The inland water passenger transport market primarily focuses on the transportation of passengers via freshwater routes such as rivers, lakes, and canals. This form of transportation has historically been crucial for cities and civilizations that developed along freshwater sources. From traditional ferries to luxurious river cruises, the sector offers a wide variety of services. While road and air transport have dominated in recent decades, there's a resurgent interest in inland water passenger transport due to its unique advantages and the challenges faced by other modes of transportation. Here, we delve into the drivers propelling this resurgence and a notable restraint affecting its growth. Inland water passenger transport market is estimated to grow at a CAGR of 5.4% from 2023 to 2031, driven primarily by its environmental benefits, economic advantages, and safety features.
Environmental Sustainability and Efficiency
Lower Carbon Footprint: Inland water transport is notably more fuel-efficient than road or air transport. A single barge, for example, can carry the same amount of cargo as several trucks, resulting in reduced greenhouse gas emissions per ton-mile. As global concerns about climate change escalate, countries are exploring greener transportation alternatives. Inland waterways, being energy-efficient, offer a solution that aligns with sustainability goals. Reduced Road Congestion: Major cities worldwide are grappling with traffic congestion and its resultant air pollution. Promoting waterway transport can significantly alleviate road congestion. For instance, in places like Venice or Amsterdam, water taxis and boats play a vital role in decongesting roads and providing efficient transit.
Economic Advantages for Local Communities
Waterways, especially in scenic areas, attract tourists. River cruises in Europe, like those along the Danube or the Rhine, have become immensely popular, providing an economic boost to the regions they traverse. Similarly, boat rides in Kerala's backwaters in India have spurred local tourism, generating revenue and creating jobs. Waterway stations or stops can become commercial hubs. As seen in cities with active waterways, local markets, eateries, and other businesses tend to flourish around these hubs, infusing economic vitality into the area.
Safety and Comfort
Waterways often boast a lower accident rate compared to road transport. With lesser congestion and the absence of head-on traffic, waterway transport presents fewer possibilities for collisions. River cruises or boat rides offer spacious and comfortable seating compared to buses or trams. Passengers can enjoy scenic views, making their journey not just a mode of transit but also an experience in itself.
Infrastructure Development and Maintenance Costs
High Initial Investment: While waterways promise several benefits, developing the necessary infrastructure, including ports, terminals, and vessels, requires substantial initial investment. Dredging, ensuring navigability, and establishing safety protocols further add to the costs. Regular maintenance of waterway infrastructure can be expensive. Silting, a natural process in many rivers, necessitates frequent dredging to maintain depth for vessel movement. Additionally, the wear and tear of terminals and the need to upgrade vessels to meet environmental or safety standards can impose significant recurrent costs.
Water Taxis Dominate the Market by Vessel Type
In 2022, the inland water passenger transport market, when segmented by vessel type, showcased prominent roles of both Water Taxis and Cruise Ships. Water Taxis, due to their frequent and essential services in cities located near water bodies, accounted for a significant portion of the revenue. They became indispensable, especially in areas where bridges were scarce, or road traffic posed severe challenges. In contrast, Cruise Ships, with their luxury offerings and extended travel durations, were associated with higher ticket prices and onboard expenditures, making them the highest revenue earners in the segment. The demand for specialized experiences, coupled with the allure of river cruises in historically rich and scenic locales, strengthened their revenue position. However, the adaptability and ubiquity of Water Taxis led them to register the highest Compound Annual Growth Rate (CAGR). The growing urban populations in waterfront cities and the increasing preference for quick waterway commutes contributed to this trend.
Conventional propulsion Dominates the Market by Propulsion Methods
Diving into propulsion methods, 2022 marked significant strides in sustainable technologies. Conventional propulsion, primarily using diesel engines, continued to generate the highest revenue, given its widespread use and historical dominance. However, the Electric propulsion segment saw the highest CAGR. Factors driving this trend included stricter emission norms, global sustainability drives, and advancements in battery technology. While Hydrogen and Hybrid methods were also in use, they lagged in terms of broad-based adoption, primarily due to infrastructure challenges and technology maturity concerns. Yet, from 2023 to 2031, as clean energy becomes an undeniable global focus, Electric, Hydrogen, and Hybrid propulsion systems are expected to see considerable growth, with electric maintaining its lead in CAGR due to its current momentum.
