Water Taxi market size is estimated to be valued over US$ 391 Billion in 2018. The industry will register 5.1% CAGR to scale industry revenue during the forecast period.
Water taxi services has increased in last few years. Increase in recreational services and rise in per capita spending has led to boost in services in last few years. Not only developed regions, but developing regions are also registering giant stride in inland water transport services. As such, water taxi market will continue to register stable growth. Such services is predominantly in archipelago and large coastal regions. North America, Western Europe and South East Asia are key regions where such taxis are widely used.
Water taxi services are used either for private commotion or public transport. Public transport services has increased owing to better connectivity with roads and railways. Many service operators are also trying to capitalize the market. In February 2018, cab-hailing company Ola entered in agreement with Assam state government, India to provide river taxis for commuters. The project is running successfully and many more such projects are expected to emerge in another ten years. While there exists immense possibilities to fully tap the growing market, stringent regulatory compliances has somewhat affected the sales of water taxi worldwide.
The industry is bit consolidated with top 5 players accounting for over 78% of global revenue share. These companies are expected to retain their market positioning throughout the forecast period.
Water Taxi Services: Gateway to Opportunity
Boat sales was reeling through economic slowdown between 2007 and 2013. The sales started peeking at a healthy rate post 2013. While there are many factors driving the sales, water taxi services is the most important factor that boosted overall sales.
Many players including Uber, Ola, SeaBubbles has forayed in the service providing sector in last few years. These companies ran various companies to enhance consumer awareness. The move has helped water taxi industry to revive revenue growth.
Product Innovation is Key Trend Witnessed in Water Taxi Market
Companies are actively working on developing autonomous vehicles with higher mileage. For instance, France based SeaBubbles created pure electric autonomous boat. The company has raised US$ 10.8 million to make electric autonomous boat a reality. SeaBubbles is planning to set up its operations in over 50 countries by 2024. Similar move is expected to be seen by other players during the forecast period.
Global Water Taxi Market Analysis, Sales by vehicle Type
Sail Boats dominated the water taxi market share in 2017 and is expected to lead the industry share throughout the period. Sail boats is estimated to account for US$ 310 billion in 2018. The segment will register a CAGR of 3.9% between 2018 and 2028. Sail boats are comparatively cheaper and is therefore highly popular among operators. Production will continue to rise to meet the growing demand from developing regions especially ASEAN and GCC regions.
Global Water Taxi Market Share Analysis, Sales by Fuel Type
Diesel based water taxi accounted for 65% of total sales in 2017. Better mileage and lower diesel costs has propelled the diesel based water taxi worldwide.
While diesel boats dominated the total revenue share, electric water taxi is gaining highest traction worldwide. In 2017, electric water taxi accounted for less than 1% of total registered units. However, advancement in technology is expected to boost such taxi demand. By 2028, electric water taxi will account for 7% of new boat sales.
Global Water Taxi Market Analysis, Sales by Product Type
Based on the product type (light type), the sales revenue is analyzed across LED, OLED, and other conventional types. While LED has been a relatively newer concept, it has gained wide scale recognition in the industry. Various manufacturers have successfully implemented LED based interior lighting in vehicles. Costs for LED lighting has fallen and as such offers higher flexibility.
OLED are surface lights that proves efficient in offering lights to irregular shapes. They provide higher flexibility compared to LED, however, costs remain a major issue with OLEDs.
Global Water Taxi Market Size and Forecast: Regional Analysis
Globally, North America dominated the net sales in 2017. The region will continue to create new market opportunity over the next ten years. The region accounted for 51% of new sales. Majority of the sales will take place in New York. Higher per capita disposable income, better inland infrastructure and rise in tour and travel will boost the water taxi adoption rate in the region. U.S will account for 93% of total sales in the region.
Asia Pacific stands next to North America. Majority of sales is concentrated to South East region. The region will register impressive CAGR of 6.7% to create favorable business ecosystem for players.
Global Water Taxi Market Size and Forecast: Competition Landscape
Some key players are:
- Beneteau Group
- American Sail Inc
- Bavaria Yachtbau
- MacGregor, Hunter
- Catalina Yachts
By Vehicle Type:
- Sail Boats
By Fuel Type:
By Application Type:
What Will You Discover in the Report?
- An in-depth analysis of the Water Taxi market across regions – North America, Latin America, Western Europe, Central and Eastern Europe, Asia Pacific, Middle East, and Africa.
- How the Water Taxi market sales is expected to grow throughout the forecast period.
- How geopolitical policies and technological changes will affect the Water Taxi market in near future
- Where the stakeholders should invest to generate higher profit margins
- How consumers (end-users) will reflect to the Water Taxi industry during the forecast period
- Who are the Water Taxi industry leaders and what are the key initiatives taken by them for long term growth
Who will benefit from the Report?
- Water Taxi Industry Suppliers
- Water Taxi Industry Manufacturers
- Consultants and Analysts
- Industry Specialists
Analyst access with Bekryl Market Analysts
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