DELRAY BEACH, Fla., Sept. 9, 2024 /PRNewswire/ -- The Water Bus Market is estimated to be USD 1.22 billion in 2024 and is projected to reach USD 1.64 billion by 2030 at a CAGR of 5.1 % from 2024 to 2030 according to a new report by MarketsandMarkets. Water Bus market is facing growth, driven by increasing urbanization, the rising demand for sustainable and efficient public transportation solutions, and advancements in maritime technologies. The key factors that contributes to the growth includes the adoption of eco-friendly propulsion systems, such as hybrid and fully electric engines. The market is expected to witness substantial investments and strategic partnerships aimed at enhancing operational efficiency. Water bus manufacturers are focusing on developing fuel-efficient and electric water buses which will cater to the customers preferences. Growth in the urban mobility strategies is leading to a higher demand for sustainable travel options. These are among some of the factors that are providing growth for the Water Bus Market.
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Browse in-depth TOC on "Water Bus Market"
199 - Tables
51 - Figures
203 - Pages
Water Bus Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 1.22 billion |
Estimated Value by 2030 | $ 1.64 billion |
Growth Rate | Poised to grow at a CAGR of 5.1% |
Market Size Available for | 2020-2030 |
Forecast Period | 2024-2030 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Propulsion, Capacity, Operation and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | High investment cost of waterbus |
Key Market Opportunities | Increasing focus on Sustainability |
Key Market Drivers | Increasing need for alternative travel option due to growing Urbanization and Population |
Based on propulsion, the fuel powered water bus segment is projected to have the highest market share in the forecast period.
Based on propulsion, the fuel powered segment is projected to grow at highest market share during the forecast period, from 2024 to 2030. Because of the well-established infrastructure and extensive usage, the fuel-powered segment of the water bus market is expected to hold the largest market share. The proven dependability and performance of fuel-powered water buses which are usually powered by diesel or other conventional fuels make them appealing to operators searching for dependable, high-capacity transportation. Despite the growing interest in sustainable alternatives due to the higher initial cost and infrastructure associated with electric or hybrid options the market for fuel powered waterbus remains highest in the forecast period.
Based on capacity, the 51-75 passenger segment is expected to grow at the highest CAGR in the Water Bus market during the forecast period.
Based on capacity, the 50-75 passenger segment is expected to grow at the highest CAGR in the Water Bus market from 2024 to 2030. Based on capacity, the 50-75 passenger water bus segment is estimated to hold the highest market share due to its optimal balance between capacity and maneuverability. This size is perfect for city settings, where it can maneuver through small spaces or crowded rivers with ease and still have enough room to accommodate a large number of passengers. The 50-75 passenger water buses are both spacious enough to accommodate light commuter and tourist traffic and small enough to fit through many cities limited infrastructure. They act as a flexible and sensible option for operators who want to effectively meet demand without dealing with the difficulties that come with larger vessels.
By operation, Intercity segment for the Water Bus market is projected to grow at highest market share during the forecast period.
The water bus industry's intercity segment is anticipated to have the highest market share from 2024 to 2030 based on operation because of its crucial role in delivering effective, specialized transportation in metropolitan areas. In addition to providing a pleasant and scenic substitute for conventional transportation, intercity water buses also efficiently reduce traffic jams and link important locations within cities. They are an important part of urban transit strategies because their integration into the public transportation system improves urban mobility and corresponds with the growing demand for sustainable and alternative transportation solutions.
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North America holds the second highest market share in the region for the Water Bus market.
North America region holds the second-highest market share in the water bus industry specifically due to rising urbanization and demand for eco-friendly and alternative modes of transportation. Water bus services have been established in cities like New York and Seattle to reduce traffic and offer beautiful travel options. Furthermore, the expansion of water bus services is aided by North America's emphasis on enhancing public transportation infrastructure and investigating environmentally friendly substitutes. North America is a major player in the water bus market, despite having a smaller market than Europe. This is due in part to its investment in modern transit solutions and its growth in waterfront development.
Major players in the water bus companies are Damen Shipyards Group (Netherlands), Icarus Marine (South Africa), Mavi Deniz Çevre Hiz A.S. (Turkey), Incat Crowther (Australia) and Ares Shipyard Inc. (Turkey). These companies have well-equipped, strong distribution networks across North America, Europe, Asia Pacific, the Middle East, Latin America & Africa.
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