Water Taxi Market Trends, Growth & Forecast, 2018 – 2024

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Water Taxi Market Trends, Growth Forecast, 2018
- 2024
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Key Insights from Water Taxi Market

• The rise in the interest for adopting ecofriendly
  means of transportation has been a pivotal
  driving force for water taxi market. Water taxis
  have played a major role in promoting tourism and
  are specifically used as vital means of
  transportation in cities like Venice and
  Amsterdam, where waterways form a significant
  section of the transit system.
• Currently, the revival of water-based transit has
  been occurring at a robust pace, as cities across
  the globe are burdened with traffic congestions,
  rising pollution and the detrimental impact of
  carbon emissions from fuel-based vehicles.
  Therefore, it does not come as a surprise that
  services like the inter-borough ferry in New York
  are being applauded by the public and facilitated
  by authorities.
• The passenger and bicycle carrying vessels are
  planned to operate in all the boroughs in New
  York and will have 22 landing in 6 different
  routes. The waterborne transit system which costs
  around 325 million is estimated to carry more
  than 50 million passengers on an annual basis,
  paving the way for the progress of the regional
  water taxi industry.

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Continued...

• Close to half a decade earlier, a study had been
  conducted by several counties along the Potomac
  River in Maryland, U.S.. The findings revealed
  that the areas notable population and the
  employment of a significant number of people in
  places located along the river will be able to
  encourage peoples foray from cars onto boats,
  which would massively propel the regional water
  taxi market share.
• Despite the fact that these water taxis are
  fueled by diesel, it is vital to remember that
  they are still considerably less detrimental to
  the environment than diesel cars. This is because
  they can carry several commuters in a single trip
  unlike cars, most of which are used on a private
  basis. Indeed, diesel taxis are expected to hold
  around 58 of the overall water taxi industry
  share over 2018-2024, driven by their
  long-standing deployment in the marine sector.
• The rising penetration of the green movement has
  lately spurred manufacturers to shift their focus
  toward building more hybrid boats. As such, these
  boats cause a substantial improvement in the
  levels of noise and water pollution as compared
  to diesel water taxis and are expected to be
  widely in demand in the future.

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U.S. Water Taxi Market, By Product, 2017 2024,
(Units)

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Major Companies in Water Taxi Market

• Beneteau Group
• Brunswick
• Azimut-Benetti
• Ferretti
• Sunseeker
• Bavaria Yachtbau
• American Sail Inc
• Catalina Yachts
• MacGregor, and Hunter

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Regional Insights in Water Taxi Market

• North America has been touted to emerge as one of
  the most remunerative grounds for water taxi
  market, primarily owing to the presence of a
  robust marine industry and leading companies that
  have their base in the region. With enthusiastic
  players striving to make marine transportation
  attractive to a wider commuter pool and the
  increasing inclination toward luxury outdoor
  recreation activities, the continent is expected
  to register substantial growth in the ensuing
  years. Indeed, as per estimates, North America
  will emerge as the dominant region in the overall
  water taxi market with a projected size of 287
  billion by 2024.
• Along with North America, Asia Pacific will also
  register a significant growth in the water taxi
  market with cities like Hong Kong set to revive
  its water taxi facility to boost the tourism
  industry. The Commerce and Economic Development
  Bureau of Hong Kong passed the proposal of
  bringing water taxis to the city that will not
  only offer tourists a better experience of the
  island city but also put Hong Kong on the map
  alongside cities like Venice, Bangkok and Sydney
  that already have an established water taxi
  service. Additionally, the authorities are
  planning to introduce significant technological
  inputs and operate the water taxis in the same
  way as Uber, that is, passengers can hail their
  water rides with the use of their smartphones.

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