Global Passenger Ferries Market Report and Forecast 2024-2032

Global Passenger Ferries Market Outlook

The global passenger ferries market is expected to grow at a CAGR of 4.20% during the forecast period of 2024-2032 due to the increase of low-cost airlines across the globe and the rising policies to promote tourism.

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Key Trends in the Market

Passenger ferries are known as a vessel that is employed for transporting passengers on a regular, frequent basis across the water. Ferries can range from small boats transporting passengers through a harbour, river, or lake, to large sea-going ships transporting passengers, trucks, and cars, among other heavy cargo covering longer distances overnight where sleeping accommodations are needed.

• Ferries provide accommodation for travellers and their luggage and have no limit for carrying luggage as compared to airways. This is expected to increase the passenger ferries market demand among passengers.

• The booming tourism industry, especially in the United States and Australia, is likely to aid the growth of the market.

• Ferries save passengers from traffic as travel time is shorter on waterways as compared to roadways. Going further, the rising consciousness among people for the environment is likely to positively influence passengers to prefer travelling through ferries as they are less prone to pollute the waterways. This is likely to augment the market growth across the globe over the forecast period.

Market Analysis

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Based on product type, the market can be segmented into monohull and multihull. On the basis of application, the market is categorised into private and commercial. The regional markets for the passenger ferries market can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East, and Africa. 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global passenger ferries market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans. 

• Meyer Werft Gmbh & Co. Kg

• Gladding-Hearn Shipbuilding, Duclos Corporation

• Blount Boats Inc

• Nichols Brothers Boat Brothers

• Fincantieri S.p.A.

• Greenbay Marine Pte Ltd

• Hijos de J. Barreras, S.A.

• Others

Market Share by Product Type

The multihull segment is holding substantial growth in the passenger ferries market share across the globe.  A multihull is known as a ship or boat that has more than one hull. Catamarans that have two hulls are among the most common multihulls. The increasing preference for the reduction in power requirement, when compared to a monohull owing to the higher hull slenderness that is likely to be attained by spreading the vessel weight over two hulls, is expected to enhance the segment demand across the globe. 

Going further, the enhanced hull slenderness significantly reduces the wave-making part of the vessel resistance, with an improved benefit as the vessel speed increases. This is further expected to escalate the segment growth over the coming years. With the growing worldwide tourism and increasing adoption of catamaran multihull ferries, the demand is expected to grow across the globe.

Market Share by Region

Geographically, the North American region accounts for a significant share of the passenger ferries market on account of the rising trend of ferries as a viable alternative transport among people, along with the growing demand for waterway public transport in the region. The United States is expected to hold the market growth in the coming years on account of the strong presence of market key players like Gladding-Hearn Shipbuilding Duclos Corporation and Nichols Brothers Boat Brothers, among others.

The rising improvement in fuel technologies is the key aspect of the market growth in passenger ferries. The increase in investment by various manufacturing companies to bring development and innovation to the shipping industry is expected to augment the market growth of passenger ferries in the region over the coming years.

Meanwhile, Europe is anticipated to hold substantial growth in the passenger ferries market on account of the increasing shift towards the use of passenger ferries for daily commuting as compared to other public transport as it is considered an effective mode of transportation. 

Asia Pacific is expected to register substantial growth in the market share of passenger ferries due to the strong growth in the tourism industry, along with the rising shipping industry. The expansion of water transportation in countries like India and China, along with increasing investment by the government to improve maritime infrastructure, is expected to fuel market growth across the region.

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Competitive Landscape

MEYER WERFT GmbH & Co. KG was established in 1795, which is in its seventh generation of family ownership and is the most modern and leading shipyard across the globe. The company has achieved an outstanding reputation across the world over the recent decades for constructing as well as building special-purpose ships. It is especially well-known because of the construction of large, modern, and sophisticated cruise ships.

Gladding-Hearn Shipbuilding Duclos Corporation was founded in 1955 in the United States. The company built exceptional steel and aluminium commercial vessels. It deals in pilot boats, tugboats, passenger vessels, patrol boats, fire boats, research vessels, wind farm service vessels, and GSA products.

Blount Boats Inc. is a private company managed and held by the Blount family and was established in 1949. It is a full-service shipyard specializing in the construction, design, and repair of steel and aluminium vessels up to 220 feet. The company aims to build rugged, reliable commercial service vessels that are expected to offer consumers dependable service and lasting value. 

Other players in the passenger ferries market include Nichols Brothers Boat Brothers, Fincantieri S.p.A., Greenbay Marine Pte Ltd, and Hijos de J. Barreras, S.A., among others.

Key Highlights of the Report