UK's Transport Ships Market to See Modest Growth with CAGR of 0.4%

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 demand for transport vessels in the UK, the market is forecasted to see a +0.4% CAGR in both volume and value from 2024 to 2035. This growth trend is expected to continue, leading to an increase in market volume and value by the end of the forecast period.

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, shipping consumption in the UK expanded to 172 units, increasing by 3% on 2023. Over the period under review, 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 revenue of the shipping market in the UK shrank markedly to $1.1B in 2024, declining 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). Overall, consumption posted a notable increase. As a result, consumption attained 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

Shipping production in the UK totaled 160 units in 2024, approximately mirroring 2023. In general, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the production volume increased by 1.3% against the previous year. Shipping production peaked in 2024 and is expected to retain growth in the immediate term.

In value terms, shipping production shrank markedly to $1.1B in 2024 estimated in export price. Over the period under review, production recorded moderate growth. The pace of growth was the most pronounced in 2022 when the production volume increased by 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 lower figure.

Imports

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

For the third consecutive year, the UK recorded growth in purchases abroad of ships, vessels, ferry-boats for the transport of persons, which increased by 33% to 28 units in 2024. In general, imports showed strong growth. The growth pace was the most rapid in 2017 when imports increased by 1,467%. Over the period under review, imports reached the peak figure at 120 units in 2020; however, from 2021 to 2024, imports remained at a lower figure.

In value terms, shipping imports amounted to $118M in 2024. Over the period under review, imports posted significant growth. The pace of growth was the most pronounced in 2019 when imports increased by 103,424% against the previous year. As a result, imports reached the peak of $485M. From 2020 to 2024, the growth of imports failed to regain momentum.

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 rate of growth in terms of value from the Netherlands totaled +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

The average shipping import price stood at $4.2 million per unit in 2024, dropping by -19.6% against the previous year. In general, the import price, however, posted strong growth. The growth pace was the most rapid in 2019 an increase of 16,246%. As a result, import price reached 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; increasing by 14% on 2023 figures. Over the period under review, exports continue to indicate a strong expansion. The growth pace was the most rapid in 2017 when exports increased by 200%. Over the period under review, the exports reached the peak figure at 18 units in 2022; however, from 2023 to 2024, the exports failed to regain momentum.

In value terms, shipping exports fell to $555K in 2024. Overall, exports, however, faced a sharp descent. The pace of growth was the most pronounced in 2019 when exports increased by 4,938%. 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, together comprising 19% of total exports.

From 2013 to 2024, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Iceland (with a CAGR of 0.0%), while 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 taken 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

The average shipping export price stood at $35 thousand per unit in 2024, declining by -23.2% against the previous year. Over the period under review, the export price saw a sharp decline. The pace of growth was the most pronounced in 2019 when the average export price increased by 4,938%. The export price peaked at $5.9 million per unit in 2020; however, from 2021 to 2024, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external 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.