Asia water taxi market to gain momentum over 2018-2024, government initiatives toward tourism and trading activities to drive the industry growth
The increasing requirement for quick, emission-free transport has been a major driver for water taxi market growth. Water transportation has been gaining more and more popularity lately, pertaining to its cost-effective and fuel-efficient benefits over conventional transportation. Having recognized the same, regional governments have been majorly investing in the tourism industry, generating lucrative opportunities for water taxi industry players. The deployment of water taxis in numerous public and private water bodies has indeed helped reduce vehicular traffic congestion in the city – a principal factor that has been extensively responsible for stimulating water taxi industry share.
U.S. Water Taxi Market, By Product, 2017 & 2024, (Units)
Recreational activities such as boating have taken on a diverse significance in recent times, on account of which numerous private companies are deploying water buses on large scale. This in consequence, has prompted the entry of new contenders in water taxi market and a slew of unique product launches. Say for example, the French startup SEABUBBLES has been testing its new electric hydrofoil water taxi – a battery powered water bus that reduces air drag and attains greater speed, in Switzerland for quite a while now. The company now looks forward to deploying electric boats for transportation in lakes and rivers across European countries. As this type of transit system generates lesser air as well as water pollution, the governments of the various countries are encouraging private and public service providers to deploy battery-operated and hybrid water taxis. These initiatives are likely to push hybrid water taxi market size, slated to grow at a CAGR of more than 5% over 2018-2024.
The increasing deployment of these water vehicles has generated profitable growth opportunities for water taxi industry firms. In order to achieve a dominant position across this vertical, most of the prominent biggies are focusing on the development of green boating systems that are driven by renewable energy. Though this transit system is clean and emission-free, in some cases, the speed factor of some of the green taxis have put a dampener on the overall product demand. In order to combat the same, companies have been constantly working enhancing product features and its capability. The recent trend of deploying lightweight and high-performance composite materials for boat manufacturing, for instance, has helped water taxi market firms develop innovative taxi designs. 3A Composites for example, post ten years of rigorous efforts, recently launched a sustainable water taxi that integrates the benefits provided by 3A Composites’ AIREX® T92 PET foam with a special hull shape that aids waste reduction, ride quality, and fuel efficiency.
The Asian zone is expected to contribute commendably toward the growth of water taxi market, owing to the increasing involvement of private and public sectors in the deployment of water taxi services. For the record, merely a few months earlier, the Indian ride-hailing service provider OLA signed a MoU with the government of Assam to launch a water taxi service in the state. This project is most likely to strengthen the transportation network across North India. In addition, the mobile-based transportation system will help local government enhance the state’s tourism prospects.
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In 2016, the government of India signed a deal with the Massachusetts Institute of Technology for developing ferry services across six major cities including Varanasi, Allahabad, Kolkata, Mumbai, Patna, and Haldia. The development of inland waterways services will thus help escalate cost-effective trading across the country. As of now, India uses only 3.5% of the available waterways for trading purposes, out of the existing 14,500 km of the waterway stretch. The increasing investments by the Indian government toward the deployment of ferry services across the country is poised to boost the regional water taxi market share, in turn benefiting the overall Asian topography to a marginal extent.
The competitive hierarchy of water taxi market is remnant of novel product development strategies and massive R&D programs. The emergence of battery operated lightweight boats for instance, has added a new growth dimension to water taxi industry. Another pivotal factor pushing the expansion of this vertical is the crucial role that governments play in promoting trading and tourism activities, focusing on bettering the economy of their respective countries. Aided by a favorable regulatory spectrum and the rising prominence of the green movement, water taxi market size is expected to cross the coveted USD 500 billion mark by the end of 2024.
Author Name : Sunil Hebbalkar