Passenger Transport Ship Market To Receive Overwhelming Hike In Revenues By 2030

According to the Market Statsville Group (MSG), the global passenger transport ship market size is estimated to grow at a CAGR of 4.5% from 2022 to 2030. Passenger transport ship provides various additional benefits to customers during the travel such as food area, swimming area, and recreational activities, among others responsible for driving the growth of the market. Further, the growing tourism industry will propel the market's growth in forthcoming years across the globe.

COVID-19 Impact on the Global Passenger Transport Ship Market
COVID-19 has had a negative impact on the market's growth. In order to manage the spread of COVID-19 government-imposed lockdowns resulted in the halted manufacturing process and disrupted supply chains. This led to a lack of availability of raw materials to develop ships, and a lack of demand from end-user industries resulted in ideal stock. This, in turn, hampered the market's growth amid the pandemic.

Scope of the Global Passenger Transport Ship Market
The study categorizes the passenger transport ship market based on ship type, size, and application, at the regional and global levels.

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By Ship Type Outlook (Sales, USD Million, 2017-2030)
Cruise Ships
Ferries
Ocean Liners
By Size Outlook (Sales, USD Million, 2017-2030)
Large Ships
Midsized Ships
Small-Mid Ships
Small Ships
By Application Outlook (Sales, USD Million, 2017-2030)
Adventure
Events
Travel
Others
By Region Outlook (Sales, USD Million, 2017-2030)
North America
US
Canada
Mexico
Europe
Germany
Italy
France
UK
Spain
Poland
Russia
the Netherlands
Norway
Czech Republic
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Indonesia
Malaysia
Thailand
Singapore
Australia & New Zealand
Rest of Asia Pacific
South America
Brazil
Argentina
Colombia
Rest of South America
The Middle East & Africa
Saudi Arabia
UAE
South Africa
Northern Africa
Rest of MEA
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The cruise ship segment is projected to account for the largest market share, by ship type

On the basis of the ship type segment, the global passenger transport ship market is divided into cruise ships, ferries, and ocean liners. The cruise ship accounts for the major market share in the passenger transport ship market. As compared to others, cruise ships offer more amenities than others, which lures potential customers and contributes to the segment's growth over the forecasting period.

Asia Pacific accounts for the highest CAGR during the forecast period

On a regional basis, Asia-Pacific is estimated to showcase the highest CAGR growth due to growing emerging economies such as China and India. China's coastline covers approximately 14,500 km and India's coastline of 7,500 km covers major ports and states. Further, growing disposable income, the travel industry, and others contribute to the market's growth across the region in forthcoming years.

In addition growing, cruise industry across the region will pave the way for the market's growth in upcoming years. For instance, according to the data of Down to Earth, cruise tourism witnessed an exponential growth from 17.8 million passengers opting for it in 2009 to 28.5 million passengers in 2018. Further, the expansion of major markets across the region will propel the market's growth in forthcoming years.

Key Market Players in the Global Passenger Transport Ship Market
The maritime passenger ship market has high competitive rivalry due to the presence of various well-established market players, such as:

Hyundai Heavy Industries (HHI)
Samsung Heavy Industries
Daewoo Shipbuilding
Mitsubishi Heavy Industry. Ltd.
Hyundai Samho Heavy Industries
Hanjin Heavy Industries
Chantiers de l'Atlantique
China State Shipbuilding Corporation
Oshima Shipbuilding Co. Ltd.
STX Shipbuilding
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Recent Developments
In March 2022, Virgin Voyages, a US-based company, launched a new adults-only cruise ship. It has a 278-meter long vessel that can accommodate 2,770 passengers and holds the usual cruise amenities.
In 2022, Kerala State Water Transport Department (KSWTD) is set to launch its air-conditioned, solar-powered 100-passenger backwater cruise vessel in Kochi in April.
Key Issues Addressed
What is the market size by various segmentation of the passenger transport ship by region and its respective countries?
What are the customer buying behavior, key takeaways, and Porter's 5 forces of the passenger transport ship market?
What are the key opportunities and trends for manufacturers involved in the passenger transport ship supply chain?
What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
What and how regulations, schemes, patents, and policies are impacting the growth of the market?
What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
The market player positioning, top winning strategies by years, company product developments, and launches will be?
How has COVID-19 impacted the demand and sales of passenger transport ship in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.
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