Passenger Transport Ship Market is projected to rise at a significant rate expanding at a CAGR of 4.5% over the forecast period of 2022-2030.
Canal passenger transportation, intercoastal passenger transportation, lake passenger transportation, water shuttle services, river passenger transportation, ship chartering with the crew, and water taxi services are the main passenger transportation types in the inland water passenger transport market. Passengers can travel inland by water on lakes with the lake passenger transportation. The inland water passenger transport market is divided into three categories: supply chain, distribution, and end users. By mode, it includes cruise ships, cargo-passenger ships, ferry ships, and others.
Every market has its growth determinant and challenges. One of the main factor that has fuelled the market growth over the forecast period is the growing tourism industry. Additionally, there has been an increasing implementation of technology for the enhancement of the passenger and guest experience on-board. Also, cruise and ferry boats are among the first passenger transport ships that have adopted and integrated the technology over the forecast period. Also, the passenger transport ship provides various additional benefits to customers during the travel that includes, food area, swimming area, as well as recreational activities, among others. These factors are responsible for driving the growth of the market.
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Segmental analysis of the Market:
Based on Ship Type
- Cruise Ships
- Ferries
- Ocean Liners
Based on Size
- Large Ships
- Midsized Ships
- Small-Mid Ships
- Small Ships
Based on Application
- Adventure
- Events
- Travel
- Others
Competitive Landscape:
Some of the prominent companies operating in the market are
- Hyundai Heavy Industries (HHI)
- Samsung Heavy Industries
- Daewoo Shipbuilding
- Mitsubishi Heavy Industry. Ltd.
- Hyundai Samho Heavy Industries
- Hanjin Heavy Industries
- Chantiers de l’Atlantique
- China State Shipbuilding Corporation
- Oshima Shipbuilding Co. Ltd.
- STX Shipbuilding
COVID-19 Impact:
The market's expansion has been negatively impacted by COVID-19. Lockdowns instituted by the government to control the spread of COVID-19 caused supply chains to be disrupted and industry to stop. Because of this, there were not enough raw materials available to build ships, and there was an abundance of stock. As a result, the market's expansion during the epidemic was limited.
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Frequently Asked Questions:
- What is the growth rate of the passenger transport ship market?
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