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DUBLIN--(BUSINESS WIRE)--Oct 28, 2022--
The "Inland Water Passenger Transport Global Market Report 2022: By Mode, By Application" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global inland water passenger transport market as it emerges from the COVID-19 shut down.
The global inland water passenger transport market is expected to grow from $1.49 billion in 2021 to $1.6 billion in 2022 at a compound annual growth rate (CAGR) of 7.0%. The market is expected to grow to $1.99 billion in 2026 at a compound annual growth rate (CAGR) of 5.7%.
Companies Mentioned
Reasons to Purchase
The inland water passenger transport market consists of sales of inland water passenger transportation and related services by entities (organizations, sole traders, and partnerships) that provide inland water transportation of passengers on lakes, rivers, or intra-coastal waterways.
The main passenger transportation type 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. The 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.
Western Europec was the largest region in the a inland water passenger transport market in 2021. Asia Pacific was the second largest region in the a inland water passenger transport market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The rising use of boats through inland waterways as a means of providing sightseeing services is expected to drive the inland water passenger transport market. There are many places such as The Mine Bay Rock Carvings in New Zealand, Horizontal Falls in Australia, Agia Roumeli in Greece, and others that are not accessible by roads but only through waterways, generating higher demand for inland water 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 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 through inland waterways for sightseeing is boosting the inland water 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 in 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.
According to 2019 Recreational Boating Statistics published by US Coast Guard, in 2019, 4,168 accidents including 2,559 injuries, 613 deaths, and about $55 million property damage was reported due to recreational boating accidents. In addition to this, 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, the 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 water passenger ships to adopt and integrate the technology
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.
For more information about this report visit https://www.researchandmarkets.com/r/jgf347
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SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 10/28/2022 06:06 AM/DISC: 10/28/2022 06:06 AM
http://www.businesswire.com/news/home/20221028005203/en