Water Bus Market by Propulsion (Fully Electric, Fuel-Powered, Hybrid Electric), Capacity (<25 Pax, 26–50 Pax, 51-75 Pax), Operation (Intercity, Intra City), and Region Global Forecast to 2030
[203 Pages Report] The water bus market is projected to grow from USD 1.22 billion in 2024 to reach a value of USD 1.64 billion by 2030 at a CAGR of 5.1%. The need for eco-friendly and alternative modes of transport, especially in regions with large waterways, drives the need for water buses. Water buses are integrated with the Smart City transport system, which ensures seamless connectivity via real-time tracking and digital ticketing. Such technological developments would drive the popularity of water buses and highlight their exceptional utility as a convenient mode of transport. Other drivers of the market include rapid urbanization, technological advancements, and a rising need for environmental sustainability, spurring the demand for electric and hybrid engines to encourage carbon-free emissions.
Water Bus Market Forecast to 2030
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Market Dynamics:
Driver: Growing urbanization and population
Due to rapid urbanization and rising population, water transportation has become an important part of urban transportation systems. Water buses offer a comfortable travel experience during peak hours, especially in areas affected by severe traffic congestion. Compared to conventional road transport, water buses, especially electric and hybrid models, are environmentally friendly, with almost negligible contribution to air pollution and climate change. This factor has driven the demand for water buses in recent years.
Restraint: Limited coverage and accessibility of water buses
Water buses are restricted to areas with adequate waterways, which hinders their adoption in regions with limited canal systems or rivers. Also, water bus services require sufficient infrastructure, such as docking facilities and accessible boarding options, which may not be present in all areas. These limitations regulate the effectiveness of water buses as a viable alternative transportation option across regions, which, if not attended to, would act as a long-term restraint for the growth of the global water bus market in the years to come.
Opportunity: Increasing focus on sustainability
As cities and governments seek eco-friendly transportation solutions to reduce carbon emissions and their subsequent environmental impact, water transportation emerges as a viable option. Water buses utilize electric or hybrid propulsion systems, which align well with global sustainability targets and enhance the ‘Green’ goals in cities and towns. This sustained emphasis on promoting sustainable transit options would potentially attract investment and development in water bus services from environmentally conscious consumers and policymakers.
Challenge: High cost of investment
High investment costs are a challenge for the growth of the water bus market. The cost of acquiring vessels, constructing docking facilities, and establishing operational infrastructure can deter potential investors and government agencies from adopting or expanding water bus services. High capital requirements may also impact the pricing of services of water buses, potentially limiting their affordability and accessibility. These factors hinder the adoption of water buses across regions.
Market Ecosystem:
By propulsion, the fuel powered segment is projected to lead the water bus market during the forecast period
By propulsion, the fuel powered segment is projected to account for the largest share of the water bus market during the forecast period. Fuel-powered water buses running on diesel or other traditional fuel types warrant reliability and performance, which makes them dependable and attractive to operators. Despite the growing interest of people in electric or hybrid models of water buses, fuel-powered water buses remain a dominant choice of operators.
By capacity, the 51-75 Pax segment is projected to grow at the highest rate during the forecast period
By capacity, the 51–75 Pax segment is projected to grow at the highest rate during the forecast period. Water buses with a capacity between 51 and 75 passengers guarantee efficient operations in urban environments with varying water conditions. These water buses facilitate enhanced docking, quick turning, and adaptability to different routes. These capabilities enhance their appeal, especially in regions looking to expand or introduce water-based transit solutions.
By operation, the intra city segment is projected to grow at the highest CAGR during the forecast period
By operation, the water bus market is segmented into intercity and intra city. Intra city water buses offer efficient, localized transportation within urban areas. These water buses effectively alleviate road congestion, connect key points within cities, and offer a scenic and enjoyable alternative to traditional transport. Their integration into the public transit system, aided by the increasing demand for sustainable and alternative transportation solutions, makes these water buses a significant catalyst in implementing urban transit strategies.
Europe is estimated to account for the largest share of the water bus market in 2024
Water Bus Market by Region
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Europe is estimated to account for the largest share of the water bus market in 2024. The region’s growth in the market can be attributed to its long-established tradition of using water-based transport services. European cities feature extensive canal systems and rivers, which provide navigable waterways to water vessels of all types. The region’s robust infrastructure, investment in sustainable transport solutions, and high level of urbanization support the growth of its water bus services. All these factors, adding to the region’s focus on environmental sustainability and establishing an efficient public transport system, further drive the expansion of the water bus market in Europe.
