Sellbyville, DE -- (SBWIRE) -- 02/12/2019 -- Water Taxi Market is estimated to exhibit 4% CAGR with USD 500 billion by 2024. Sail boats are leading the product segment and will continue its dominance with approximately 78% volume share over the next seven years. Substantial production of these boats coupled with their high usage for covering short distances will primarily drive the industry growth. Cost effective nature of the product will further support the segment's dominance. Ferries will witness over 6% CAGR from 2018 to 2024 owing to their lesser travel rates as compared to the counterparts. They are used for the passenger transportation, majorly for the work purposes. Their proliferating production is another factor positively influencing the industry growth till 2024.

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North America has been touted to emerge as one of the most remunerative grounds for water taxi market, primarily owing to the presence of a robust marine industry and leading companies that have their base in the region. With enthusiastic players striving to make marine transportation attractive to a wider commuter pool and the increasing inclination toward luxury outdoor recreation activities, the continent is expected to register substantial growth in the ensuing years. Indeed, as per estimates, North America will emerge as the dominant region in the overall water taxi market with a projected size of $287 billion by 2024.

Along with North America, Asia Pacific will also register a significant growth in the water taxi market with cities like Hong Kong set to revive its water taxi facility to boost the tourism industry. The Commerce and Economic Development Bureau of Hong Kong passed the proposal of bringing water taxis to the city that will not only offer tourists a better experience of the island city but also put Hong Kong on the map alongside cities like Venice, Bangkok and Sydney that already have an established water taxi service. Additionally, the authorities are planning to introduce significant technological inputs and operate the water taxis in the same way as Uber, that is, passengers can hail their water rides with the use of their smartphones.

Water taxis have been paving their way across Europe, especially in cities such as Paris where hydrofoil taxis have become an added attraction for tourists. Called Seabubbles, these taxis are being designed to run on electric power on the river Seine. Reportedly, if the Seabubbles are a success in Paris then a similar types of hydrofoil taxis may commence operations on the Thames in London. The use of hydrofoil technology will mean that the boats will be lifted off the surface of water, decreasing the drag factor and resulting in a smoother ride. Other technological additions such as sensors for detecting obstacles on the water and an auto-mooring system are also being planned to be added to the Seabubbles, making them truly futuristic water taxis. It is thus rather overt that the expansive tourism industry will add lucrative growth prospects to water taxi market.

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The increasing requirement for quick, emission-free transport has been a major driver for water taxi market growth. Water transportation has been gaining more and more popularity lately, pertaining to its cost-effective and fuel-efficient benefits over conventional transportation. Having recognized the same, regional governments have been majorly investing in the tourism industry, generating lucrative opportunities for water taxi industry players. The deployment of water taxis in numerous public and private water bodies has indeed helped reduce vehicular traffic congestion in the city – a principal factor that has been extensively responsible for stimulating water taxi industry share.

Diesel is expected to dominate the water taxi market with over 58% volume share by 2024. Strong prevalence of the fuel in the marine industry coupled with high presence of diesel-driven taxis across the globe will essentially contribute to the revenue generation. Hybrid taxis will exhibit over 5% CAGR over the next seven years owing to provision of various benefits including lesser noise and water pollution. Strengthening penetration of green movement will further promote their usage, further propelling the industry growth.

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Ferretti, Sunseeker, Brunswick, Beneteau Group, and Azimut-Benetti are among the prominent water taxi industry vendors. Other noticeable players include Catalina Yachts, Hunter, Mac Gregor, American Sail Inc., Bavaria Yachtbau, and Princess. The industry participants are continuously focusing towards continuous advancements to gain competitive edge. They are increasingly adopting emerging technologies such as autonomous water taxis and marine hybrid propulsion to enhance their visibility in the industry.

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