Source: Based on Skyquest (2022). Global Ro-Ro vessels market. Massachusetts, US.
The global RORO vessel market is segmented into various dimensions, including type, capacity, fuel type, application, and region. The market can be mainly divided into ferries, cargo ships, and barges, with their capacity divided into small, medium, and large RORO vessels. Recently, Pure Carriers, specifically designed to transport passenger vehicles and 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. PCTCs 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 fuels, wind-powered Ro/Ro vessels that utilize wind energy as their primary power source to significantly reduce emissions are in development. Moreover, advances in technology, such as the development of highly rapid RORO 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 RORO vessels market, given their reliability as a convenient operating mode. Recent investments and corporate activities in the shipping sector 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 RORO vessels market in Asia Pacific. The North American RORO vessels market has grown steadily, 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 growth of the automotive and commercial vehicle industries, as well as the need for efficient transportation of goods to support trade activities.
Estimates suggest that the total global RORO vessels market size was USD 25 billion in 2022, with a forecasted growth to approximately USD 39-40 billion by 2031, at a CAGR of 5.2% during the forecast period (2024-2031).