Title: Water Taxi Market Trends, Growth & Forecast, 2018 – 2024
1Water Taxi Market Trends, Growth Forecast, 2018
- 2024
2Key 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.
3Continued...
- 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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5U.S. Water Taxi Market, By Product, 2017 2024,
(Units)
6Major Companies in Water Taxi Market
- Beneteau Group
- Brunswick
- Azimut-Benetti
- Ferretti
- Sunseeker
- Bavaria Yachtbau
- American Sail Inc
- Catalina Yachts
- MacGregor, and Hunter
7Regional 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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