Global Passenger Transport Ship Market is projected to rise at a significant rate expanding at a CAGR of 4.5% over the forecast period of 2022-2030.
Global Passenger Transport Ship Market: Overview
The passenger transport ship market consists of sales of inland water passenger transportation and also related services by entities, such as, organizations, sole traders, and partnerships that provide inland water transportation of passengers on lakes, rivers, or intra-coastal waterways.
Also, a passenger ship is defined as a merchant ship whose primary function is to carry passengers on the sea. It does not include cargo vessels that have accommodations for limited numbers of passengers, including the ubiquitous twelve-passenger freighters once common on the seas in which the transport of passengers is secondary to the carriage of freight.
Additionally, the passenger ships are also a part of the merchant marine and the passenger ships have also been used as troopships, often are commissioned as naval ships when used as for that purpose.
Key Market Trends:
Every market has its growth determinant and challenges. One of the main factor that has fuelled the market growth over the forecast period is the growing tourism industry.
Additionally, there has been an increasing implementation of technology for the enhancement of the passenger and guest experience on-board. Also, cruise and ferry boats are among the first passenger transport ships that have adopted and integrated the technology over the forecast period.
Also, the passenger transport ship provides various additional benefits to customers during the travel that includes, food area, swimming area, as well as recreational activities, among others. These factors are responsible for driving the growth of the market.
Moreover, the rising tourism industry will help in the expansion of the passenger transport ship market over the forecast period.
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Segmental analysis of the Market:
Based on Ship Type
- Cruise Ships
- Ferries
- Ocean Liners
The cruise ships segment has dominated the market growth over the forecast period. This is because of the rising popularity among the tourism industry over all the regions.
Based on Size
- Large Ships
- Midsized Ships
- Small-Mid Ships
- Small Ships
The midsized ships have dominated the market growth over the forecast period.
Based on Application
- Adventure
- Events
- Travel
- Others
The travel segment has dominated the market growth over the forecast period. This is because of the growing tourism over the world.
Asia Pacific is anticipated to amplify at a considerable CAGR
The passenger transport ship market is segmented into 4 main regions namely, North America, Europe, Asia Pacific, Middle east and Africa. Among these, Asia Pacific has dominated the market growth over the forecast period. This is because it is the largest and fastest growing region in terms of revenue from the market. Also, the rising tourism among the major countries of the region has boosted the market growth.
Competitive Landscape
Some of the prominent companies operating in the market are
- Hyundai Heavy Industries (HHI)
- Samsung Heavy Industries
- Daewoo Shipbuilding
- Mitsubishi Heavy Industry. Ltd.
- Hyundai Samho Heavy Industries
- Hanjin Heavy Industries
- Chantiers de l’Atlantique
- China State Shipbuilding Corporation
- Oshima Shipbuilding Co. Ltd.
- STX Shipbuilding
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Major questions answered in this report
- What is the growth rate of the passenger transport ship market?
- What are the primary growth determinants of the market?
- Which are the major regions constituting the geographical landscape of the market?
- Which are the prominent companies operating in the market?
Key takeaways from the report
- The passenger transport ship market is projected to expand at a CAGR of 4.5% over the forecast period.
- The growing tourism industry is aiding market progression.
- The cruise segment is poised to expand significantly over the forecast period.
- Asia Pacific has dominated the regional market sphere over the forecast period.
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