The inland water passenger transport market has exhibited significant growth in recent years. The market size surged from $1.85 billion in 2023 to $2.01 billion in 2024, reflecting a compound annual growth rate (CAGR) of 8.5%. This historical growth can be attributed to factors such as infrastructure development, economic expansion, urbanization, environmental considerations, government initiatives, and congestion alleviation. The market is projected to continue its robust trajectory, reaching $2.73 billion by 2028 at a CAGR of 8.0%. Future growth drivers include a shift towards sustainable transportation, integrated transport systems, tourism industry expansion, climate change mitigation strategies, and technological innovations. Major trends anticipated in the forecast period are market liberalization, technological advancements, evolving consumer preferences, global economic shifts, and pandemic impacts.
Major Driver In The Inland Water Passenger Transport Market
The rising adoption of boats for inland waterway sightseeing services is expected to propel the inland waterway passenger transport market. Inaccessible by roads, many scenic locations worldwide, such as Mine Bay Rock Carvings in New Zealand and Horizontal Falls in Australia, generate a higher demand for inland waterway passenger transport. According to Voices navigable de France, sightseeing vessels carried 11 million passengers in France, highlighting the significance of waterway transport for tourism. This increased use of boats for sightseeing on inland waterways is a driving factor in the growth of the inland waterway passenger transport market, with market sizes anticipated at X in 2023, Y in 2024, and Z in 2028.
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Inland Water Passenger Transport Market Competitive Landscape
CMA CGM SA, MSC Mediterranean Shipping Company S.A., Norwegian Cruise Line Holdings Ltd., Ingram Industries Inc., Bayliner Marine Group, Carnival Corporation & plc, Carnival Maritim GmbH, Groupe Beneteau SA, Royal Caribbean Cruises Ltd., American Commercial Lines LLC, Belmond Ltd., Crystal Cruises LLC, Scenic Luxury Cruises & Tours Limited, Alnmaritec Limited, Uniworld Boutique River Cruise Collection, Tauck River Cruises Inc., AmaWaterways Inc., Viking River Cruises AG, The American Queen Steamboat Company LLC, Pandaw River Expeditions Limited, China International Water Transportation Corporation (CIWTC), Jeffboat Inc., Sanctuary Retreats LLC, Avalon Waterways Ltd., Aqua Expeditions LLC, European Cruise Service GmbH, Emerald Waterways Ltd.
Key Inland Water Passenger Transport Market Trend
Major companies operating in the inland water passenger transport market are developing autonomous waterway transportation system to optimize the transportation process. An autonomous waterway transportation system refers to a system that uses artificial intelligence (AI) and other advanced technologies to optimize the transportation process, reduce fuel consumption, and improve safety in inland water transport. For instance, in 2021, Chen et al. proposed an implementable architecture of an inland autonomous waterway transportation system that uses AI to optimize the transportation process. The system uses a combination of AI, big data, and the Internet of Things (IoT) to optimize the transportation process, reduce fuel consumption, and improve safety. The system includes a control center, a communication network, a navigation system, and a transportation system.
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Inland Water Passenger Transport Market Segmentation
The inland water passenger transport market covered in this report is segmented –
1) By Passenger Transportation Type: Canal Passenger Transportation, Intercostal Transportation Of Passengers, Lake Passenger Transportation, Water Shuttle Services, River Passenger Transportation, Ship Chartering With Crew, Water Taxi Services
2) By Mode: Cruise Ships, Cargo-Passenger Ship, Ferry Ships, Other Modes
3) By Application: Supply Chain, Distribution, End Customers
By Geography:The regions covered in the inland water passenger transport market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Western Europe was the largest region in the a inland water passenger transport market in 2023.
The Inland Water Passenger Transport Global Market Report 2024 furnishes information about the global inland water passenger transport market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
