USD 24.79 billion
RO-RO Vessels Market Size, Share, Growth Analysis, By Route Type(Short Sea Routes, Deep Sea Routes, Domestic Routes, International Routes), By Vessels Type(Pure Car Carriers, Truck Carriers, ConRo Vessels, LOLO Vessels), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20R2032 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
66
|Figures:
77
RO-RO Vessels Market Insights
Global RO-RO Vessels Market size was valued at USD 24.79 billion in 2022 and is poised to grow from USD 26.08 billion in 2023 to USD 39.12 billion by 2031, at a CAGR of 5.2% during the forecast period (2024-2031).
The RO-RO vessels market globally is involved in the hauling of wheeled cargo for various industries ranging from automotive to construction, agriculture, heavy equipment. RO-RO vessels represent a reliable and economical way to move wheeled cargo; they ensure that as much as between regions, countries, and continents, there is the smooth movement of goods. For instance, in May2021, Kongsberg Maritime, a Norwegian maritime technology firm came in partnership with Wilhelmsen, a leading global shipping company intending to lead the way towards development of autonomous and zero-emission RO-RO ships. This partnership got the NOK 200 million (USD 24 million) support from the Norwegian government.
RO-RO (Roll-On/Roll-Off) ships are specifically equipped with ramps or doors that allow rolling on and off of wheeled cargo and making its loading and unloading easier than before. A good case in point is Wallenius Marine, a shipowner from Sweden, securing an EUR 25 million (about USD 30 million) investment from the Swedish Funding Agency for Energy and the Environment in June 2021. The main objective of this investment is to develop the “Oceanbird '' – a wind powered RO-RO vessel that will utilize the energy from winds as its primary source of power, to significantly reduce emissions. Moreover, advances in technology such as development of high rapid RO-RO vessels that are self driven by autonomous systems and are also eco friendly also add to the growth of this market. These ships serve as a focal point for the efficient transportation of goods both around the world and within the RO-RO vessels market, given their reliability in terms of being convenient modes to operate. Recent investments, as well as 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.
US RO-RO Vessels Market is poised to grow at sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Short Sea Routes
Fastest Growth
International Routes
Growth Rate
5.2% CAGR
Global RO-RO Vessels Market ($ Bn)
Country Share for Asia Pacific Region (%)
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RO-RO Vessels Market Segmental Analysis
Global RO-RO Vessels Market is segmented by Type, Capacity, Fuel Type, Application, and region. Based on Type, the market can be segmented into Ferries, Cargo Ships, Barges and Others. Based on Capacity, the market can be segmented into Small Ro-Ro Vessels, Medium Ro-Ro Vessels and Large Ro-Ro Vessels. Based on Fuel Type, the market is segmented into Conventional, Hybrid and Others. Based on Application, the market can be segmented into Automobile Manufacturers, Construction & Mining Companies and Logistics Providers. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
RO-RO Vessels Market Analysis by Vessels Type
The CAGR for PCC vessels in the global RO-RO vessels market has been around 3-4% during the past few years. Pure Car Carriers, also known as PCC vessels, are specifically designed for the transportation of passenger vehicles. 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 CAGR for PCTC vessels in the global RO-RO vessels market has been around 2-3% during the past few years. Truck Carriers, also known as PCTC vessels, are designed to transport a combination of 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.
RO-RO Vessels Market Analysis by Distribution Channels
The CAGR for short-sea routes in the global RO-RO vessels market has been around 3% during the past few years. Short-sea routes refer to routes that involve transportation of wheeled cargo, such as vehicles or other wheeled equipment, across relatively shorter distances, typically within a region or neighboring countries. These routes may include transportation between ports within a country or between neighboring countries or islands.
The CAGR for international routes in the global RO-RO vessels market has been around 2-3% during the past few years. International routes refer to routes that involve transportation of wheeled cargo between different countries or regions. These routes may involve transportation of vehicles or other wheeled equipment across international borders, catering to the international market demand.
Global RO-RO Vessels Market Size By Route Type
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RO-RO Vessels Market Regional Insights
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 region is witnessing rapid industrialization and urbanization, driving the demand for 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 CAGR of around 3-4% 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, as well as the need for efficient transportation of goods to support trade activities.
Global RO-RO Vessels Market Size By Region
- Largest
- Fastest
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RO-RO Vessels Market Dynamics
RO-RO Vessels Market Drivers
Expanding Automotive Industry has High Demands for RO-RO Vessels
- The automotive industry plays a crucial role in driving the demand for RO-RO vessels. The growing production and sales of automobiles, including passenger cars and commercial vehicles, require reliable and efficient transportation solutions, making RO-RO vessels an attractive choice for automotive manufacturers and shippers.
