New York, May 01, 2023 (GLOBE NEWSWIRE) -- The global Cruise Market size was valued to be worth USD 7.9 billion in 2022. From 2023 to 2032, it is estimated to reach USD 22.8 billion growing at a CAGR of 11.5%. A cruise is a multi-day holiday schedule that is arranged on a cruise ship in a large inland area while visiting a lot of tourist destinations along the way. During this kind of excursion, the rooms on the ship and tourist hotspots get most of the attention. The growing hospitality and tourism sectors driving the global cruises market.
Ships are integrating advanced technology, a wide range of fun activities, and entertaining themes for passengers, including yoga themes, kid themes, mystery themes, and others. Such developments are attracting various populations and becoming extremely popular with the intended demographic, which is driving the cruise industry.
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Key Takeaway:
- By type, in 2022, the Cruise Market was dominated by the Ocean Cruises segment due to its increased travel in large numbers.
- In 2022, North America dominated the market with the highest revenue share of 50%.
- APAC is anticipated to have the highest CAGR among all the regions.
Factors affecting the growth of the Cruise Market Industry
There are several factors that can have an impact on the growth of the Cruise Market industry. Some of these factors include:
- Economic conditions: Strong economic growth frequently leads to more disposable income, which can increase spending on leisure activities including cruising.
- Demographic Trends: As the population ages, demand for cruises tends to increase as older adults have more leisure time and funds to spend on travel.
- Technological Advancements: New technology has made cruising more appealing to consumers, such as faster Wi-Fi and improved entertainment options on board.
- Health Concerns: The COVID-19 pandemic has had a significant effect on the cruise industry, leading to reduced demand and enhanced safety measures. As the crisis ends, the industry should recover, but consumers may continue prioritizing health and safety when making travel decisions.
- Competition: The cruise industry is highly competitive, necessitating companies to innovate and stand out to attract customers. New players in the market may disrupt existing players and cause changes in pricing and offerings.
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Top Trends in Cruise Market
The global cruise market is expanding to meet the increasing demand for luxurious experiences, multigenerational travel, wellness and health, sustainability initiatives, and digital disruption. Cruise lines that can predict these trends and respond appropriately are likely to achieve success in an increasingly competitive cruise market. River cruising has become increasingly popular across Europe and Asia in recent years. River cruises provide an intimate setting, featuring smaller ships and offering access to remote destinations. Sustainability has become a top priority within the cruise industry, with many lines adopting eco-friendly practices such as using renewable energy sources, decreasing single-use plastics usage, and encouraging responsible tourism practices.
Cruise lines are increasingly investing in technology to enhance passenger experiences, from mobile apps and wearable devices to virtual reality headsets and AI-powered assistants. Wellness and health have become major priorities within the cruise industry, with many lines offering onboard fitness facilities, healthy dining options, and wellness-themed activities. Cruise lines are responding to this trend by offering family-oriented amenities like onboard water parks and kids clubs, luxurious and experiential cruises are seeing a revival in the cruise market, with travelers demanding amenities such as private balconies and exclusive dining venues. Many are seeking authentic cultural encounters; cruise lines have responded by providing shore excursions that showcase local customs, traditions, and cuisine.
Market Growth
The cruise industry has seen tremendous growth due to rising disposable incomes, an increased leisure travel preference, and an expansion in cruise destinations. They have also invested heavily in advanced technology, creative experiences, and sustainable business methods which have attracted new consumers. Cruise lines have implemented various initiatives to reduce their environmental impact, such as investing in clean technologies and reducing waste generation. This has resonated well with environmentally conscious consumers, who are increasingly looking for eco-friendly travel options.
Regional Analysis
With a 50.0% revenue share, North America dominated most of the cruise market. mainly because of the broad presence of important global firms and its advanced industry. Growing consumer spending trends, higher levels of disposable income, and expanding tourism are all contributing to a significant rise in market revenue share. With a CAGR of 12.1%, the Asia Pacific region is anticipated to grow at a rapid speed in during the projection period. Due to government efforts to encourage tourism and enhance economic productivity, the cruise industry's activity has shifted away from North America and Europe and towards Asia-Pacific.
