electric engines, enhance fuel efficiency and reduce operating costs for ferry operators. Advancements in autonomous ferry technology are paving the way for unmanned or remotely operated ferry services. While still in the early stages, the development of autonomous ferries has the potential to revolutionize the industry. Several countries are increasing their interest in autonomous passenger ferry technology, which will optimize ferry operations. For instance, in April 2023, Holland Shipyards Group, along with Sequana Développement and Roboat, were awarded with developing a 3-D printed autonomous passenger ferry, which will used for its operation on the river Seine for the Paris 2024 Olympics. The ferry is supposed to be 3-D printed using recycled materials and has the dimensions of 9 meters by 3.9 meters. The project was initiated by the French inland waterway authority, Voies Navigables de France.

Increasing Tourism and Recreational Activities will Boost Market Growth

Ferries play a crucial role in promoting tourism to islands and remote coastal areas, offering visitors to explore unique destinations that might be inaccessible by road. For instance, Gili Island in Indonesia, where ferries play a crucial role as the primary mode of transportation to this popular tourist destination. The availability of ferry services has transformed this remote island into a bustling tourist hotspot, significantly boosting the local economy.

They also play a crucial role in promoting eco-tourism, offering opportunities for wildlife watching and natural exploration. In regions such as Puget Sound in the Pacific Northwest of the U.S., ferry services offer passengers the chance to spot marine life such as whales, dolphins, and seals. These ferry-based wildlife-watching experiences provide educational and recreational value to tourists while supporting conservation efforts. These factors are driving the demand for passenger ferries over the forecast period.


High Maintenance and Regulatory Compliance May Hamper the Market Growth

Regular maintenance and repairs are essential to keep ferries in a safe and reliable condition. The constant exposure to water, weather, and salt can lead to accelerated wear and tear on the vessel's structure, engines, and systems. Maintaining the hull engines, navigation equipment, and other components requires skilled personnel, specialized parts, and ongoing investments.

Ferries are subject to various regulations and safety standards imposed by maritime authorities. Complying with these standards often involves the implementation of safety measures, regular inspections, and investments in the necessary equipment. All of these factors are collectively contributing to the overall operational cost.

Passenger Ferries Market Segmentation Analysis

By Booking Type Analysis

Private Booking Segment Dominates Owing to Their High Usage

Based on booking type, the market is segmented into private and commercial.

The private booking type is currently dominating this market and expected to show significant growth during forecast period. The private segment comprises individuals, groups, or organizations that own or charter ferries for non-commercial purposes. In areas with numerous islands or coastal destinations, private ferries are highly used by vacationers to travel between islands for leisure activities. The privately booked ferry can also be used for special events such as weddings, corporate gatherings, or cultural celebrations. The operators of these ferries can tailor their services to their client's specific needs and preferences. The private segment caters to specific events, gatherings, and personal transportation needs making their demand more localized and specific. This factor is expected to maintain the sluggish growth of the private segment over the forecast period.

Commercial passenger ferries involve offering transportation services to the public for a fee. They follow fixed schedules and routes to provide reliable transportation services to the public. These ferries operate between specific ports or destinations, catering to the needs of commuters, tourists, and other travelers. In urban regions, public transportation systems are expanding to offer integrated multi-modal options. Commercial ferries are integrated into these systems, providing seamless connections between different transit modes, such as buses, trains, and subways. This integration enhances the overall accessibility of public transportation networks. Economic growth and increased trade contribute to the demand for intercontinental travel and transportation of goods between nearby regions. These ferries play an important role in fostering economic activities by connecting businesses, markets, and communities. These factors are increasing the demand for commercial ferries over the forecast period.

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By Type Analysis

Multihull Segment to Lead Driven by its Design to Suit Different Purposes

Based on type, the market is segmented into multihull and monohull.

