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

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.