For instance, in an aim to boost cruise tourism, the Indian government announced on August 19th, 2020 the rates will be decreased to 70.0%. With a share of around 25.0% in worldwide sales, Europe came in second place in 2021 and therefore is projected to expand at an impressive CAGR. The expansion of the business has been linked to a growth in demand for sustainable tourism, which in turn makes local communities more accessible to small and medium-sized tour operators.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 7.9 billion |
| Market Size (2032) | USD 22.8 billion |
| CAGR (from 2023 to 2032) | 11.5% |
| North America Revenue Share | 50.0% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
- Consumer Demand: As more travelers look for unique vacation experiences, demand for cruise lines has increased significantly in recent years. Due to cruise line's efforts to meet demand by growing their fleets and introducing additional routes, the sector has sustained growth.
- Innovation: Cruise lines continuously innovate and add new amenities and features to attract passengers. This ranges from entertainment choices to advanced technology and innovative dining experiences.
- Growth of Cruise Line Offerings: To appeal to a variety of travelers, cruise companies are expanding their offerings to include niche markets like adventure cruises, river cruises, and small-ship cruising.
Market Restraints
Earthquakes and hurricanes can alter cruise itineraries and influence passenger safety. The demand for cruises and the preparation of itineraries are also impacted by terrorism or political instability. Because of the high cost of construction and maintenance, there are fewer market participants, less competition, and less pricing flexibility. Also, the need for cruise lines to invest in more expensive, cleaner technology to lessen their environmental impact contributes to increasing operational costs, which in turn diminish profit margins.
Contagious disease outbreaks like COVID-19 can harm the reputation of the cruise industry and decrease customer trust in sailing. This can lead to a decline in demand and income for cruise lines. Cruising is primarily a seasonal activity, with summer vacations being the most popular time to go. Profitability for cruise businesses is impacted by off-peak revenue and reduced occupancy rates. Bad media coverage, such as stories of passenger injuries or crimes, reduces the overall number of reservations and affects customer confidence in cruising.
Market Opportunities
The global shipping sector offers a variety of opportunities for growth and development, including emerging economies, eco-friendly travel, technical advances, specialized cruises, upselling opportunities, and partnerships. The cruise business has tremendous potential development in emerging fields like South America and Asia. These territories are contributing to a rise in travel demand, providing cruise firms with a broad customer base. New technologies like artificial intelligence, virtual reality, and the Internet of Things have the potential to improve cruise line efficiency levels even while improving passenger experiences on board.
Specialist cruises, such as wellness cruises, adventure cruises, and culinary cruises can appeal to niche markets and give cruise lines a chance to stand out from competitors. Offering onboard services and facilities like spa treatments, shore excursions, and specialty dining options may help cruise companies make more money. Cruise lines may be able to increase their market reach and provide clients with greater all-inclusive travel experiences through partnerships and collaborations with other travel businesses like airlines and hotels.
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Report Segmentation of the Cruise Market
Type Insight
The cruise market is divided into ocean cruises and river cruises based on type. With an expected total revenue of 80%, the Oceans Cruises category is the most profitable of these in the worldwide cruise business. Strong competitors can offer services in the ocean cruises category for numerous transcontinental trips to account for the larger market revenue share. Additionally, a large number of customers prefer ocean cruises to other types of cruises because of the attractive packages, amenities, and entertainment choices. Large ocean cruise ships, which have greater space than the others, can support these activities. The CAGR for the worldwide river cruise industry is predicted to be 13.3%, making it the market with the fastest growth. The increasing size of river cruises compared to ocean cruises, which often dock along coastal regions, can be attributed to their rising popularity among tourists.
Recent Development of the Cruise Market
- In 2021, many cruise lines began their operations again after being suspended due to the COVID-19 pandemic. Some lines, such as Royal Caribbean and Celebrity Cruises, require all passengers to be fully vaccinated before embarking on their voyages.
- Despite the pandemic, several new ships were launched in 2021. Royal Caribbean's Odyssey of the Seas, Carnival Cruise Line's Mardi Gras, and MSC Cruises' Virtuosa.
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Market Segmentation
Based on Type
- Ocean Cruises
- River Cruises
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
The cruise market is highly competitive, with numerous players operating globally. The competitive landscape of the cruise market is constantly shifting, with players competing on factors such as itinerary offerings, pricing, onboard amenities, and sustainability practices. Furthermore, new entrants such as Virgin Voyages and Ritz-Carlton Yacht Collection are entering this space to offer unique experiences to attract a younger demographic of passengers. Some of the major players include:
- Carnival Corporation & Plc
- Royal Caribbean Group
- MSC Cruises S.A.
- Norwegian Cruise Line Holdings Ltd.
- Disney Cruise Line
- Genting Hong Kong Limited
- Fred. Olsen Cruise Lines
- Other Market Players
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