Inland Water Passenger Transport Global Market Report 2023
Major players in the inland water passenger transport market are American Commercial Lines LLC, Ingram Industries, Jeffboat, European Cruise Service, Alnmaritec Ltd., Bayliner, Groupe Beneteau, CIWTC, CMA CGM Group, and Carnival Corporation.
New York, Feb. 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Inland Water Passenger Transport Global Market Report 2023" - https://www.reportlinker.com/p06250374/?utm_source=GNW
The global inland water passenger transport market will grow from $1.64 billion in 2022 to $1.74 billion in 2023 at a compound annual growth rate (CAGR) of 6.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The inland water passenger transport market is expected to grow to $2.11 billion in 2027 at a CAGR of 4.9%.
The inland water passenger transport market includes revenues earned by entities by providing navigation as well as drainage, irrigation, water supply, and hydroelectric power generation.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Inland water passenger transportation refers to a mode of transportation over stretches of water, not part of the sea, over which crafts with a carrying capacity of not less than 50 tons can navigate when normally loaded to provide inland water transportation of passengers and cargo on lakes, rivers, or intracoastal waterways.
Western Europec was the largest region in the a inland water passenger transport market in 2022.Asia Pacific was the second largest region in the a inland water passenger transport market.
The regions covered in the inland water passenger transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main passenger transportation types in the inland water passenger transport market are canal passenger transportation, intercostal transportation of passengers, lake passenger transportation, water shuttle services, river passenger transportation, ship chartering with the crew, and water taxi services.Lake passenger transportation provides inland water transportation of passengers on lakes.
The market is segmented by mode into cruise ships, cargo-passenger ships, ferry ships, and others; and by application into the supply chain, distribution, and end customers.
The rising use of boats through inland waterways as a means of providing sightseeing services is expected to drive the inland waterway passenger transport market.There are many places, such as the Mine Bay Rock Carvings in New Zealand, Horizontal Falls in Australia, AgiaRoumeli in Greece, and others, that are not accessible by roads but only through waterways, generating higher demand for inland waterway passenger transport services.
According to Voices navigable de France, the French navigation authority, sightseeing vessels carried 11 million passengers and employed 1,440 people in France. Moreover, according to the European Barge Union’s Annual Report 2019-2020, the number of cruise passengers on European rivers increased by 9.9%, reaching 1.79 million passengers. Hence, an increase in the use of boats on inland waterways for sightseeing is boosting the inland waterway passenger transport market.
Safety issues associated with boat services operating on inland waterways like rivers, lakes, and others are expected to limit the growth of the inland water passenger transport market.Traveling by boat on inland waterways is always associated with risks.
Overloading, or even minor negligence, can lead to an unfortunate incident that could lead to a loss of life.For instance, according to the Australian Maritime Safety Authority, in August 2020, Australia reported 83 incidents involving domestic commercial vessels.
Factors such as overcrowding, not maintaining proper safety measures, natural disasters and sudden climate change are reasons for poor safety for passengers, restricting the growth of the inland water passenger transport market.
Companies in the inland water passenger transport market are increasingly implementing technology for enhancing the passenger and guest experience on-board.Cruise and ferry boats are among the first inland waterway passenger ships to adopt and integrate the technology.
For instance, in July 2020, Ferryhopper, a Greece-based ferry booking platform, launched the 1st version of Ferryhopper’s App. This app enables customers to look up direct and indirect ferry connections, evaluate ferry operators, and check the status of available tickets in real time.
In October 2020, Hornblower Group, a USA-based leading yacht and public dining cruise company, acquired Shore Excursions of America for an undisclosed amount.Through this acquisition, Hornblower Group plans to expand its land excursion portfolio while further creating a more seamless booking process for agents and consumers.
Shore Excursions of America (SEA) is a US-based provider of cruise extension packages, shore excursions, and uniquely inclusive exploration travel.
The countries covered in the inland water passenger transport market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The inland water passenger transport market research report is one of a series of new reports that provides inland water passenger transport market statistics, including inland water passenger transport industry global market size, regional shares, competitors with an inland water passenger transport market share, detailed inland water passenger transport market segments, market trends and opportunities, and any further data you may need to thrive in the inland water passenger transport industry. This inland water passenger transport market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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