Passenger Ferries Market: Overview
The passenger ferries market is expected to witness robust growth during 2019-2027. The rise of low-cost airlines around the world and growing policies to encourage tourism are expected to drive significant growth for the passenger ferries market. Additionally, rising consumer preference to visit tropical islands, seas, and oceans is also a major boost for the passenger ferries market. In many important nation dependent on tourism solely, passenger ferries also remain an integral part of the public transport system. Growing adoption of sustainable, high-tech, and clean passenger ferries are expected to drive the next wave of innovation in the passenger ferries market.
Passenger Ferries Market: Notable Developments
Passenger ferries market is witnessing a rising adoption of ferries in conventional cities like Seattle wherein the traffic is driving more and more people out of their usual path. Additionally, ferries also travel faster to take more passengers to their workplaces, which thanks to rising costs of housing are much farther on average. In 2018, a total 12.1 million passenger used the Washington ferries as compared to simply 430,000 in 2014. The tremendous growth in passenger services is also thanks to the foot ferries, which are dominating growth. Foot ferries are at the forefront of meeting consumer demands and thanks to their prompt schedules, and more number of ferries, it drove 8, 76,000 across, the highest recorded service segment.
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California Air Resource Board has provided 3 million dollar funding for the first hydrogen fuel cell boat. The funds are allocated for a 70 foot-84 passenger carrying large ferry, which will be first commercial ferry in the world powered by hydrogen. This is a major step in the use of alternative fuels and promises a major leap for the industry as regulations regarding fuel use continues to grow. The industry had set sights on using 50% alternative fuel usage by 2050. The usage of hydrogen ferries and large commercial ones are expected to drive usage of clean fuels in the near future.
Global Passenger Ferries Market: Drivers and Restraints
Rising commute of passengers remains a key driver of the global passenger ferries market. in places like Seattle, where ferry business is registering tremendous growth, the costs of housing continues to rise. The expansive costs of housing, the viability of ferries on many routes across countries, and rising demand for new forms of transportation are expected to drive growth for the passenger ferries market. Additionally, the rise of tourism is also expected to augment significant growth for the passenger ferries market. Rising demand to travel to exotic locations, the solace offered by island locations, and access to water are major drivers for the passenger ferries market for tourists.
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Global Passenger Ferries Market: Geographical Analysis
The passenger ferries market is expected to register highest growth in North America. The rising demand for public transportation, the emerging status of ferries in key locations as a viable alternative, and innovation in fuel technologies are likely to drive growth of the market. Additionally, the rising costs of housing, the affordability of travelling by public transport, and growth of the suburbs across countries like the United States are expected to drive growth. Moreover, the passenger ferries market is also expected to witness significant growth in Asia Pacific. The region is home to a booming tourism industry with countries like Malaysia, Indonesia, Thailand, and Australia taking a significant lead in growth of the passenger ferries market. Additionally, many countries in Africa as well as large Asian economies like India, China, and Japan are making significant investment in improving maritime infrastructure to drive growth of the passenger ferries market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.