Rising living standards along with surge in disposable income across the globe has resulted in increased travel & recreational activities, essentially driving the water taxi market growth over the forecast timeframe. It offers the customers with several sightseeing opportunities through historic landmark cruises, scenic tours, waterfront cruises, snorkeling, etc. Moreover, constant improvement in global economic conditions is likely to further strengthen the industry penetration till 2024.
Water taxis reduce the traffic congestion on roadways & railways significantly and ensure rapid point to point transportation. These benefits are increasingly attracting the customer base, improving the product sales. Moreover, it is highly preferred over the other transportation modes owing to its cost effectiveness. Rising focus towards green movement across the globe has resulted in proliferating demand for electric ferries, accelerating their production. Excessive costs associated with their manufacturing and operations may negatively impact the water taxi market growth.
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Rising preference towards these taxis has forced the industry participants to develop advanced products with innovated technologies. Introduction of autonomous water taxis is increasingly gaining prominence among the manufacturers and the customers. Implementation of vessel tracking data from the identification system (AIS) of the U.S. coast guard is another innovation that helps to measure dwelling time of the ship. These innovations are likely to instigate immense growth potential to the water taxi Market over the next seven years.
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.
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Diesel is anticipated to capture maximum volume share of more than 58% over the forecast timeframe. The fuel is pre-dominantly used in marine industry over the past decades. This strong prevalence is major factor contributing towards the revenue generation. The high presence of diesel-driven boats in waterways across the globe will further strengthen the industry penetration. 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.
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 water taxi 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 water taxi 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.