Europe emerged as the region with the highest revenue
On the geographic front, in 2022, Europe emerged as the region with the highest revenue percent, buoyed by its intricate waterways, historical river routes, and the popularity of river cruises along iconic rivers like the Danube, Seine, and Rhine. However, the Asia-Pacific region, characterized by its dense urban waterfront cities and growing tourism sectors, recorded the highest CAGR. Countries like Thailand, India, and Vietnam, with their extensive river networks and burgeoning tourism, contributed to this growth. The forecast for 2023 to 2031 anticipates this trend to persist, with the Asia-Pacific potentially expanding its market share, riding on its massive population, urbanization trends, and strategic government initiatives promoting inland water transport.
Competitive Landscape
From a competitive standpoint, 2022 witnessed fierce strategies by key market players such as Damen Shipyards Group, HOLLAND SHIPYARDS GROUP, SES-X Marine Technologies, Kooiman Marine Group, CARTUBI S.r.l., Incat Crowther, BaumA¼ller, ABB, Siemens, Groupe Beneteau. These entities, seeking to solidify their market positions, resorted to fleet expansions, technological advancements in vessel efficiency, and enhanced onboard amenities for passengers. Collaborations with local authorities and strategic partnerships with tech companies, especially in the propulsion segment, also became evident. Emphasis on sustainability, both in vessel operation and passenger experience, became a unique selling proposition. From 2023 to 2031, the market is expected to observe intensified competition, with companies vying for technological supremacy, especially in propulsion systems, and tailoring experiences to attract a broader demographic, ensuring continued market growth.
Historical & Forecast Period
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2023 to 2031.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation ofInland Water Passenger Transport market are as follows:
Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users and consumption volume, price and value.
Geographical revenues generate by countries considered in the report:
Micro and macro environment factors that are currently influencing the Inland Water Passenger Transport market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
Market Segmentation
Vessel
Water Taxis
Cruise Ships
Propulsion
Conventional
Electric
Hydrogen
Hybrid
Transportation Mode
Canals
Lakes
Rivers
Others
Region Segment (2021-2031; US$ Million)
North America
U.S.
Canada
Rest of North America
UK and European Union
UK
Germany
Spain
Italy
France
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
Key questions answered in this report:
What are the key micro and macro environmental factors that are impacting the growth of Inland Water Passenger Transport market?
What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2031.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Inland Water Passenger Transport market?
Which is the largest regional market for Inland Water Passenger Transport market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Inland Water Passenger Transport market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Inland Water Passenger Transport market worldwide?
Table of Contents
1. Preface
1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. Key Offerings
1.2. Market Segmentation
1.3. Research Methodology
1.3.1. Phase I - Secondary Research
1.3.2. Phase II - Primary Research
