Inland Water Passenger Transport Global Market Report 2024

The inland water passenger transport market size has grown strongly in recent years. It will grow from $1.85 billion in 2023 to $2.01 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. Inland water passenger transportation grew due to better infrastructure, economic expansion, urbanization, and environmental concerns prompting more sustainable travel options. Government initiatives to reduce congestion also contributed.

The inland water passenger transport market size is expected to see strong growth in the next few years. It will grow to $2.73 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. Forecasted growth in inland water passenger transportation is driven by sustainability, integrated transport, tourism expansion, climate action, and technological advancements. Upcoming trends include market liberalization, tech advancements, changing consumer preferences, global economic shifts, and pandemic resilience.

The increasing use of boats for sightseeing services along inland waterways is anticipated to be a key driver for the inland waterway passenger transport market. Many scenic destinations, such as the Mine Bay Rock Carvings in New Zealand, Horizontal Falls in Australia, Agia Roumeli in Greece, and others, are only accessible through waterways, generating a higher demand for inland waterway passenger transport services. As reported by Voices navigables de France, the French navigation authority, sightseeing vessels in France carried 11 million passengers and employed 1,440 people. This highlights the growing trend of using boats on inland waterways for sightseeing, contributing to the expansion of the inland water passenger transport market.

The thriving tourism industry is expected to further drive the growth of the inland water passenger transportation market. Tourism involves spending time away from home for recreation and pleasure, often utilizing commercial services. Inland water passenger transportation offers access to remote destinations that may not be easily reachable by road or air transport. This accessibility helps promote tourism in such areas, providing visitors with unique experiences. For instance, data from the International Trade Administration indicates a significant increase in non-U.S. resident international visitor volume to the United States in July 2022, reaching 160.8% compared to July 2021 and reaching 67.6% of the pre-COVID level. The outbound travel volume from the United States also experienced a year-over-year increase of 63% in 2022. The flourishing tourism industry, marked by increased travel volumes, is a key factor propelling the growth of the inland water passenger transportation market.

Safety concerns related to boat services operating on inland waterways, such as rivers and lakes, are anticipated to restrict the growth of the inland water passenger transport market. Traveling by boat on inland waterways inherently carries risks, with overloading and even minor negligence posing potential threats to safety. Incidents such as boat capsizing, as reported by the New York Times in May 2021, where a boat in Bangladesh capsized due to overloading, resulting in the tragic loss of at least 26 lives, highlight the severity of such risks. Factors contributing to poor safety conditions for passengers include overcrowding, inadequate safety measures, exposure to natural disasters, and sudden climate changes. These challenges collectively act as constraints, limiting the growth potential of the inland water passenger transport market.

Major players in the inland water passenger transport market are actively engaged in the development of autonomous waterway transportation systems, leveraging advanced technologies to optimize transportation processes. An autonomous waterway transportation system utilizes artificial intelligence (AI) and other cutting-edge technologies to enhance efficiency, reduce fuel consumption, and improve safety in inland water transport. A notable example is the work of Chen et al. in 2021, proposing an implementable architecture for an inland autonomous waterway transportation system that employs AI to optimize the transportation process. This system integrates AI, big data, and the Internet of Things (IoT) to streamline transportation, minimize fuel consumption, and enhance safety. Components of the system include a control center, a communication network, a navigation system, and a transportation system.

Major companies in the inland water passenger transport market are forging innovative partnerships to enhance customer service and offer a more immersive and interactive experience for passengers. An illustration of this trend is the partnership between Hornblower Group, a U.S.-based water-based experience provider, and Entertainment Cruises, a U.S.-based dining and entertainment cruise provider. This collaboration, established in March 2021, aimed to leverage technology for a more engaging experience for passengers on their vessels. Hornblower Group, with its portfolio of water and land-based experiences, including the sub-brand City Cruises, focuses on offering dining, sightseeing, and private events. Such strategic partnerships showcase the industry's commitment to innovation and customer-centric experiences in the inland water passenger transport sector.

In March 2021, Fincantieri S.p.A., an Italy-based shipbuilding company, successfully acquired a 50.75% stake in Vard Group for an undisclosed sum. This strategic acquisition has empowered Fincantieri to broaden its presence across the most valuable and intricate sectors within the maritime domain. This expansion includes expertise in constructing cruise and naval vessels, as well as specialized vessels catering to the renewable energy industry, with a particular focus on wind power. Vard Group, the acquired company, is a Norway-based specialized shipbuilding firm.

Major companies operating in the inland water passenger transport market report are CMA CGM SA; MSC Mediterranean Shipping Company S.A.; Norwegian Cruise Line Holdings Ltd.; Ingram Industries Inc.; Bayliner Marine Group; Carnival Corporation & plc; Carnival Maritim GmbH; Groupe Beneteau SA; Royal Caribbean Cruises Ltd.; American Commercial Lines LLC; Belmond Ltd.; Crystal Cruises LLC; Scenic Luxury Cruises & Tours Limited; Alnmaritec Limited; Uniworld Boutique River Cruise Collection; Tauck River Cruises Inc.; AmaWaterways Inc.; Viking River Cruises AG; The American Queen Steamboat Company LLC; Pandaw River Expeditions Limited; China International Water Transportation Corporation (CIWTC); Jeffboat Inc.; Sanctuary Retreats LLC; Avalon Waterways Ltd.; Aqua Expeditions LLC; European Cruise Service GmbH; Emerald Waterways Ltd. Western Europe was the largest region in inland water passenger transport market in 2023. Asia-Pacific was the second largest region in the global inland water passenger transport market share. The regions covered in the inland water passenger transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Passenger transport types in this market include canal, intercoastal, lake, river transportation, ship chartering, water shuttle, and water taxi services. It encompasses cruise ships, cargo-passenger ships, ferries, and other modes, serving applications in supply chains, distribution, and end-user services.

The inland water passenger transport market research report is one of a series of new reports that provides inland water passenger transport market statistics, including inland water passenger transport industry global market size, regional shares, competitors with an inland water passenger transport market share, detailed inland water passenger transport market segments, market trends and opportunities, and any further data you may need to thrive in the inland water passenger transport industry. This inland water passenger transport market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The countries covered in the inland water passenger transport market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The inland water passenger transport market includes revenues earned by entities by providing navigation as well as drainage, irrigation, water supply, and hydroelectric power generation. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.