Ocean View, DE -- (SBWIRE) -- 06/23/2020 -- As per estimates by Global Market Insights, Inc. the global water taxi market size is expected to cross $500 billion over 2024. As household incomes surge in the wake of the rapid enhancement of living standards, the global water taxi market trends are expected to witness a substantial boost owing to the proliferation of leisure and tourism activities across the globe.
Water taxis provide travelers the opportunity to enjoy numerous sightseeing experiences through scenic tours, waterfront cruises, historic landmark cruises as well as water activities like snorkeling, etc. Furthermore, the steady advancements in the global economy are likely to bolster industry expansion significantly over 2024.
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Water taxis present a plethora of benefits such as easing road and railway congestion to a great extent and faster end-to-end commutes. These advantages coupled with cost-efficiency have led to tremendous product popularity among the customer base, which should in turn lead to a considerable surge in water taxi market demand in the coming years.
Rising preference towards these taxis has forced the industry participants to develop advanced products with innovated technologies. Introduction of autonomous water taxis is increasingly gaining prominence among the manufacturers and the customers. Implementation of vessel tracking data from the identification system (AIS) of the U.S. coast guard is another innovation that helps to measure dwelling time of the ship. These innovations are likely to instigate immense growth potential to the water taxi Market over the next seven years.
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. 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.
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 industry penetration. 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.
North America is expected to showcase dominance in the water taxi market, accounting for more than USD 287 million 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. 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.
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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.
Table of Contents (ToC) of the report:
Chapter 4. Water Taxi Market, By Product
4.1. Global water taxi market share by product, 2017 & 2024
4.2. Ferries
4.2.1. Global market estimates and forecasts, 2013 – 2024
4.2.2. Market estimates and forecast, by region, 2013 – 2024
4.3. Cruise
4.3.1. Global market estimates and forecasts, 2013 – 2024
4.3.2. Market estimates and forecast, by region, 2013 – 2024
4.4. Yachts
4.4.1. Global market estimates and forecasts, 2013 – 2024
4.4.2. Market estimates and forecast, by region, 2013 – 2024
4.5. Sail boats
4.5.1. Global market estimates and forecasts, 2013 – 2024
4.5.2. Market estimates and forecast, by region, 2013 – 2024
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