Europe Inland Waterways Vessel Market: Regional Trend, Top Key Players & Growth Projections to 2024
The size of Europe inland waterways vessel market was registered at USD 55.85 billion in the year 2016 and is anticipated to cross USD 115 billion by 2024. Between the period 2017-2024, the market is expected to register a CAGR of 9%.
Escalating freight transportation through waterways and growing marine passenger traffic will push the growth of Europe inland waterways vessel market. Europe has witnessed a considerable surge in trade activities via inland waterways, especially in Western Europe. Inland waterways vessels are highly being adopted due to their benefits, such as cost-effectiveness, congestion-free transportation, and reliability. In Europe, the Netherlands and France are popular tourist destinations, which will significantly contribute to marine tourism and, in turn, propel industry growth.
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Rising preference of industry players for adoption of LNG as a fuel has resulted in considerable growth of Europe inland waterways vessel industry share. LNG is being highly utilized due to ratification of stringent government regulations across the region regarding harmful emissions. Also, adoption of LNG conserves non-renewable sources, which can be utilized for other productive reasons.
Recreational boaters use pleasure vessels to explore long distances of various canals and rivers. Travel & tourism in Europe has witnessed spiraling growth, which has also augmented demand for leisure boating. Expanding tourism landscape has encouraged European ship manufacturers to develop and modernize their fleets for customer satisfaction and efficient transportation, which may propel Europe inland waterways vessel market growth.
In 2016, passenger ships accounted for around $9 billion in overall revenue share. The growth can be credited to amplifying marine passenger traffic. For example, in 2014, the U.K. observed more than 1.6 million cruise passenger traffic, which soared up to 1.7 million in 2015, at a growth rate of about 9%. Europe houses several tourist places, which has significantly driven marine tourism, thereby fueling industry demand.
In 2016, Netherlands held almost $14 billion in the total Europe inland waterways vessel industry share. The growth is stemmed from developing tourism in the country due to the presence of many tourist places. A few places worth visiting in the country are Holland, which has rivers and lakes in the triangle of Amsterdam, Utrecht, Rotterdam, and Frisian lakes in the north. These are believed to be the busiest water channels in Netherlands, which are connected to almost all the major towns and cities. Netherland is also considered to be one of the best places to buy vessels, custom order a new canal cruiser, and get boats renovated at boatyards.
Among the notable European inland waterways vessel companies, a few prominent ones include Rhenus Group, Viking Line, Mediterranean Shipping Company S A, Meyer Werft GmbH & Co., Construction Navale Bordeaux, KG, European Cruise Service, and Bayliner. European inland waterways vessel manufacturers are focusing on fleet upgradation with respect to key parameters such as capacity, efficiency, ecological impact, and others. In addition, a rising trend, which has been noticed among these industry participants is the progressive transition towards LNG fuel from heavy fuel oil (HFO).
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Data Tables
TABLE 1 Europe inland waterways vessel market 360º synopsis, 2013 - 2024
TABLE 2 Europe inland waterways vessel industry, 2013 - 2016, (USD Million)
TABLE 3 Europe inland waterways vessel market, 2017 - 2024, (USD Million)
TABLE 4 Europe inland waterways vessel industry estimates by vessel, 2013 - 2016 (USD Million)
TABLE 5 Europe inland waterways vessel industry estimates by vessel, 2017 - 2024 (USD Million)
TABLE 6 Europe inland waterways vessel market estimates by fuel, 2013 - 2016 (USD Million)
TABLE 7 Europe inland waterways vessel industry estimates by fuel, 2017 - 2024 (USD Million)
TABLE 8 Europe inland waterways vessel industry estimates by country, 2013 - 2016 (USD Million)
TABLE 9 Europe inland waterways vessel market estimates by country, 2017 - 2024 (USD Million)
TABLE 10 Vendor matrix
TABLE 11 Industry impact forces
TABLE 12 Competitive landscape
TABLE 13 Strategy dashboard
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