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Inland Water Passenger Transport Market Trends

Report ID: GMI10565
Published Date: Aug 2024
Report Format: PDF

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Inland Water Passenger Transport Market Trends

The latest trend in the inland water passenger transport industry is the integration of smart technology and the Internet of Things (IoT). This involves deploying advanced navigation systems, real-time tracking, and automated ticketing solutions to enhance operational efficiency and passenger experience. IoT-enabled sensors and data analytics are increasingly used to monitor vessel conditions, optimize routes, and improve safety measures. This technological advancement is making inland water transport more efficient, user-friendly, and capable of meeting modern transportation demands.

For instance, in May 2024 Viking River Cruises introduced IoT-enabled sensors on their fleet to monitor vessel conditions and optimize routes. This technological advancement aims to enhance operational efficiency and improve passenger safety, positioning Viking as a leader in smart water transport solutions.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of inland water passenger transport reached USD 1.66 billion in 2023 and is set to grow at over 5% CAGR between 2024 and 2032, led by increasing urbanization and population growth

The conventional propulsion segment in the inland water passenger transport industry is expected to reach over USD 1 billion by 2032, on account of their well-established infrastructure and supply chain.

The market from the lakes transportation segment will witness over 5% CAGR between 2024 and 2032, as they are becoming popular destinations for recreational activities, including tourism, leisure cruises, and water sports.

North America market held over 35% share in 2023, due to investments in infrastructure, such as upgraded ports and modern vessels, to enhance the efficiency and appeal of inland water transport.