The tugboat market size was valued at USD 497.2 million in 2023 and is expected to be worth USD 533.6 million in 2024. The market is projected to reach USD 1114.2 million by 2032, recording a CAGR of 9.6% during the forecast period.
Tugboats are specialized marine vessels designed to assist and maneuver other ships by pulling or pushing them. They are small but powerful, with a strong propulsion system that enables them to perform various functions, such as berthing, mooring, and escorting operations for vessels around ports. The growing demand from large ocean vessel operators is one factor driving the growth of the tugboat market.
The COVID-19 pandemic positively impacted the global tugboat market growth. The heightened restrictions on road and freight transportation led to a significant surge in cargo delivery through the maritime trade industry. This, in turn, increased the demand for tugboats, resulting in an increase in market growth in 2020.
Fortune Business Insights™ displays this information in a report titled, "Tugboat Market, 2024-2032."
LIST OF KEY COMPANIES PROFILED IN THE REPORT
Browse In-depth Summary of This Research Insight:
https://www.fortunebusinessinsights.com/tugboats-market-108157
Segmentation:
Demand for Tugboats is Highest Due to Their Robust Terminal Towage Services