1.3.3. Phase III - Expert Panel Review
1.3.4. Assumptions
1.3.5. Approach Adopted
2. Executive Summary
2.1. Market Snapshot: Global Inland Water Passenger Transport Market
2.2. Global Inland Water Passenger Transport Market, By Vessel, 2022 (US$ Million)
2.3. Global Inland Water Passenger Transport Market, By Propulsion, 2022 (US$ Million)
2.4. Global Inland Water Passenger Transport Market, By Transportation Mode, 2022 (US$ Million)
2.5. Global Inland Water Passenger Transport Market, By Geography, 2022 (US$ Million)
2.6. Attractive Investment Proposition by Geography, 2022
3. Inland Water Passenger Transport Market: Competitive Analysis
3.1. Market Positioning of Key Inland Water Passenger Transport Market Vendors
3.2. Strategies Adopted by Inland Water Passenger Transport Market Vendors
3.3. Key Industry Strategies
3.4. Tier Analysis 2022 Versus 2031
4. Inland Water Passenger Transport Market: Macro Analysis & Market Dynamics
4.1. Introduction
4.2. Global Inland Water Passenger Transport Market Value, 2021 - 2031, (US$ Million)
4.3. Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Key Challenges
4.3.4. Key Opportunities
4.4. Impact Analysis of Drivers and Restraints
4.5. See-Saw Analysis
5. Inland Water Passenger Transport Market: By Vessel, 2021-2031, USD (Million)
5.1. Market Overview
5.2. Growth & Revenue Analysis: 2022 Versus 2031
5.3. Market Segmentation
5.3.1. Water Taxis
5.3.2. Cruise Ships
6. Inland Water Passenger Transport Market: By Propulsion, 2021-2031, USD (Million)
6.1. Market Overview
6.2. Growth & Revenue Analysis: 2022 Versus 2031
6.3. Market Segmentation
6.3.1. Conventional
6.3.2. Electric
6.3.3. Hydrogen
6.3.4. Hybrid
7. Inland Water Passenger Transport Market: By Transportation Mode, 2021-2031, USD (Million)
7.1. Market Overview
7.2. Growth & Revenue Analysis: 2022 Versus 2031
7.3. Market Segmentation
7.3.1. Canals
7.3.2. Lakes
7.3.3. Rivers
7.3.4. Others
8. North America Inland Water Passenger Transport Market, 2021-2031, USD (Million)
8.1. Market Overview
8.2. Inland Water Passenger Transport Market: By Vessel, 2021-2031, USD (Million)
8.3. Inland Water Passenger Transport Market: By Propulsion, 2021-2031, USD (Million)
8.4. Inland Water Passenger Transport Market: By Transportation Mode, 2021-2031, USD (Million)
8.5.Inland Water Passenger Transport Market: By Region, 2021-2031, USD (Million)
8.5.1.North America
8.5.1.1. U.S.
8.5.1.1.1. Inland Water Passenger Transport Market: By Vessel, 2021-2031, USD (Million)
8.5.1.1.2. Inland Water Passenger Transport Market: By Propulsion, 2021-2031, USD (Million)
8.5.1.1.3. Inland Water Passenger Transport Market: By Transportation Mode, 2021-2031, USD (Million)
8.5.1.2. Canada
8.5.1.2.1. Inland Water Passenger Transport Market: By Vessel, 2021-2031, USD (Million)
8.5.1.2.2. Inland Water Passenger Transport Market: By Propulsion, 2021-2031, USD (Million)
8.5.1.2.3. Inland Water Passenger Transport Market: By Transportation Mode, 2021-2031, USD (Million)
8.5.1.3. Rest of North America
8.5.1.3.1. Inland Water Passenger Transport Market: By Vessel, 2021-2031, USD (Million)
8.5.1.3.2. Inland Water Passenger Transport Market: By Propulsion, 2021-2031, USD (Million)
8.5.1.3.3. Inland Water Passenger Transport Market: By Transportation Mode, 2021-2031, USD (Million)
9. UK and European Union Inland Water Passenger Transport Market, 2021-2031, USD (Million)
9.1. Market Overview
9.2. Inland Water Passenger Transport Market: By Vessel, 2021-2031, USD (Million)
9.3. Inland Water Passenger Transport Market: By Propulsion, 2021-2031, USD (Million)