The multihull segment is anticipated to dominate the market during the forecast period. Multihull ferries, such as catamarans and trimarans, are known for their streamlined hull designs that reduce water resistance. This design improves fuel efficiency, allowing operators to save costs while emitting fewer greenhouse gases and pollutants than traditional monohull vessels. These ferries are faster compared to monohull vessels due to their reduced hydrodynamics. Multihull ferries can accommodate larger passenger capacities due to their wider decks and spacious interiors. This makes them suitable for higher-demand routes with many travelers, improving overall operational efficiency. Multihull ferries are versatile and can be customized for different purposes, including commuter routes, tourism, sightseeing, and intercontinental travel. Their adaptability makes them well-suited for serving various market segments. These factors are set to help maintain the dominance of the multihull segment over the forecast period.

The monohull segment is expected to show sluggish growth over the forecast period. These ferries are vessels designed with a single hull, making them a traditional and common choice for transporting passengers across the water bodies. The monohull ferries have lower passenger capacities compared to multihull vessels of similar size due to their narrower hull. Additionally, monohulls may experience more rolling motion in rough seas due to their single-hull design. To mitigate this, stabilizing systems, such as fins and gyroscopes, are often incorporated to improve passenger comfort. These factors are responsible for the sluggish growth of the monohull segment over the forecast period.


Geographically, the market is divided into North America, Europe, Asia Pacific, and the rest of the world.

North America Passenger Ferries Market Size, 2023 (USD Billion)

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The North America market was valued at USD 5.11 billion in 2023 and is projected to reach USD 6.66 billion by 2032, at a CAGR of 3.0%, over the forecast period. The region is expected to hold a largest market share during the analysis period. With a growing focus on using green technology and reduced emissions in the shipping industry, many regional ferry operators are looking for cleaner fuel options such as liquefied natural gas (LNG) and electric propulsion systems to protect the environment.

Most ferry operators in North America are using digital technology to improve the passenger experience, streamline operations, and improve safety. These include online booking systems, real-time tracking apps, and onboard WiFi for passengers. Rising government funding also contributes to maintaining North America's dominance in this market during the forecast period. For example, in 2022, the U.S. Department of Transportation's Federal Highway Administration (FHA) announced more than USD 172 million in funding for 115 projects as part of a multi-year ferry boat program.

Europe passenger ferries market is expected to hold the second-largest position in the global market during the forecast period. Many European ferry operators are switching to electric propulsion systems to reduce emissions and noise pollution. This trend is consistent with the region's push for cleaner and more sustainable transportation. Rising demand for hydrogen-fueled ferries also drives the regional pas    senger ferry market growth. Hydrogen-fueled ferries produce only water as a byproduct, making them an environmentally friendly alternative for long-distance ferry routes. For example, in July 2023, TECO 2030 and partners received a USD 15 million grant from Horizon Europe to build and demonstrate a hydrogen fuel cell-powered passenger ferry. The consortium will collaborate on designing and constructing a 35-meter-long passenger ferry with an FCM400 fuel cell system to accelerate the transition to sustainable fuel use in the maritime sector.

The market in Asia Pacific is expected to show good growth over the forecast period. Rapid urbanization and population growth in many Asia Pacific countries have increased the demand for efficient transportation options. Ferries serve as a crucial mode of transportation in congested cities and areas with limited infrastructure. Further, the region is witnessing a surge in tourism, further contributing to the increase in the growth of the market over the forecast period.

List of Key Companies in Passenger Ferries Market

Companies are Focusing on Increasing Geographic Presence and Manufacturing Electric Ferries to Gain a Competitive Edge

In the global passenger ferries sector, a small cluster of key companies takes the lead. Their dominance is underpinned by strategic decisions, and robust product portfolio. Further, key operating players are also involved in the manufacturing of electric ferries that are currently trending in the overall transportation industry. These include key players such as Austal, and Mitsubishi Shipbuilding Co., Ltd with more extensive geographic presence and persistent R&D, resulting in secure regulatory approvals.  


