Pune,India., Aug. 24, 2023 (GLOBE NEWSWIRE) -- Global Passenger Ferries Market (2023-2030) Industry Research Report focuses on the global Passenger Ferries status, future forecast, growth opportunity, key market and key players. The global passenger ferries market size is expected to gain momentum owing to the growing adoption of high-tech ferries during the forecast period. Also report gives detailed data about the major factors influencing the growth of the Passenger Ferries market at the global and regional level forecast of the market size, in terms of value, market share by region, and segment, regional market positions, segment and country opportunities for growth, Key company profiles, SWOT, product portfolio and growth strategies. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
Fortune Business Insights™ presented this information in an upcoming report, titled, “Passenger Ferries Market Size, Share & Industry Analysis, By Type (Monohull, Multihull), By Application Type (Private, Commercial) and Regional Forecast 2023-2030.” It's a type of boat or ship that is used to transport passengers across interior canals, seas, and oceans. These ferries can be an important part of the public transportation system in cities that are close to the coast or big bodies of water, islands, or areas with a lot of canals and rivers. The market is likely to be driven by population growth, an increase in the number of road accidents, and traffic congestion.
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Market Analysis and Insights: Global Passenger Ferries Market
The report combines extensive quantitative analysis and exhaustive qualitative analysis, ranges from a macro overview of the total market size, industry chain, and market dynamics to micro details of segment markets by type, application and region, and, as a result, provides a holistic view of, as well as a deep insight into the Passenger Ferries market covering all its essential aspects.
For the competitive landscape, the report also introduces players in the industry from the perspective of the market share, concentration ratio, etc., and describes the leading companies in detail, with which the readers can get a better idea of their competitors and acquire an in-depth understanding of the competitive situation. Further, mergers & acquisitions, emerging market trends, the impact of COVID-19, and regional conflicts will all be considered.
Drivers & Restraints-
Reopening of Tourism Sector to Favour Market Growth
The global passenger ferries market is expected to grow due to rising tourism activities during the projected period. Because of increased demand for new modes of transportation, rising housing costs, and the profitability of ferries on numerous routes across countries, the passenger ferries business is expected to grow. The market for tourists is being driven by rising demand for exotic travel, the tranquilly of island destinations, and proximity to water. Therefore, increased tourism is predicted to fuel significant development in the passenger ferry sector.
The COVID-19 pandemic had stopped all tourism operations globally, which recently have reopened. The reopening of the tourism industry globally has boosted the market. The global population explosion is also one of the primary factors that will boost the demand for the product. Passenger ferry has become one of the significant eco-friendly public transport systems globally. Certain regions of the world are only accessible through transport systems such as ferries, making it a crucial part of those economies. The current trend of eco-friendly tourism and transportation system adopted by the various governments has also boosted the market.
Competitive Landscape-
Key Players to Focus on Product Innovations to Brighten Their Market Prospects
The global market is predicted to be concentrated, and the market's leading players are focusing on increasing their client base across foreign nations through strategic collaboration initiatives to enhance their market share and profitability. Furthermore, the industry participants are concentrating on upgrading battery technology to get a competitive advantage over their competitors.
The shipping industry is highly motivated in making innovations and investments in the passenger ferries market. The competitive landscape is peppered with various major companies which function in the competitive landscape by strategically using development and innovation to generate revenue.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/passenger-ferries-market-103655
Segments-
Types, application type, and geography segment the market. The market is divided into monohull and multihull based on type. The application type divides it into Private and commercial divisions. On a geographical basis, the market is differentiated under North America, Europe, Asia-Pacific, and the rest of the world.
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Regional Insights-
Regional Segment of Passenger Ferries Market:
Geographically, the report includes research on production, consumption, revenue, market share and growth rate with following regions:
- North America
- Europe
- Asia-Pacific
- South America
- The Middle East and Africa
Widespread Demand for Water Transport in North America to Aid Growth
North America is expected to hold a substantial passenger ferries market share due to various reasons. The development in fuel technology in this region is the primary cause of growth, followed by increasing public water transport demand. Moreover, manufacturers are investing heavily into the development and innovation of the shipping industry to generate revenues.
Europe is anticipated to showcase considerable growth in the market due to a rapid shift towards public transport by waterways. The geographical conditions of European Nations also contribute to the high demand for passenger ferries.
The market in Asia Pacific is expected to grow substantially due to the heavy investment in the tourism sector and the rapid development in the shipping industry. The Indian and Chinese governments are investing in developing water transportation. For instance, in January 2021, the World Bank signed worth USD 105 million project in 2021 to improve water transport in West Bengal, India.
Report Coverage:
The report for passenger ferries gives information on the market participants, drivers, constraints, restraints, applications, growth factors, marketing, strategic planning, and new product development. Market growth and profit rate, volume, manufacturing usage, and gross profit margin, shipping information, and other relevant elements are all included in the report.
The report offers an insight into the profitability, entire structure, and scale. It also studies the drivers and restraints and considers all the potential threats to the passenger ferries market. The critical analysis of marketplace sections, prediction analysis, and expert insights are strategically included in the report.
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A list of prominent Passenger Ferries manufacturers operating in the global market:
- MEYER WERFT GmbH & Co. KG
- Grand Large Yachting SAS
- Gladding-Hearn Shipbuilding
- MITSUBISHI HEAVY INDUSTRIES
- Duclos Corporation
- Blount Boats
- Nicholas Brothers Boat Builders
- Chantiers Allais
- Fincantieri S.p.A.
- Greenbay Marine pte.
COVID-19 Impact:
Supply Chain Disruption to Hamper Growth
COVID- 19 travel limitations have resulted in a dramatic reduction in the number of passengers carried, and passenger ferry service has been discontinued in numerous locations. Even though they can no longer transport passengers or personal automobiles, several operators continue to provide freight service. These businesses continue to provide critical services despite the fact that they are experiencing increasing financial losses that are unsustainable in the long run.
Notable Industry Development:
- March 2020: Ropax Jetty was launched between Mumbai and Alibag, a roll-on roll-off cum passenger service ferry. It can carry 1000 passengers and 200 cars on a single trip.
- December 2019: Mitsubishi Shipbuilding Company has agreed to a deal with Mitsui O.S.K Lines to build Japan's first LNG-fueled ferries. The two warships will be finished and handed over by the end of 2022 or early 2023 at Shimonoseki Shipyard & Machinery Works.
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