9.4. Inland Water Passenger Transport Market: By Transportation Mode, 2021-2031, USD (Million)
9.5.Inland Water Passenger Transport Market: By Region, 2021-2031, USD (Million)
9.5.1.UK and European Union
9.5.1.1. UK
9.5.1.1.1. Inland Water Passenger Transport Market: By Vessel, 2021-2031, USD (Million)
9.5.1.1.2. Inland Water Passenger Transport Market: By Propulsion, 2021-2031, USD (Million)
9.5.1.1.3. Inland Water Passenger Transport Market: By Transportation Mode, 2021-2031, USD (Million)
9.5.1.2. Germany
9.5.1.2.1. Inland Water Passenger Transport Market: By Vessel, 2021-2031, USD (Million)
9.5.1.2.2. Inland Water Passenger Transport Market: By Propulsion, 2021-2031, USD (Million)
9.5.1.2.3. Inland Water Passenger Transport Market: By Transportation Mode, 2021-2031, USD (Million)
9.5.1.3. Spain
9.5.1.3.1. Inland Water Passenger Transport Market: By Vessel, 2021-2031, USD (Million)
9.5.1.3.2. Inland Water Passenger Transport Market: By Propulsion, 2021-2031, USD (Million)
9.5.1.3.3. Inland Water Passenger Transport Market: By Transportation Mode, 2021-2031, USD (Million)
9.5.1.4. Italy
9.5.1.4.1. Inland Water Passenger Transport Market: By Vessel, 2021-2031, USD (Million)
9.5.1.4.2. Inland Water Passenger Transport Market: By Propulsion, 2021-2031, USD (Million)
9.5.1.4.3. Inland Water Passenger Transport Market: By Transportation Mode, 2021-2031, USD (Million)
9.5.1.5. France
9.5.1.5.1. Inland Water Passenger Transport Market: By Vessel, 2021-2031, USD (Million)
9.5.1.5.2. Inland Water Passenger Transport Market: By Propulsion, 2021-2031, USD (Million)
9.5.1.5.3. Inland Water Passenger Transport Market: By Transportation Mode, 2021-2031, USD (Million)
9.5.1.6. Rest of Europe
9.5.1.6.1. Inland Water Passenger Transport Market: By Vessel, 2021-2031, USD (Million)
9.5.1.6.2. Inland Water Passenger Transport Market: By Propulsion, 2021-2031, USD (Million)
9.5.1.6.3. Inland Water Passenger Transport Market: By Transportation Mode, 2021-2031, USD (Million)
10. Asia Pacific Inland Water Passenger Transport Market, 2021-2031, USD (Million)
10.1. Market Overview
10.2. Inland Water Passenger Transport Market: By Vessel, 2021-2031, USD (Million)
10.3. Inland Water Passenger Transport Market: By Propulsion, 2021-2031, USD (Million)
10.4. Inland Water Passenger Transport Market: By Transportation Mode, 2021-2031, USD (Million)
10.5.Inland Water Passenger Transport Market: By Region, 2021-2031, USD (Million)
10.5.1.Asia Pacific
10.5.1.1. China
10.5.1.1.1. Inland Water Passenger Transport Market: By Vessel, 2021-2031, USD (Million)
10.5.1.1.2. Inland Water Passenger Transport Market: By Propulsion, 2021-2031, USD (Million)
10.5.1.1.3. Inland Water Passenger Transport Market: By Transportation Mode, 2021-2031, USD (Million)
10.5.1.2. Japan
10.5.1.2.1. Inland Water Passenger Transport Market: By Vessel, 2021-2031, USD (Million)
10.5.1.2.2. Inland Water Passenger Transport Market: By Propulsion, 2021-2031, USD (Million)
10.5.1.2.3. Inland Water Passenger Transport Market: By Transportation Mode, 2021-2031, USD (Million)
10.5.1.3. India
10.5.1.3.1. Inland Water Passenger Transport Market: By Vessel, 2021-2031, USD (Million)
10.5.1.3.2. Inland Water Passenger Transport Market: By Propulsion, 2021-2031, USD (Million)
10.5.1.3.3. Inland Water Passenger Transport Market: By Transportation Mode, 2021-2031, USD (Million)
10.5.1.4. Australia
10.5.1.4.1. Inland Water Passenger Transport Market: By Vessel, 2021-2031, USD (Million)
10.5.1.4.2. Inland Water Passenger Transport Market: By Propulsion, 2021-2031, USD (Million)