  • Austal (Australia)

  • Brodosplit Shipyard (Croatia)

  • Hijos De J Barreras SA  (Spain)

  • Mitsubishi Shipbuilding Co., Ltd. (Japan)

  • Gladding-Hearn Shipbuilding Duclos Corporation (U.S.)

  • Blount Boats Inc (U.S.)

  • Nichols Bros Boat Builders (U.S.)

  • Fincantieri S.p.A. (Italy)

  • Greenbay Marine Technologies Pte Ltd (Singapore)

  • Samsung Heavy Industries Co. Ltd. (South Korea)


  • May 2023: Stenaline, the largest ferry operator in the Irish Sea, announced that it will deploy two all-new hybrid-powered NewMax vessels on the Belfast-Heysham cargo route by 2025. These innovative ferries are designed to run on methanol and are expected to increase capacity by 80% in response to increased customer demand.

  • May 2023: Austal Vietnam's Vung Tau shipyard launched a new high-speed catamaran under construction for Degage Group in French Polynesia. Austal's latest catamaran design is an impressive combination of efficiency and flexibility, with multiple internal and external passenger decks and a large cargo hold capable of accommodating up to 16 tonnes. This design provides operators with a versatile vessel suitable for rapid transit between islands.

  • April 2023: Penguin Shipyard announced launching Penguin Refresh, its first all-electric ferry built for the Penguin International Electric Dam Project. These electric ferries would replace conventional diesel-powered ferries, reducing about 1427 tons of CO2 emissions yearly.

  • April 2023: Norwegian shipping company Torgatten AS launched the world's first self-propelled electric commercial passenger ferry. This self-propelled ferry would operate a passenger ferry service between Stockholm's Kungsholmen and Sodermalm islands.

  • November 2022: New York Cruise Line and Green Ferries AB partnered to bring the first zero-emission high-speed electric ferry into service in New York Harbor. The new partnership would build America's first zero-emission high-speed electric ferry, boosting domestic job opportunities and economic growth for the shipbuilding industry.

  • September 2022: Artemis Technologies developed an advanced all-electric passenger ferry. The ferry is designed to achieve a top speed of 38 knots and a sailing range of 115 nautical miles at 25 knots. This has resulted in reduced maintenance costs and around 85% of fuel savings. The first EF-24 passenger ferry is expected to be operated by Condor Ferries in 2024.

  • https://www.marineinsight.com/shipping-news/artemis-technologies-unveils-worlds-most-advanced-100-electric-passenger-ferry/


The market report provides detailed market analysis and focuses on key aspects such as leading companies, types, and product types. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the market growth in recent years. 

An Infographic Representation of Passenger Ferries Market

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Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 3.9% from 2024 to 2032


Value (USD Billion)


By Booking Type

  • Private

  • Commercial

By Type

  • Multihull

  • Monohull

By Geography

  • North America (By Booking Type, By Type, By Country)

    • U.S. (By Type)

    • Canada  (By Type)

    • Mexico ( By Type)

  • Europe (By Booking Type, By Type, By Country)

    • U.K. ( By Type)

    • Germany ( By Type)

    • France (By Type)

    • Rest of Europe (By Type)

  • Asia Pacific (By Booking Type, By Type, By Country)

    • China (By Type)

    • Japan (By Type)

    • India (By Type)

    • South Korea (By Type)

    • Rest of Asia Pacific (By Type)

  • Rest of the world (By Booking Type, By type)

Frequently Asked Questions

According to a study by Fortune Business Insights, the market size was USD 9.77 billion in 2023.

The market is likely to grow at a CAGR of 3.9% over the forecast period (2024-2032).

Based on booking type, the private segment is currently leading the global market.

The top players in the market are Austal, Brodosplit Shipyard, and Mitsubishi Shipbuilding Co., Ltd.

North America is expected to hold the highest market share in 2023.

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