The global passenger ship market is expected to grow at a significant rate with a CAGR of 4.5% over the forecast period 2022-2030.
Global Passenger Vessel Market: Overview
The Passenger Vessel market includes the sales of waterborne passenger transportation and also related services by entities such as organizations, independent traders and partnerships that provide waterborne passenger transportation across lakes, rivers or intra-coastal waterways.
Also, a passenger ship is defined as a merchant ship whose primary function is to carry passengers on the sea. This does not include cargo ships that have accommodations for a limited number of passengers, including twelve-car cargo ships. ubiquitous passengers once common on the seas in which the transport of passengers is secondary to the transport of goods.
In addition, passenger ships are also part of the merchant navy and passenger ships have also been used as troop ships, are often ordered as warships when used for this purpose.
Key market trends:
Each market has its growth determinants and challenges. One of the major factors fueling the growth of the market over the forecast period is the growth in the tourism industry.
Additionally, there has been an increasing implementation of technology for improving the experience of passengers and guests on board. Additionally, cruise ships and ferries are among the earliest passenger carrying vessels to adopt and integrate the technology during the forecast period.
Furthermore, the passenger ship provides various additional benefits to customers during the voyage, including a dining area, a swimming area, as well as recreational activities, among others. These factors are responsible for the growth of the market.
Additionally, growth in the tourism industry will contribute to the expansion of the passenger ship market over the forecast period.
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Market segment analysis:
Based on vessel type
• Cruise ships
• Ferries
• Ocean liners
The cruise ship segment led the market growth over the forecast period. This is due to the growing popularity of the tourism industry in all regions.
Based on size
• Large ships
• Medium-sized vessels
• Small and medium size vessels
• Small vessels
Mid-size vessels led the market growth over the forecast period.
Based on demand
• Adventure
• Events
• Travel
• Others
The travel segment led the market growth over the forecast period. This is because of the increasing tourism in the world.
Asia-Pacific is expected to expand at a considerable CAGR
The passenger ship market is segmented into 4 major regions, namely North America, Europe, Asia-Pacific, Middle East and Africa. Among these, Asia Pacific led the market growth over the forecast period. Indeed, it is the largest and fastest growing region in terms of market revenue. Additionally, rising tourism among major countries in the region has boosted the growth of the market.
Competitive landscape
Some of the major companies operating in the market are
• Hyundai Heavy Industries (HHI)
• Samsung Heavy Industries
• Daewoo Shipbuilding
• Mitsubishi Heavy Industry. ltd.
• Hyundai Samho Heavy Industries
• Hanjin Heavy Industries
• Shipyards of the Atlantic
• China State Shipbuilding Corporation
• Oshima Shipbuilding Co. Ltd.
• STX shipbuilding
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Main questions answered by this report
• What is the growth rate of the passenger ship market?
• What are the main determinants of market growth?
• What are the major regions that make up the geographic landscape of the market?
• What are the main companies operating in the market?
Main lessons of the report
• The passenger ship market is expected to grow at a CAGR of 4.5% over the forecast period.
• The growth of the tourism industry promotes the growth of the market.
• The cruise segment is poised to grow significantly over the forecast period.
• Asia-Pacific dominated the regional market sphere during the forecast period.
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