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A passenger ferry is a type of a boat or ship used for the passenger transportation purpose across inland waterways, seas and oceans. These ferries can be a significant part of the public transport system for the cities that are adjacent to the coastal areas or large water bodies, islands, or places having large number of canals and rivers. Globally, the tremendous rise in the population is one of the primary factors that is driving the growth of the global passenger ferries market in recent years. Many regions depend solely on tourism, and the passenger ferries are the integral part of their public transport system. Passenger ferries act as the important mode of transport between isolated places and also link various transport networks of different countries. Also, owing to the rising road accidents and traffic congestions, the people are inclining more towards the water transportation system for daily commuting.
Key Market Driver -
Growing adoption of high-tech, cost effective and cleaner passenger ferries is driving the growth of the market.
Key Market Restraint -
Stringency in emission standard may hamper the growth of the passenger ferries market in the forecast period.
Globally, the passenegr ferries market is segmented by type, by application type, and by geographic coverage. By type, the market is further segmented into monohull and multihull. The multihull segment is anticipated to contribute a major share in the global passenger ferries market. The rise in the disposable income of people, increasing inclination towards water transportation and growth in the tourism industry are ultimately driving the growth of the multihull passenger ferries at a faster pace. Catamarans multihull ferries are widely used for tourism, sailing, fishing and racing purposes. These ferries consists of jet drivers that speeds up the boat. The capacity of the multihull ferries to sail at higher speed compared to monohull ferries is the main reason for the growing demand for multihull passenger ferries. The application type, is further divided into private and commercial type. The commercial segment holds the largest share of the global passenger ferries market and is expected to maintain its dominance over the forecast period. The growing tourism industry coupled with the low-cost transportation are the significant factors that are estimated to propel the growth of passenger ferries for commercial purposes.
Major players operating in the global passenger ferries market include MEYER WERFT GmbH & Co. KG, Grand Large Yatching SAS, Gladding-Hearn Shipbuilding, MITSUBISHI HEAVY INDUSTRIES, LTD., Duclos Corporation, Blount Boats, Inc., Nichols Brothers Boat Builders Inc., Chantiers Allais, Fincantieri S.p.A., Petróleos Mexicanos (Hijos De J. Barreras, S.A.), Greenbay Marine Pte Ltd., and LUNG TEH SHIPBUILDING CO., LTD. (LTS) among others.
Geographically, the passenger ferries market is segmented into North America, Europe, Asia Pacific, and the rest of the world. The North America holds the largest share of the global passenger ferries market owing to the increasing demand for waterway public transport, emerging trend of ferries as a viable alternative transport, and development in fuel technologies are the primary reasons for the growth in the passenger ferries market. The manufacturing companies are investing heavily to bring innovation and development in the shipping industry. The surge in the demand for passenger ferries is increasing owing to the wide range of features, technologically advanced systems, and rising inclination of people towards comfort and luxury. Also, the US Department of Transportation has awarded $59 million for the development of the passenger ferry services, ferry boats and terminals.
Europe is also showing an exponential growth in the global passenger ferries market owing to the rapid shift towards the usage of passenger ferries for daily commuting over other public transport. In many countries of this region, passenger ferries have been linked with land based public transport, for the passengers to reach their destination conveniently. These major factors are increasing the adoption of passenger ferries in Europe and is expected to grow during the forecast period. Asia Pacific is projected to show a significant growth in the global passenger ferries market owing to the boom in the tourism industry, and development in the shipping industry. The Government of China and India are investing heavily to develop and expand the water transportation. These are the foremost reasons for the growth of the passenger ferries market in this region.
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