- A water taxi or water bus is a watercraft used to provide public or private transportation usually, but not always, in an urban environment. Service may be scheduled with multiple stops, operating in a similar manner to a bus, or on demand to many locations, operating in a similar manner to a taxi.
- The number of water taxi services has been increasing for the last few years not only in developed regions, but also in developing regions, pertaining to its cost-effective and fuel-efficient benefits over conventional transportation
Key Drivers of Global Water Taxi Market:
- Increasing implementation and expansion of water-based taxi services, owing to rising on-road traffic due to booming population, in areas that can accommodate this type of transportation facility is a key factor that is anticipated to fuel the global water taxi market in the next few years
- Furthermore, steady increase in the disposable incomes of individuals across the world has boosted the ability for people to raise their respective spending levels, which in turn has led to the gradual expansion of the travel & tourism industry among other industries, specifically over the last few years. This factor is expected to propel the global water taxi market during the forecast period.
- Governments of various countries are also supporting water taxis due to rising concerns related to green movement across the globe. Water taxi service has gone digital similar to other modes, in large cities such as New York. For instance, recently in India, Ola, the app-based taxi service company announced on-demand water-taxi service UberBOAT. The company launched the route learning exercise on Brahmaputra River and plans to start the commercial service. The trend of deploying lightweight and high-performance composite materials for boat manufacturing has been increasing. For instance, 3A Composites helped water taxi market firms develop innovative taxi designs. 3A Composites, recently launched a sustainable water taxi that integrates the benefits provided by 3A Composites’ AIREX T92 PET foam with a special hull shape that aids waste reduction, ride quality, and fuel efficiency. This is likely to drive the global water taxi market across the globe.
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Global Water Taxi Market to Offer Attractive Opportunities:
- Rise in demand for eco-friendlier means of transportation has led to the development and establishment of electric-run water taxis. This is a major factor that is projected to significant opportunities for the market across the globe.
Regulations to Hamper Global Water Taxi Market:
- The COVID-19 outbreak halted the operations of numerous industries or they are functioning with a minimal workforce due to enforced lockdowns and imposed restrictions by respective governing bodies. The global water taxi market is no different, and this factor is anticipated to hamper the market. Furthermore, the high initial cost of operating these vehicles as well as their fuel and maintenance costs is a significant factor that is also likely to restrain the global water taxi market in the near future.
- Nevertheless, increasing investments by key industry players toward the development of taxis that are more fuel-efficient, innovative concepts such as the advent of autonomous water taxis, as well as the various collaborations between private and public entities as a means to effectively penetrate the market are other major factors that are expected to propel the global water taxi market in the near future
Europe to Hold Significant Share of Global Water Taxi Market:
- Europe is projected to lead the global water taxi market. The key players present in the region are focused on using advanced and innovative techniques. This is likely to fuel the water taxi market in the region in the near future. Moreover, the demand for water taxi is increasing in several countries across Europe, as they reduce the travel time and are traffic-free.
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Key Players Operating in Global Market:
The global water taxi market is highly fragmented with top manufacturers across the global market. A few of the key players operating and potential in the global water taxi market are:
- Sea Bird
- San Pedro Water Taxi
- Pirate Water Taxi
- Rowes Wharf Water Transport
- Water Taxi Miami
- Groupe Beneteau
- Princess Cruise Lines, Ltd.
- Bavaria Yachtbau
- Catalina Yachts
- American Sail Inc.
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