UK's Ships and Vessels Market to See Modest Growth with a CAGR of +0.4% from 2024-2035

IndexBox has just published a new report: United Kingdom - Ships, Vessels, Ferry-Boats For The Transport Of Persons - Market Analysis, Forecast, Size, Trends and Insights.

Driven by increasing demand, the UK market for ships, vessels, and ferry-boats is expected to experience growth with a forecasted CAGR of +0.4% from 2024 to 2035. By the end of 2035, the market volume is projected to reach 180 units, with a market value of $1.2 billion in nominal prices.

Market Forecast

Driven by increasing demand for ships, vessels, ferry-boats for the transport of persons in the UK, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +0.4% for the period from 2024 to 2035, which is projected to bring the market volume to 180 units by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +0.4% for the period from 2024 to 2035, which is projected to bring the market value to $1.2B (in nominal wholesale prices) by the end of 2035.

Consumption

United Kingdom's Consumption of Ships, Vessels, Ferry-Boats For The Transport Of Persons

In 2024, the amount of ships, vessels, ferry-boats for the transport of persons consumed in the UK stood at 172 units, increasing by 3% against the previous year. Overall, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak volume of 269 units. From 2021 to 2024, the growth of the consumption remained at a somewhat lower figure.

The value of the shipping market in the UK shrank dramatically to $1.1B in 2024, falling by -24.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption enjoyed a moderate increase. As a result, consumption reached the peak level of $1.9B. From 2021 to 2024, the growth of the market remained at a somewhat lower figure.

Production

United Kingdom's Production of Ships, Vessels, Ferry-Boats For The Transport Of Persons

For the twelfth consecutive year, the UK recorded growth in production of ships, vessels, ferry-boats for the transport of persons, which increased by 0% to 160 units in 2024. Over the period under review, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by 1.3% against the previous year. Shipping production peaked in 2024 and is likely to see gradual growth in years to come.

In value terms, shipping production dropped markedly to $1.1B in 2024 estimated in export price. In general, production recorded notable growth. The pace of growth was the most pronounced in 2022 with an increase of 27% against the previous year. As a result, production attained the peak level of $1.7B. From 2023 to 2024, production growth remained at a somewhat lower figure.

Imports

United Kingdom's Imports of Ships, Vessels, Ferry-Boats For The Transport Of Persons

In 2024, imports of ships, vessels, ferry-boats for the transport of persons into the UK skyrocketed to 28 units, jumping by 33% compared with the previous year. In general, imports showed a prominent expansion. The pace of growth appeared the most rapid in 2017 when imports increased by 1,467% against the previous year. Imports peaked at 120 units in 2020; however, from 2021 to 2024, imports stood at a somewhat lower figure.

In value terms, shipping imports rose rapidly to $118M in 2024. Over the period under review, imports posted a significant expansion. The most prominent rate of growth was recorded in 2019 when imports increased by 103,424%. As a result, imports reached the peak of $485M. From 2020 to 2024, the growth of imports remained at a lower figure.

Imports By Country

In 2024, the Netherlands (13 units) constituted the largest shipping supplier to the UK, accounting for a 46% share of total imports. Moreover, shipping imports from the Netherlands exceeded the figures recorded by the second-largest supplier, India (1 units), more than tenfold. Austria (1 units) ranked third in terms of total imports with a 3.6% share.

From 2013 to 2024, the average annual rate of growth in terms of volume from the Netherlands totaled +34.3%. The remaining supplying countries recorded the following average annual rates of imports growth: India (0.0% per year) and Austria (0.0% per year).

In value terms, the Netherlands ($25M) constituted the largest supplier of ships, vessels, ferry-boats for the transport of persons to the UK, comprising 21% of total imports. The second position in the ranking was taken by the Czech Republic ($7.1M), with a 6% share of total imports. It was followed by India, with a 4% share.

From 2013 to 2024, the average annual growth rate of value from the Netherlands stood at +73.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the Czech Republic (+1,069.7% per year) and India (+642.3% per year).

Import Prices By Country

In 2024, the average shipping import price amounted to $4.2 million per unit, declining by -19.6% against the previous year. Over the period under review, the import price, however, showed strong growth. The pace of growth was the most pronounced in 2019 an increase of 16,246%. As a result, import price attained the peak level of $26 million per unit. From 2020 to 2024, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Czech Republic ($7.1 million per unit), while the price for Finland ($17 thousand per unit) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Austria (+2,013.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Exports

United Kingdom's Exports of Ships, Vessels, Ferry-Boats For The Transport Of Persons

In 2024, approx. 16 units of ships, vessels, ferry-boats for the transport of persons were exported from the UK; picking up by 14% compared with 2023. Overall, exports recorded a resilient increase. The most prominent rate of growth was recorded in 2017 with an increase of 200% against the previous year. Over the period under review, the exports attained the peak figure at 18 units in 2022; however, from 2023 to 2024, the exports failed to regain momentum.

In value terms, shipping exports dropped to $555K in 2024. In general, exports, however, faced a precipitous slump. The most prominent rate of growth was recorded in 2019 when exports increased by 4,938% against the previous year. The exports peaked at $59M in 2020; however, from 2021 to 2024, the exports stood at a somewhat lower figure.

Exports By Country

Iceland (1 units), Cote d'Ivoire (1 units) and Madagascar (1 units) were the main destinations of shipping exports from the UK, with a combined 19% share of total exports.

From 2013 to 2024, the biggest increases were recorded for Iceland (with a CAGR of 0.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, France ($509K) emerged as the key foreign market for ships, vessels, ferry-boats for the transport of persons exports from the UK, comprising 92% of total exports. The second position in the ranking was held by South Korea ($26K), with a 4.7% share of total exports. It was followed by Ireland, with a 1.3% share.

From 2013 to 2024, the average annual rate of growth in terms of value to France stood at +10.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+1,711.9% per year) and Ireland (-42.1% per year).

Export Prices By Country

In 2024, the average shipping export price amounted to $35 thousand per unit, which is down by -23.2% against the previous year. In general, the export price faced a dramatic contraction. The pace of growth was the most pronounced in 2019 an increase of 4,938%. Over the period under review, the average export prices hit record highs at $5.9 million per unit in 2020; however, from 2021 to 2024, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2024, amid the top suppliers, the country with the highest price was France ($509 thousand per unit), while the average price for exports to Italy ($98 per unit) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+1,711.9%), while the prices for the other major destinations experienced mixed trend patterns.