Key Market Players:
The major players in the water bus market are Damen Shipyards Group (Netherlands), Icarus Marine (South Africa), Mavi Deniz Çevre Hiz A.S. (Turkey), Incat Crowther (Australia), and Ares Shipyard Inc.(Turkey). These players have adopted organic and inorganic strategies to expand their presence in the water bus market.
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Report Metric |
Details |
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Market size available for years |
2020–2030 |
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Base year considered |
2023 |
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Forecast period |
2024–2030 |
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Forecast units |
Value (USD) |
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Segments covered |
By Propulsion, By Capacity, By Operation, By Region |
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Geographies covered |
North America, Asia Pacific, Europe, Middle East, Latin America & Africa |
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Companies covered |
Damen Shipyards Group (Netherlands), Icarus Marine (South Africa), Mavi Deniz Çevre Hiz A.S. (Turkey), Incat Crowther (Australia), and Ares Shipyard Inc.(Turkey) |
Water Bus Market Highlights
This research report categorizes the water bus market based on Propulsion, Capacity, Operation and Region.
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Segment |
Subsegment |
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By Propulsion |
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By Operation |
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By Capacity |
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By Region |
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Recent Developments:
- In June 2021, Damen Shipyards Group (Netherlands) and Hydromaster (Netherlands) partnered to develop new ferry thrusters for Blue Amigo, a customer of Damen Shipyards. The companies would deliver nine passenger vessels to Blue Amigo.
- In January 2024, Damen Shipyards Group (Netherlands) secured a contract to deliver four fully electric passenger ferries to BC Ferries (Canada).
- In February 2024, Incat Crowther (Australia) signed a contract with Majestic Fast Ferry Pte Ltd. (Singapore) to deliver a new second-generation 39-meter passenger ferry.
FAQs:
What is the projected size of the water bus market?
The water bus market is projected to reach a value of USD 1.64 billion by 2030, at a CAGR of 5.1%.
Who are the winners in the water bus market?
Damen Shipyards Group (Netherlands), Icarus Marine (South Africa), Mavi Deniz Çevre Hiz A.S. (Turkey), Incat Crowther (Australia), and Ares Shipyard Inc. (Turkey) are the key players in the water bus market.
Explain the role of technological advancements in the growth of the water bus market?
- Advanced Navigation Systems: Advanced navigation systems enhance water buses’ operational efficiency, safety, and user experience. Modern navigation systems, including GPS-based routing, real-time tracking, and automated collision avoidance, enable water buses to navigate complex waterways with great precision and reliability. These systems improve route optimization, reduce operational delays, and provide accurate data on water conditions and vessel positions. Integrating water vessels (with advanced navigation systems) and urban transport networks will make water bus services more efficient and user-friendly than conventional road transport services.
- Electric and Hybrid Propulsion Systems: Electric and hybrid propulsion systems are critical in advancing technology, promoting sustainability, and improving the operational efficiency of water buses. Using batteries or other renewable energy sources, electric propulsion systems decrease greenhouse gas emissions and noise pollution, making water buses a better environmentally friendly mode of transport than traditional fuel-powered vessels. Water buses equipped with hybrid systems, which combine conventional engines and electric propulsion systems, reduce fuel consumption and emissions. Advancements in electric and hybrid propulsion systems, aligning with the increasing environmental regulations and urban sustainability objectives, strengthen the popularity of water buses, especially in cities concerned about their environmental impact. These technological advancements are expected to drive the effectiveness of water buses in the years to come.
What are the factors driving the growth of the water bus market?
- Growing water tourism industry
- Rise in government initiatives and funding for sustainable and innovative transportation solutions
- Need for enhanced urban mobility
- Rising demand for alternative travel options
Which region is estimated to account for the largest share of the water bus market in 2024?
Europe is estimated to account for the largest global water bus market share in 2024.
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The research study conducted on the water bus market involved the extensive use of secondary sources, directories, and databases, such as D&B Hoovers, Bloomberg, and Factiva, to identify and collect relevant information. Primary sources included industry experts from the market as well as suppliers, manufacturers, solution providers, technology developers, alliances, and organizations related to all segments of the value chain of this industry. In-depth interviews of various primary respondents, including key industry participants, subject matter experts (SMEs), industry consultants, and C-level executives, were conducted to obtain and verify critical qualitative and quantitative information pertaining to the market as well as assess the growth prospects of the market. A deductive approach, also known as the bottom-up approach combined with the top-down approach, was used to forecast the market size of different market segments.