- Infrastructure development, including the construction of ports and terminals, is driving the demand for RO-RO vessels. As global trade continues to grow, the need for efficient and modernized port facilities to handle RO-RO cargo is increasing, creating opportunities for RO-RO vessel operators to expand their services.
RO-RO Vessels Market Restraints
Volatility in Fuel Prices to Hinder Market Growth
- The volatility in fuel prices, especially marine fuels, can significantly impact the operating costs of RO-RO vessels. Fluctuating fuel prices can affect profitability and create uncertainty in the market, making it challenging for operators to plan and manage their operations efficiently.
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RO-RO Vessels Market Competitive Landscape
The competitive landscape in the RO-RO vessels market is influenced by factors such as fleet size, service offerings, geographic presence, customer base, and industry partnerships. Companies often strive to differentiate themselves through innovative solutions, reliable operations, and superior customer service. Additionally, regulatory compliance, environmental sustainability, and digitalization are becoming increasingly important competitive factors in the RO-RO vessels market as the industry evolves and adapts to changing market dynamics and customer demands.
Top Player’s in RO-RO Vessels Market Company Profiles
- Grimaldi Group (Italy)
- K Line (Japan)
- NYK Line (Japan)
- Siem Car Carriers (Norway)
- Wilhelmsen Ship Management (Norway)
- EUKOR Car Carriers (South Korea)
- Hoegh LNG (Norway)
- ACL (United States)
- Grimaldi Lines (Italy)
- Stena RoRo (Sweden)
- MOL Auto Carrier Express (Japan)
- Hoegh Autoliners (Japan)
- United European Car Carriers (Norway)
- Sallaum Lines (Lebanon)
- Neptune Lines (Greece)
- Wallenius Lines (Sweden)
- Eukor Car Carriers (South Korea)
- Tarros Group (Italy)
- CSAV RoRo (Chile)
RO-RO Vessels Market Recent Developments
- In March 2024, members of THE Alliance, including ONE and Yang Ming, seem to be pursuing distinct growth strategies as they prepare for the departure of Hapag-Lloyd in February next year. Hapag-Lloyd is set to join Maersk in the new Gemini alliance.
- In January 2024, BYD Co. launched its inaugural chartered cargo ship, marking a significant step in the automaker's expansion of electric vehicle exports. The BYD Explorer No. 1, with a capacity to transport 7,000 cars, embarked on its journey to Europe after departing from the Chinese ports of Yantai and soon Shenzhen. Managed by Zodiac Maritime Ltd., the ship is leased to BYD, as reported in a WeChat post by China International Marine Containers Group Co., the vessel's builder.
- In December 2023, Maersk embarked on an innovative initiative to tap into the burgeoning Tunisian export market. The company introduced a pioneering combined container/ro-ro service, which also revitalizes transshipment operations at the port of Cagliari in Sardinia.
RO-RO Vessels Key Market Trends
- The adoption of sustainable technologies, such as alternative fuels, electrification, and emissions control systems, is a significant trend in the global RO-RO vessels market. Shipowners and operators are investing in eco-friendly technologies to comply with environmental regulations, reduce emissions, and improve sustainability in their operations.
RO-RO Vessels Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global RO-RO vessels market is a dynamic and competitive industry that involves the transportation of wheeled cargo, such as vehicles and heavy machinery, on specialized vessels. The market is driven by factors such as increasing global trade, growing demand for efficient and cost-effective transportation solutions, and rising need for specialized vessels to transport oversized and heavy cargo. However, the market also faces challenges such as regulatory compliance, environmental sustainability, and technological advancements. The market is also witnessing trends such as the adoption of digitalization and automation in vessel operations, focus on eco-friendly and energy-efficient vessels, and increased emphasis on safety and security measures. Additionally, strategic partnerships, collaborations, and mergers and acquisitions are common strategies adopted by companies to expand their market share and enhance their competitive position. The global RO-RO vessels market is expected to witness steady growth in the coming years, driven by increasing global trade and demand for efficient transportation solutions.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 24.79 billion |
| Market size value in 2031 | USD 39.12 billion |
| Growth Rate | 5.2% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on RO-RO Vessels Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on RO-RO Vessels Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the RO-RO Vessels Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the RO-RO Vessels Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the RO-RO Vessels Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the RO-RO Vessels Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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