A water taxi or a water bus, also known as a sightseeing boat, is a watercraft used to provide public or private transport. There has been an increase in the number of water taxi services in the last few years not only in developed regions, but also in developing regions, pertaining to its cost-effective and fuel-efficient benefits over conventional transportation. Reasons behind the increase in the water taxi market includes growing number of travel and recreation activities due to rise in disposable income and it being a best alternate mode of transport, which offers better connectivity with roads and railways as it is congestion and pollution free. For travelers, water taxis offer various sightseeing opportunities such as riverfront tours, waterfront cruises, sunset cruises, and nature tours which further drives the market growth.
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Government of various countries are also supporting water taxi due to the rising concerns related to green movement across the globe. Water taxi service has gone digital similar to other modes, in large cities like New York. For Instance, recently India Ola, the app-based taxi service company announced on-demand water-taxi service UberBOAT. The company launched the route learning exercise on Brahmaputra River and plans to start the commercial service. The recent trend of deploying lightweight and high-performance composite materials for boat manufacturing, for instance, company called 3A Composites has helped water taxi market firms develop innovative taxi designs. 3A Composites, recently launched a sustainable water taxi that integrates the benefits provided by 3A Composites’ AIREXT92 PET foam with a special hull shape that aids waste reduction, ride quality, and fuel efficiency.
The major companies profiled for the water taxi market share include Beneteau Group, Bavaria Yachtbau, Princess Cruise Lines, Ltd., Azimut-Benetti, Brunswick, Catalina Yachts, MacGregor, Ferretti, American Sail Inc, Sunseeker, and others. These market players have implemented a number of strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their status in the industry.
The water taxi market is segmented into product, fuel type and region. By product, it is categorized into yachts, cruise, ferries, and sail boats. On the basis of fuel type, it is classified into battery powered or electric, diesel, and hybrid. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The significant factors that drive the growth of the water taxi market include rising travel and recreational activities along with growing spending on leisure activities due to increase in disposable income. Various benefits of water taxi such as quick point to point transportation and considerable reduction in road and rail traffic congestion attract customers increasingly. Electric fairies also offer benefits such as durability and reduction in human efforts, noise pollution, and water pollution. In addition, increase in economies and growing inclination toward green movement creates opportunities for the market. However, intense competition from other modes of transportation such as roadways and railways, and initial capital along with high operational costs along with high fuel consumption act as restrains for the water taxi market growth
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KEY BENEFITS FOR STAKEHOLDERS
This study comprises analytical depiction of the global water taxi market with current trends and future estimations to depict the imminent investment pockets.The overall potential is determined to understand the profitable trends to gain a stronger foothold in the water taxi industry.The market analysis report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.The current water taxi market forecast is quantitatively analyzed from 2019 to 2026 to benchmark the financial competency.Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
WATER TAXI MARKET KEY SEGMENTS
* Sail Boats
By Fuel type
* Battery Powered or Electric
Questions answered in the Water Taxi Market research report:
1 What is the growth rate of the Water Taxi Market during the forecast period?
2 What will be the global Water Taxi market size from 2019 to 2026?
3 What are the leading manufacturing companies in the Water Taxi Market?