Secondary Research
In the secondary research process, various secondary sources were referred to identify and collect information for this study on the water bus market. Secondary sources included annual reports, press releases, and investor presentations of companies; white papers and certified publications; articles from recognized authors; manufacturers' associations; directories; and databases. Secondary research was mainly used to obtain key information about the supply chain of the marine industry, the monetary chain of the market, the total pool of key players, market classification and segmentation according to the industry trends to the bottom-most level, regional markets, and key developments from both market and technology-oriented perspectives.
Primary Research
Extensive Extensive primary research was conducted to obtain qualitative and quantitative information for this report on the water bus market. Several primary interviews were conducted with market experts from both the demand and supply sides across major regions, namely, North America, Europe, Asia Pacific, the Middle East, Latin America & Africa. Primary sources from the supply side included industry experts such as business development managers, sales heads, technology and innovation directors, and related key executives from various key companies and organizations operating in the autonomous boats market.
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Market Size Estimation
The top-down and bottom-up approaches were used to estimate and validate the size of the autonomous boats market. The research methodology used to estimate the market size includes the following details. Key players in the market were identified through secondary research, and their market share was determined through primary and secondary research. This included a study of the annual and financial reports of top market players and extensive interviews with industry stakeholders such as CEOs, technical advisors, military experts, marine vessel maintenance professionals, and SMEs of leading companies operating in the water bus market.
All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All possible parameters that affect the markets covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data on the water bus market. This data was consolidated, enhanced with detailed inputs, analyzed by MarketsandMarkets, and presented in this report.
Bottom-Up Approach
The bottom-up approach was employed to determine the overall size of the water bus market. Calculations for the market relied on water bus market were based on regional demand for each country. The bottom-up approach was also implemented to extract secondary research data to validate different market segments' revenues. With the data triangulation procedure and data validation through primaries, the overall sizes of the water bus market from the revenues of key players and their shares in the market and each market segment were determined and confirmed in this study.
Top-Down Approach
In the top-down approach, the overall market size was used to estimate the size of individual markets (mentioned in market segmentation) through percentage splits based on secondary and primary research.
For calculating the sizes of specific market segments, the most appropriate and immediate parent market size was used to implement the top-down approach. The bottom-up approach was also implemented to validate the market segment revenues obtained.
Market shares were then estimated for each company to verify the revenue shares used earlier in the bottom-up approach. With the data triangulation procedure and validation of data through primaries, the sizes of the parent market and each individual market were determined and confirmed in this study. The data triangulation procedure used for this study is explained in the market breakdown and triangulation section.
Data triangulation
After arriving at the overall market size through the market size estimation process explained above, the total market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for market segments and subsegments, market breakdown & data triangulation procedures explained below were implemented, wherever applicable. Data was triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market size was validated using both top-down and bottom-up approaches.
Market Definition
Water bus refers to marine vessels that are used to navigate through rivers, canals, or harbors within cities and tourist areas and accommodating around 50 to 75 people. Water buses provide public transportation services by offering scheduled or on-demand services, connecting various points along waterways. Water buses follow fixed routes or schedules for commutes and focus on connecting specific points across a waterway, making them suitable for short and longe intercity and intra city travel.
Stakeholders
Various stakeholders of the market are listed below:
- Water Bus Manufacturers
- Subcomponent Manufacturers
- Water Bus Service Providers
- Raw Material Suppliers
- Technology Support Providers
- System Integrators
- Government Agencies
- Commercial Vessel Operators
- Research Organizations
Report Objectives
- To define, describe, segment, and forecast the size of the water bus market based on propulsion, capacity, operation, and region.
- To analyze the degree of competition in the market by mapping the recent developments, products, and services of key market players
- To understand the structure of the water bus market by identifying its various segments and subsegments.
- To identify and analyze key drivers, restraints, opportunities, and challenges that influence market growth.
- To forecast the size of market segments across North America, Europe, Asia Pacific, Middle East, Latin America & Africa along with major countries in each region
- To analyze micromarkets1 with respect to individual technological trends and their contribution to the total market
- To profile key market players and comprehensively analyze their market share and core competencies2.
- To provide a detailed competitive landscape of the market, along with an analysis of business and strategies, such as mergers and acquisitions, partnerships, and agreements, in the water bus market.
- To identify detailed financial positions, key products, and unique selling points of leading companies in the market.
1. Micromarkets are further segments and subsegments of the water bus market market.
2. Core competencies of companies were captured in terms of their key developments and strategies adopted to sustain their position in the market
Available customizations
Along with the market data, MarketsandMarkets offers customizations as per the specific needs of companies. The following customization options are available for the report:
Product Analysis
- Product matrix, which gives a detailed comparison of the product portfolio of each company.
Regional Analysis
- Further breakdown of the market segments at the country level
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in Water Bus Market