Passenger Ferries Market Valued US$ 2.5 Bn In 2019

MarketResearch.biz announces publication of its most recently generated research report titled, “Global Passenger Ferries Market”, which offers a holistic view of the global passenger ferries market through systematic segmentation that covers every aspect of the target market. The first five-year cumulative revenue (2019–2023) is projected to be over US$ 14.5 Bn, which is estimated to increase moderately over the latter part of the five-year forecast period.

Global Passenger Ferries Market: Introduction

Passenger ferry is a ship or boat utilized to transport passengers through inland waterways, or oceans and seas. For cities nearby to large bodies of coastal or water areas, locations or islands with a large number of canals and rivers, ferries be able to form an important part of public transport system.

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Global Passenger Ferries Market: Market Dynamics
Increasing government support to demolish old passenger ferries is a major factor expected to drive growth of the global passenger ferries market over the forecast period. Scrapping of old-passenger ferries helps to reduce oversupply of tonnage and encourages modernization of fleets – including from an ecological perspective – as older vessels tend to be less fuel efficient and more detrimental to the environment as far as emissions are concerned.

The government of China has extended a subsidy program that encourages shipping companies to scrap old passenger ferry vessels. The scheme, which begun in 2013, provides financial incentives to ship owners to replace old vessels with newer, more environment-friendly models.

However, continuous fluctuations in prices of fuel used in passenger ferries is a major factor expected to hamper growth of the global passenger ferries market in the near future.

A key and rising trend in the global passenger ferries market is adoption of efficient alternative fuel sources such as LNG fuel over conventional Heavy Fuel Oil (HFO) fuels, which contain a high amount of sulfur. This trend is expected to continue over the forecast period, and in turn boost market growth.

Global Passenger Ferries Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global passenger ferries market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global passenger ferries market is estimated to expand at a CAGR of 3.4% over the forecast period.

Global Passenger Ferries Market: Segmental Snapshot
The market report has been segmented on the basis of type, application, and region/country. The type segment includes monohull and multihull. The application segment includes commercial and individual. The regions/countries covered in the analysis are US, Europe, China, India, Japan, Southeast Asia, and Rest of the World.

By Type: The multihull segment is expected to register highest CAGR of over 3%, thereby accounting for highest revenue share as compared to the other type segments

By Application: The commercial segment is expected to register highest CAGR of over 3% over the forecast period

By Region/Country: The market in Europe is expected to account for highest revenue share in the global passenger ferries market. The market in China is projected to register highest CAGR of over 4% in the global market over the forecast period.

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Global Passenger Ferries Market: Competitive Analysis
The research report on the global passenger ferries market includes profiles of major companies such as MEYER WERFT GmbH & Co. KG, MITSUBISHI HEAVY INDUSTRIES, LTD., Grand Large Yatching SAS, Blount Boats, Inc., Burger Boat Company, Chantiers Allais, Fincantieri S.p.A., Gladding-Hearn Shipbuilding, Duclos Corporation, Greenbay Marine Pte Ltd., Petróleos Mexicanos (Hijos De J. Barreras, S.A.), CJSC Smart-Holding, LUNG TEH SHIPBUILDING CO., LTD. (LTS), Nichols Brothers Boat Builders Inc., The Italian Sea Group (Nuovi Cantieri Apuania– REFIT), Remontowa Holding (Remontowa Shipbuilding S.A.), Swede Ship Marine AB, and Uusikaupunki Workboat Oy (Uki Workboat).

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