Water Taxi Market Analysis

Water Taxi Market Analysis

Sail boats are likely to dominate the water taxi market with around 78% volume share by 2024. High production of sail boats essentially contributes to the high revenue generation. These boats are highly preferred over the counterparts for covering short distances. Cost effectiveness as compared to other boats will further support the industry dominance over the forecast timeframe.
 

Water taxi market from ferries is anticipated to grow rapidly, exhibiting over 6% CAGR from 2018 to 2024. Substantial growth is credited to shifting preference owing to lesser travel rates as compared to cruise or yachts. Moreover, they are used dominantly for transportation of passengers for work purposes, unlike the counterparts that are only used for leisure activities. Continuously rising production of these ferries will further propel the industry growth.
 

Water taxi market from diesel will account for highest volume share of more than 58% over the next seven years. Substantial production of diesel-driven boats will primarily contribute to the high revenue generation. Most water taxis across the globe work on diesel and it possess strong prevalence in the marine industry over the past decades, further supporting the industry dominance.
 

Hybrid taxis will witness growth at over 5% from 2018 to 2024. This can be credited to numerous benefits offered such as lesser noise and water pollution than diesel. These advantages have resulted in shifting preference of manufacturers towards these boats over the diesel-driven taxis. Moreover, rising penetration of green movement will further strengthen the penetration of hybrid boats, escalating the revenue generation of water taxi market till 2024.
 

North America is likely to dominate the global water taxi market, accounting for over USD 287 billion by 2024. Substantial revenue generation is attributed to established marine industry along with rising number of industry participants such as American Sail Inc. and Brunswick across the region. Continuous growth in marine passenger traffic in the U.S. and Canada over the past years will further strengthen the industry growth. Increasing preference towards travel & tourism activities in the region will also support the regional dominance till 2024.
 

Asia Pacific water taxi market is likely to grow substantially, exhibiting more than 5% CAGR from 2018 to 2024. It is attributed to rising production of these taxis across the region. Enhanced manufacturing facilities with availability of cheap labour will further contribute to the revenue generation. Rising preference towards marine transport owing to increased traffic congestion on roadways and railways is another factor positively impacting the water taxi market from Asia Pacific.