10.5.1.4.3. Inland Water Passenger Transport Market: By Transportation Mode, 2021-2031, USD (Million)
10.5.1.5. South Korea
10.5.1.5.1. Inland Water Passenger Transport Market: By Vessel, 2021-2031, USD (Million)
10.5.1.5.2. Inland Water Passenger Transport Market: By Propulsion, 2021-2031, USD (Million)
10.5.1.5.3. Inland Water Passenger Transport Market: By Transportation Mode, 2021-2031, USD (Million)
10.5.1.6. Rest of Asia Pacific
10.5.1.6.1. Inland Water Passenger Transport Market: By Vessel, 2021-2031, USD (Million)
10.5.1.6.2. Inland Water Passenger Transport Market: By Propulsion, 2021-2031, USD (Million)
10.5.1.6.3. Inland Water Passenger Transport Market: By Transportation Mode, 2021-2031, USD (Million)
11. Latin America Inland Water Passenger Transport Market, 2021-2031, USD (Million)
11.1. Market Overview
11.2. Inland Water Passenger Transport Market: By Vessel, 2021-2031, USD (Million)
11.3. Inland Water Passenger Transport Market: By Propulsion, 2021-2031, USD (Million)
11.4. Inland Water Passenger Transport Market: By Transportation Mode, 2021-2031, USD (Million)
11.5.Inland Water Passenger Transport Market: By Region, 2021-2031, USD (Million)
11.5.1.Latin America
11.5.1.1. Brazil
11.5.1.1.1. Inland Water Passenger Transport Market: By Vessel, 2021-2031, USD (Million)
11.5.1.1.2. Inland Water Passenger Transport Market: By Propulsion, 2021-2031, USD (Million)
11.5.1.1.3. Inland Water Passenger Transport Market: By Transportation Mode, 2021-2031, USD (Million)
11.5.1.2. Mexico
11.5.1.2.1. Inland Water Passenger Transport Market: By Vessel, 2021-2031, USD (Million)
11.5.1.2.2. Inland Water Passenger Transport Market: By Propulsion, 2021-2031, USD (Million)
11.5.1.2.3. Inland Water Passenger Transport Market: By Transportation Mode, 2021-2031, USD (Million)
11.5.1.3. Rest of Latin America
11.5.1.3.1. Inland Water Passenger Transport Market: By Vessel, 2021-2031, USD (Million)
11.5.1.3.2. Inland Water Passenger Transport Market: By Propulsion, 2021-2031, USD (Million)
11.5.1.3.3. Inland Water Passenger Transport Market: By Transportation Mode, 2021-2031, USD (Million)
12. Middle East and Africa Inland Water Passenger Transport Market, 2021-2031, USD (Million)
12.1. Market Overview
12.2. Inland Water Passenger Transport Market: By Vessel, 2021-2031, USD (Million)
12.3. Inland Water Passenger Transport Market: By Propulsion, 2021-2031, USD (Million)
12.4. Inland Water Passenger Transport Market: By Transportation Mode, 2021-2031, USD (Million)
12.5.Inland Water Passenger Transport Market: By Region, 2021-2031, USD (Million)
12.5.1.Middle East and Africa
12.5.1.1. GCC
12.5.1.1.1. Inland Water Passenger Transport Market: By Vessel, 2021-2031, USD (Million)
12.5.1.1.2. Inland Water Passenger Transport Market: By Propulsion, 2021-2031, USD (Million)
12.5.1.1.3. Inland Water Passenger Transport Market: By Transportation Mode, 2021-2031, USD (Million)
12.5.1.2. Africa
12.5.1.2.1. Inland Water Passenger Transport Market: By Vessel, 2021-2031, USD (Million)
12.5.1.2.2. Inland Water Passenger Transport Market: By Propulsion, 2021-2031, USD (Million)
12.5.1.2.3. Inland Water Passenger Transport Market: By Transportation Mode, 2021-2031, USD (Million)
12.5.1.3. Rest of Middle East and Africa
12.5.1.3.1. Inland Water Passenger Transport Market: By Vessel, 2021-2031, USD (Million)
12.5.1.3.2. Inland Water Passenger Transport Market: By Propulsion, 2021-2031, USD (Million)
12.5.1.3.3. Inland Water Passenger Transport Market: By Transportation Mode, 2021-2031, USD (Million)