As household incomes surge in the wake of the rapid enhancement of living standards, the global water taxi market trends are expected to witness a substantial boost owing to the proliferation of leisure and tourism activities across the globe.
Water taxis provide travelers the opportunity to enjoy numerous sightseeing experiences through scenic tours, waterfront cruises, historic landmark cruises as well as water activities like snorkeling, etc. Furthermore, the steady advancements in the global economy are likely to bolster industry expansion significantly over 2024.
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Water taxis present a plethora of benefits such as easing road and railway congestion to a great extent and faster end-to-end commutes. These advantages coupled with cost-efficiency have led to tremendous product popularity among the customer base, which should in turn lead to a considerable surge in water taxi market demand in the coming years.
Shifting trends towards energy conservation and the advent of the green revolution in recent years has proven to be key drivers behind the massive acceleration of the water taxi industry growth, as a result of burgeoning demand for electric ferries.
As per estimates by Global Market Insights, Inc. the global water taxi market size is expected to cross $500 billion over 2024.
How will the emergence of autonomous water taxis impact the global water taxi industry outlook over the forecast period?
The rising demand for water taxis in the current scenario has given rise to significant efforts towards product innovation, thereby fueling industry growth over 2018-2024. One significant trend that has gained immense momentum among customers and industry players alike is the emergence of autonomous water taxis. These vehicles are powered solely through batteries run by solar panels and water-based energy and exhibit a range of approximately 80 to 100 kms.
Another technological trend gaining widespread acceptance is the adoption of U.S Coast Guard’s AIS (automatic identification system) vessel tracking data, which helps to gauge ship dwell time. These prominent developments are set to present lucrative growth opportunities to the water taxi market over the estimated timeline.
Which key product segment is poised to take the lead in the water taxi market share across the globe?
Considering the product landscape, it is observed that the sail boats segment plays a dominant role in the global water taxi industry and is expected to sustain this position with over 78% volume share by the end of 2024. These boats are used extensively for short distance commutes which is a prominent factor in their accelerated production rate. Furthermore, sail boats are highly cost effective, which is also likely to add impetus to market expansion in the sector.
Ferries, on the other hand, are expected to exhibit an appreciable growth rate at over 6% CAGR through 2024, as a result of higher affordability in terms of fare rates in comparison with other water taxi counterparts. Ferries are commonly used as a daily means of passenger transport, particularly for work commutes. Flourishing rate of production of the boats is another pivotal driver facilitating market expansion over 2024.
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What effect will the advent of the green movement have on the water taxi market size from the hybrid fuel segment over 2018-2024?
The diesel fuel type is expected to hold volume shares of over 58% in the global water taxi market through 2024. Diesel demonstrates significant application potential in the marine industry, which is a major factor contributing to the product’s high popularity in the sector. The robust use of diesel-powered water vessels in global waterways is also anticipated to propel water taxi market penetration even further.
The global water taxi industry share from the hybrid taxi segment is projected to depict a CAGR of over 5% through 2024, owing to the rising prevalence of green energy initiatives across the globe. A considerable shift in preferences towards more eco-friendly fuel sources coupled with the product’s myriad advantages including reduction in noise and marine pollution levels, among others is estimated to assert a positive influence on market penetration in the years ahead.
Table of Contents (ToC) of the report:
Chapter 1. Methodology and Scope
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
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
3.3.3. Distribution channel analysis
3.3.4. Vendor matrix
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