Maritime Passenger Transport Market Growth, Size, Analysis, Outlook by Trends, Opportunities and Forecast to 2030

The global maritime passenger transport market is expected to amplify with a CAGR of 5.2% over the forecast duration of 2022-2030.

Passenger transportation between locations, the organisation of themed events, adventure tours, and other services are all provided by maritime passenger transport services. The market is expanding as a result of numerous causes, including rising disposable income, the developing tourism sector, government efforts, and others.90% of traded products are transported over the seas, making ocean shipping the primary form of transportation for international trade. Therefore, the oceans serve as the primary means of transportation for international trade. Both opportunities and difficulties arise from this.

The volume of marine traffic is expected to quadruple as demand for freight increases worldwide.A large group of economic activities that can contribute value to the economy include maritime shipping.A more effective and sustainable maritime transportation system is being mapped out by the OECD and the International Transport Forum.

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The Effect of Covid-19 on Maritime Passenger Transport Market
With the Covid-19 pandemic expected to spread starting in March 2020, various shipping sectors have seen slowdowns and demand shocks. The passenger traffic has been severely impacted, with a series of restrictions that have nearly completely stopped the cruise industry and produced several limitations for the ferry industry. While the cargo trade was able to adapt to the contraction of demand, either through blank sailings or through a redistribution of vessels / calls, passenger traffic has been severely impacted.
The first sector to be affected by the virus's spread was the cruise industry. The news of the Diamond Princess ship being stuck in the port of Yokohama without allowing the majority of passengers to disembark was published in nearly all newspapers throughout the world (about 700 passengers tested positive to the virus, highlighting the difficulties in managing quarantine rules on board of the ship). Other ships, like the MSC Magnifica, Pacific Princess, Costa Luminosa, and Costa Victoria, had to end their cruises because most ports would not let them dock there, while other ships were not given permission to let people off the ships. Port calls decreased by 85% in the first half of 2020 compared to the same period in 2030.

Global Maritime Passenger Transport Market- Key trends

Rising per capita income of the masses to bolster market expansion

With widespread economic developments across major economies, there has been a prompt increase in the disposable income of the masses. Maritime passenger transportation in the form of cruise ships is generally expensive in nature and hence can be afforded only by the individuals with high income. This in turn is adding traction to the development of this marketplace.
Global Maritime Passenger Transport Market- Segmental assessment

By Provider Type
• Government
• Public Companies
• Private Companies

The private companies segment is poised to amass notable gains over the stipulated timeline. This is credited to the fact that private maritime transport companies are powered with enough budget to conduct luxurious cruise events for their passengers.

By Ship Type
• Cruise Ships
• Ferries
• Ocean Liners

The cruise ships segment is reckoned to garner significant gains over the estimated timeline due to the rising disposable income of the masses.

By Application
• Adventure
• Events
• Travel
• Others

The adventure segment is expected to grow considerably over the assessment timeframe owing to the booming adventure tourism sector coupled with prompt rise in the purchasing power of individuals.

Global Maritime Passenger Transport Market- Competitive hierarchy
The prominent players characterizing the competitive terrain of this industry vertical are Mitsui OSKLines, TUI GROUP, ANEK Lines, Minoan Lines SA, Attica Group, Carnival Corporation & plc, CalMac Ferries Limited Company, BORNHOLM LINE, Arctic Umiaq Line A/S, Brittany Ferries, and DFDS.

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Frequently Asked Questions
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