Maritime Passenger Transport Market To See Stunning Growth by 2030
According to the Market Statsville Group (MSG), theglobal maritime passenger transport market is estimated to grow at a CAGR of 5.2% from 2022 to 2030. Maritime passenger transport services provide passenger transport from one destination to another, conduction of themed events, adventure tours, and others. Various factors such as increasing disposable income, the emerging tourism industry, government initiatives, and others drive the market’s growth.
COVID–19 Impact on the Global Maritime Passenger Transport Market
The COVID-19 had a negative impact on the market due to restrictions on international travel, halted operations of the businesses, postponed events, and others. In mid of March 2020, all major cruise lines suspended their operations, voluntarily and temporarily, across their entire fleet. The major cause for the downtime was to avoid contagion of the COVID-19 between passengers and crew, additionally to the sudden drop in demand and operational instability. Thus, the COVID-19 had a negative impact on the market’s growth. In addition, the maritime passenger transport industry restored its operations with ease in COVID-19 guidelines and proper monitoring of passengers.
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Scope of the Global Maritime Passenger Transport Market
The study categorizes the maritime passenger transport market based on the service provider, ship type, and application at the regional and global levels.
By Service Provider Type Outlook (Sales, USD Million, 2017–2030)
- Public Companies
- Private Companies
By Ship Type Outlook (Sales, USD Million, 2017–2030)
- Cruise Ships
- Ocean Liners
By Application Outlook (Sales, USD Million, 2017–2030)
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By Region Outlook (Sales, USD Million, 2017–2030)
- North America
- the Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
The Cruise Ship segment is projected to account for the largest market share, by Ship type
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On the basis of the ship type segment, the global maritime passenger transport market is divided into cruise ships, ferries, and ocean liners. The cruise accounts for the major market share and will continue to gain more traction in forthcoming years across the globe. The growth is attributed to the amenities and packages offered by the cruise ships to lure potential customers and provide benefits to the market players in the long term. Cruise ships provide various recreational activities, theme-based events, and others, and such factors drive the segment’s growth over the forecasting period.
Asia Pacific accounts for the highest CAGR during the forecast period
On a regional basis, the European maritime passenger transport market holds the highest market share in the year 2021. The growth is attributed to the presence of major market players or cruise ship industries across the region. Further, the rising disposable income coupled with the emerging and evolving cruise industry will allow the market’s growth.
However, the Asia-Pacific region is estimated to showcase the highest CAGR growth. The government initiatives to promote the cruise tourism industry will drive the market’s growth.
Key Market Players in the Global Maritime Passenger Transport Market
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The maritime passenger ship market has high competitive rivalry due to the presence of various well-established market players, such as: