Water Taxi Market - Global Industry Analysis, Growth, Trends, and Forecast 2021 - 2024
Global water taxi market 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.
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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.
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.
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.
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.
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Partial Chapter of the Table of Content
Chapter 4. Water Taxi Market, By Product
4.1. Global market share by product, 2017 & 2024
4.2. Ferries
4.2.1. Global market estimates and forecasts, 2013 – 2024
4.2.2. Market estimates and forecast, by region, 2013 – 2024
4.3. Cruise
4.3.1. Global market estimates and forecasts, 2013 – 2024
4.3.2. Market estimates and forecast, by region, 2013 – 2024
4.4. Yachts
4.4.1. Global market estimates and forecasts, 2013 – 2024
4.4.2. Market estimates and forecast, by region, 2013 – 2024
4.5. Sail boats
4.5.1. Global market estimates and forecasts, 2013 – 2024
4.5.2. Market estimates and forecast, by region, 2013 – 2024
Chapter 5. Water Taxi Market, By Fuel
5.1. Global market share by fuel, 2017 & 2024
5.2. Electric
5.2.1. Global market estimates and forecasts, 2013 – 2024
5.2.2. Market estimates and forecast, by region, 2013 – 2024
5.3. Diesel
5.3.1. Global market estimates and forecasts, 2013 – 2024
5.3.2. Market estimates and forecast, by region, 2013 – 2024
5.4. Hybrid
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