The rise in demand for cargo transportation through ships, the surge in trade-related agreements, and technological advancements in boats and boat engines drive the growth of the global inland vessel market to reach $2,500.40 billion by 2030.
According to the report published by Allied Market Research, titled - 'Inland Vessel Market by vessel type fuel and application: Global Opportunity Analysis and Industry Forecast, 2021–2030, the global inland vessel industry generated $ 1,698.24 billion in 2020 and is estimated to grow at a CAGR of 3.9% from 2021 to 2030.
Despite growth drivers, fluctuations in transportation & inventory costs and environmental concerns related to recreational boating hinder the market growth. On the other hand, the research firm said that the trend of automation in marine transportation and the surge in marine safety norms present opportunities in the coming years.
Some of the leading market players include Alnmaritec, Groupe Beneteau, CMA CGM Group, Damen Shipyards, EURO-RIJN, Hodder Tugboat Co, DSME, Viking Shipping, SANMAR and Windcat Workboats.
Owing to a considerable impact on supply chains globally, triggered by the pandemic, there has been huge losses incurred by boats and engine manufacturing companies during the first & second quarter of 2020. This led to reduced business revenue during the period.
In addition, the ban on cargo and container transportation activities in many countries led to reduced demand for inland vessels during the lockdown. However, the ban had been uplifted during the post-lockdown, increasing the activities.
According to Allied Market Research, the full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, the non-passenger vessel segment to continue its lead position during the forecast period.
Based on vessel type, the non-passenger vessel segment accounted for the highest share in 2020, contributing to nearly 93% of the global inland vessel market, and is expected to continue its lead position during the forecast period. Moreover, this segment is estimated to manifest the largest CAGR of 4% from 2021 to 2030. This is due to increased trade & transportation activities through ships across the globe.
Bulk Carriers
Based on application, the bulk carriers segment held the largest share in 2020, accounting for more than one-third of the market, and is expected to continue its leadership position in the next ten years. This is due to its ability to carry a large amount of cargo from one location to another. However, the general cargo ships segment is projected to portray the fastest CAGR of 6.6% from 2021 to 2030. This is attributed to safer & securer mean of transportation of goods than others.
Asia-Pacific To Lead
Based on region, Asia-Pacific, followed by Europe and North America, contributed to the highest market share in 2020, holding more than two-fifths of the global inland vessel market, and is estimated to maintain its dominance in terms of revenue by 2030. This is due to increased transportation activities carried out by Asian countries to different parts of the globe. However, LAMEA is projected to register the largest CAGR of 6.5% during the forecast period due to increased investments by vessel manufacturers across LAMEA countries, the research firm added.
Courtesy: Allied Market Research. NB: Photos are representational; courtesy: Damen Shipyards.