By 2024, Water Taxi Market to Register 5%+ CAGR Via Hybrid Fuel Taxi

Water taxi market from hybrid taxis is likely to grow significantly, witnessing over 5% CAGR from 2018 to 2024. Provision of the advantages such as lesser marine and noise pollution will essentially drive the industry growth. Rising promotion of green movement has further resulted in shifting preference towards these taxis, propelling the segment’s growth till 2024.

The water taxi market growth is propelled by increasing requirement for quick, emission-free transport. Water transportation has been gaining more and more popularity lately, pertaining to its cost-effective and fuel-efficient benefits over conventional transportation. Having recognized the same, regional governments have been majorly investing in the tourism industry, generating lucrative opportunities for water taxi market players. The deployment of water taxis in numerous public and private water bodies has indeed helped reduce vehicular traffic congestion in the city – a principal factor that has been extensively responsible for stimulating water taxi market share.

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The competitive hierarchy of water taxi market is remnant of novel product development strategies and massive R&D programs. The emergence of battery operated lightweight boats for instance, has added a new growth dimension to water taxi market. Another pivotal factor pushing the expansion of this vertical is the crucial role that governments play in promoting trading and tourism activities, focusing on bettering the economy of their respective countries. Aided by a favorable regulatory spectrum and the rising prominence of the green movement, water taxi market size is expected to cross the coveted USD 500 billion mark by the end of 2024.

Water taxi market from sail boats dominated the overall industry share in 2017 and is expected to continue its dominance with more than 78% volume share by 2024. These boats have witnessed high production across the globe owing to their increasing adoption for short distance travel. Cost effective manufacturing as compared to the counterparts will further support the industry dominance. Ferries will exhibit growth at over 6% over the next seven years owing to their increasing production and lesser travel rates than others. Moreover, they are highly used for transportation of passengers, majorly for daily work purposes.

The Asian zone is expected to contribute commendably toward the growth of water taxi market, owing to the increasing involvement of private and public sectors in the deployment of water taxi services. For the record, merely a few months earlier, the Indian ride-hailing service provider OLA signed a MoU with the government of Assam to launch a water taxi service in the state. This project is most likely to strengthen the transportation network across North India. In addition, the mobile-based transportation system will help local government enhance the state’s tourism prospects.

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North America is expected to showcase dominance in the water taxi market, accounting for more than USD 287 million by the end of 2024. Presence of key industry participants such as Brunswick coupled with established marine industry across the region will primarily support the regional dominance. Rising marine passenger traffic in Canada and U.S. will further drive the industry growth.

Asia Pacific market will exhibit more than 5% CAGR from 2018 to 2024 owing to continuously increasing production coupled with easy availability of cheap labor across the region. Rising traffic congestion on road and rail transportation modes has resulted in shifting preference towards marine transportation, further propelling the region’s growth.

Beneteau Group, Azimutt-Benetti, Sunseeker, Ferretti, and Brunswick are among the established participants in the market. Other prominent competitors include Hunter, MacGregor, Princess, American Sail Inc., Catalina Yachts, and Bavaria Yachtbau. The competitors are constantly focusing on adopting emerging technologies including marine hybrid propulsion and autonomous taxis to ensure regulatory compliance and minimal pollution.

Major Table of Content: –

Chapter 1. Methodology and Scope

1.1. Methodology

1.1.1.  Initial data exploration

1.1.2.  Statistical model and forecast

1.1.3.  Industry insights and validation

1.1.4.  Scope, definition and forecast parameters

1.2. Data Sources

1.2.1.  Secondary

1.2.2.  Primary

Chapter 2.  Executive Summary

2.1. Water taxi industry 3600 synopsis, 2013 – 2024

2.1.1.  Business trends

2.1.2.  Product trends

2.1.3.  Fuel trends

2.1.4.  Regional trends

Chapter 3.  Water Taxi Industry Insights

3.1. Industry segmentation

3.2. Industry landscape, 2013 – 2024

3.3. Industry ecosystem analysis

3.3.1.  Raw material supplier

3.3.2.  Manufacturers

3.3.3.  Distribution channel analysis

3.3.3.1.    OEM

3.3.3.2.    Resale

3.3.4.  Vendor matrix

3.4. Technology landscape

3.4.1.  Shore side power supply

3.4.2.  Solar and wind energy

3.4.3.  Energy efficiency measures

3.4.4.  Ballast water treatment systems

3.5. Alternatives to conventional fuels

3.5.1.  Biodiesel

3.5.2.  LNG

3.5.3.  Nuclear

3.5.4.  Fuel cells

3.5.5.  Renewable energy sources (solar, wind)

3.5.6.  Hydrogen

3.5.7.  Anhydrous ammonia

3.5.8.  Compressed air and liquid nitrogen

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