Source: Based on Skyquest (2022). Global Ro-Ro vessels market. Massachusetts, US.
The global Ro/Ro vessel market is segmented into different dimensions, such as type, capacity, fuel type, application, and region. The market can be divided into ferries, cargo ships, barges, and others based on the type of vessels. The capacity can be divided into small, medium, and large Ro/Ro vessels. In the past few years, Pure Carriers, specifically designed to transport passenger vehicles and are known as PCC vessels, have registered a 3-4% annual growth in the global Ro/Ro vessels market. These vessels have multiple decks to accommodate large numbers of vehicles and are equipped with specialized ramps and doors for easy loading and unloading. The growth of Pure Car and Truck Carrier (PCTC), has been around 2-3% during the past few years. PCTC are designed to transport passenger vehicles and commercial vehicles, including trucks, buses, and other wheeled cargo. These vessels are versatile and can accommodate a mix of different types of vehicles.
The market is segmented into conventional, hybrid, and others based on fuel type. While investing in LNG-powered ships has been seen as an option to replace fossil fuel, today wind-powered Ro/Ro vessels that will utilize wind energy as their primary power source to significantly reduce emissions are in the making. Moreover, advances in technology, such as the development of highly rapid Ro/Ro vessels that are self-driven by autonomous systems and eco-friendly, also add to the growth of this market. These ships serve as a focal point for the efficient transportation of goods worldwide and within the RO-RO vessels market, given their reliability in terms of being convenient operating modes. Recent investments and corporations taking place in the shipping area suggest that sustainability and efficiency are well on their way to growing within the RO-RO vessels market.
The market can also be segmented by application into automobile manufacturers, construction and mining companies, and logistics providers.
Finally, the geographical dimension is important, and the market is segmented based on region: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The Asia Pacific region has emerged as a dominant market for RO-RO vessels, with a CAGR of around 5-6% during the past few years. The area is witnessing rapid industrialization and urbanization, driving the demand for the transportation of goods and vehicles. Countries such as China, Japan, South Korea, and India are major contributors to the growth of the RO-RO vessels market in Asia Pacific. The North American Ro/Ro vessels market has witnessed steady growth, with a 3-4% CAGR during the past few years. The United States and Canada are the major contributors to the market, driven by the growing automotive and commercial vehicle industries and the need for efficient transportation of goods to support trade activities.
Estimates suggest that the total global Ro/Ro vessels market size was USD 25 billion in 2022, forecasting its growth to approximately USD 39-40 billion by 2031, at a CAGR of 5.2% during the forecast period (2024-2031).