Water Taxi Market To Witness Substantial Growth Over 2021 To 2024
Category: #headlines  By Ronak Bora  Date: 2021-09-07
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Water Taxi Market  To Witness Substantial Growth Over 2021 To 2024

Global water taxi market trends are expected to witness a substantial boost owing to increasing requirement for quick, emission-free transport has been a major driver for water taxi industry growth. Water transportation has been gaining more and more popularity lately, pertaining to its cost-effective and fuel-efficient benefits over conventional transportation. Having recognized the same, regional governments have been majorly investing in the tourism industry, generating lucrative opportunities for water taxi industry players. The deployment of water taxis in numerous public and private water bodies has indeed helped reduce vehicular traffic congestion in the city – a principal factor that has been extensively responsible for stimulating water taxi industry share.

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Recreational activities such as boating have taken on a diverse significance in recent times, on account of which numerous private companies are deploying water buses on large scale. This in consequence, has prompted the entry of new contenders in water taxi market and a slew of unique product launches. Say for example, the French startup SEABUBBLES has been testing its new electric hydrofoil water taxi – a battery powered water bus that reduces air drag and attains greater speed, in Switzerland for quite a while now. The company now looks forward to deploying electric boats for transportation in lakes and rivers across European countries. As this type of transit system generates lesser air as well as water pollution, the governments of the various countries are encouraging private and public service providers to deploy battery-operated and hybrid water taxis. These initiatives are likely to push hybrid water taxi market size, slated to grow at a CAGR of more than 5% over 2018-2024.

The increasing deployment of these water vehicles has generated profitable growth opportunities for water taxi industry firms. In order to achieve a dominant position across this vertical, most of the prominent biggies are focusing on the development of green boating systems that are driven by renewable energy. Though this transit system is clean and emission-free, in some cases, the speed factor of some of the green taxis have put a dampener on the overall product demand. In order to combat the same, companies have been constantly working enhancing product features and its capability.

The Asian zone is expected to contribute commendably toward the growth of water taxi market, owing to the increasing involvement of private and public sectors in the deployment of water taxi services. For the record, merely a few months earlier, the Indian ride-hailing service provider OLA signed a MoU with the government of Assam to launch a water taxi service in the state. This project is most likely to strengthen the transportation network across North India. In addition, the mobile-based transportation system will help local government enhance the state’s tourism prospects.

The competitive hierarchy of water taxi market is remnant of novel product development strategies and massive R&D programs. The emergence of battery operated lightweight boats for instance, has added a new growth dimension to water taxi industry. Another pivotal factor pushing the expansion of this vertical is the crucial role that governments play in promoting trading and tourism activities, focusing on bettering the economy of their respective countries. Aided by a favorable regulatory spectrum and the rising prominence of the green movement, water taxi market size is expected to cross the coveted USD 500 billion mark by the end of 2024.

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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 water taxi 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.  Water taxi market estimates and forecast, by region, 2013 – 2024

5.4. Hybrid

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/water-taxi-market

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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