Water Taxi market size is valued at US$ 385.9 Bn in 2017 and expected to grow at a CAGR of 5% in the forecasting period. Rising travel and recreational activities owing to increasing disposable income across the globe are driving the industry growth for a water taxi. Water taxis offer various sightseeing opportunities such as riverfront tours, waterfront cruises, sunset cruises, and nature tours, further attracting the customers. Substantial improvement in the economic conditions has resulted in increased spending on leisure activities, further positively impacting the water taxi market share over the next few years.
The water taxi as a product facilitates faster river crossings that reduce overall travel time. Moreover, it also provides multiple benefits such as reduction in traffic congestion on roadways and quick ‘point to point’ transportation at the fixed speed. A water taxi is also used for more economical passenger transportation as compared to other modes. These benefits will contribute significantly towards the revenue generation from water taxi market over the forecast timeframe. The rising prominence of the green movement has resulted in a significant demand for water electric ferries. This can be attributed to various benefits offered such as reduction in human efforts, durability, and minimal noise & water pollution thus boosting the water taxi market.
water taxi market
The water taxi market is segmented based on product, fuel, and geography. By product, the water taxi market is segmented into yachts, cruise, ferries, and sailboats. Under this, sail boat is expected to hold the major market share in the current forecast period. High production of sail boats essentially contributes to the high revenue generation of a water taxi. These boats are highly preferred over the counterparts for covering short distances. Cost-effectiveness as compared to other boats will further support the industry dominance of water taxi over the forecast timeframe.
Geographically, the water taxi market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is expected to be the largest market for water taxi during the forecast period. Substantial revenue generation is attributed to the presence of established marine industry along with the rising number of industry participants such as American Sail Inc. and Brunswick across the region. Continuous growth in marine passenger traffic in the U.S. and Canada over the past years will further strengthen the industry growth of water taxi. Increasing preference towards travel & tourism activities in the region will also support the regional dominance till 2026 for a water taxi. Asia-Pacific is projected to be the fastest growing market for water taxi with growth in the production of these taxis across the region.
Key player across the Water Taxi industry is Beneteau Group, Brunswick, Azimut-Benetti, Ferretti, and Sunseeker. The competitors are focusing on regular innovations to enhance their visibility among the customers. They are highly involved in the production of autonomous water taxis to gain a competitive edge. Moreover, they are indulged in adopting marine hybrid propulsion, resulting in enhanced products with lesser marine pollution and compliance with the regulations associated with the marine industry are expected to boost the water taxi market.
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Water Taxi Market Scope
Water Taxi Market, By Product
• Yachts
• Cruise
• Ferries
• Sail Boats
Water Taxi Market, By Fuel
• Battery Powered or Electric
• Diesel
• Hybrid
Water Taxi Market, By Geography
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• Latin America
Key Players operating in the market:
• Beneteau Group
• Brunswick
• Azimut-Benetti
• Ferretti
• Sunseeker
• Bavaria Yachtbau
• American Sail Inc
• Catalina Yachts
• MacGregor
• Hunter
• Princess
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