Enjoy complimentary customisation on priority with our Enterprise License!
The cruise tourism market size is estimated to grow at a CAGR of 12.07% between 2023 and 2028. The market size is forecast to increase by USD 24.88 billion. The growth of the market depends on several factors, including strong global economic recovery and increasing HNWIs (high-net-worth individuals), an increase in onboard facilities and offerings, and an increase in government support for the cruise industry.
The report includes a comprehensive outlook on the cruise tourism market, offering forecasts for the industry segmented by Application, which comprises ocean cruising and river cruising. Additionally, it categorizes Product into passenger ticket and onboard facilities and covers Geography regions, including North America, APAC, Europe, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
For More Highlights About this Report, Download Free Sample in a Minute
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increase in onboard facilities and offerings is notably driving the market growth. The inclusion of various onboard activities in the itineraries has increased noticeably over the last few years. Some of the major onboard activities included in the itineraries are waterworks (including water slides, buckets, pipes, twister water slides, and others), sports (including rope course, sky course, volleyball, soccer, basketball, ping-pong, foosball mini-golf courses, pools sports, and others), shopping (a tourer can shop watches, duty-free liquor, electronics, gifts, and others), video games (include racing, combat, thrilling games, skill games, and others), poker and casino clubs, art galleries, bar and pubs, and others are some of the major onboard activities.
However, cruise ship travel has recently been improved with the addition of traveler-friendly onboard technologies. In order to increase visitor numbers, cruise lines have increased amenities like spa services, onboard casinos, swimming pools, recreational games, indoor golf courses, Wi-Fi access, and application-based services. Hence, these facilities are expected to trigger the growth of the market during the forecast period.
Improvements in port infrastructure are an emerging trend in market growth. Most nations around the world (especially tourist destinations) are expanding their port infrastructure to handle the increased number of ships and passengers due to the significant rise in demand for cruise tourism, the momentous increase in the number of cruise line passengers, and the increase in the number of cruise ships. For instance, over the past two years, cruise tourism in the Mediterranean and its neighboring ports has grown rapidly. More than 25 million cruise passengers and numerous cruise ships making repeat visits were seen in Mediterranean ports in 2022.
Additionally, over the next five years, more people are anticipated to visit the area. The existing cruise terminal infrastructure has been upgraded at the MedCruise ports to accommodate growing demand and more cruise ships. Hence, such improvements in the port infrastructure will aid in the growth of the global market during the forecast period.
The rising environmental concerns are major challenges impeding the market growth. Cruise ships are also known as floating cities because they frequently carry thousands of passengers in addition to the crew. Cruise ships are important for sailing, but due to the large number of passengers and crew members on board, these ships produce a significant amount of waste every day. For instance, a typical one-week cruise with 2000–2500 passengers and crew members would produce approximately 2,00,000 plus gallons of sewage stream, which includes oily bilge water, greywater, hazardous waste, more than six tons of solid waste, and a significant amount of air pollutants.
Moreover, a sizeable portion of the world's total marine pollution is caused by cruise ships. Hence, the generation of waste by cruise ships, which has an adverse effect on the environment, is thought to restrain the expansion of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Cruise Tourism Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
American Cruise Lines - The company focuses on offering an elevated cruise experience with personalized exploration and well-designed enrichment programs on board and ashore. The key offerings of the company include cruise tourism solutions such as Mississippi River Cruises.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the ocean cruising segment will be significant during the forecast period. A few of the factors influencing the ocean cruising market are the emergence of large-capacity cruise ships, an increase in the number of local ports, the inclusion of new destinations, and the introduction of numerous recreational onshore/onboard activities.
Get a glance at the market contribution of various segments Download the PDF Sample
The ocean cruising segment was the largest and was valued at USD 30.45 billion in 2018. Ocean cruising is a widely-used industry that includes popular tourist locales like the Caribbean, Alaska, the Mediterranean, and the Asia Pacific. Both smaller luxury cruise lines and more giant mainstream cruise liners are included in this segment. Further, consumers now find it simpler to compare procedures and arrange trips to their preferred destinations due to online booking options, mobile applications, and other digital platforms. Bloggers and social media influencers have also contributed to the promotion of the cruise experience, influencing prospective travelers' choices. Thus, all the above-mentioned factors will drive the growth of the ocean cruising segment of the market during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
North America is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The cruise tourism market in North America is expected to witness robust growth momentum over the next five years. The cruise tourism market is one of the fastest-growing categories among the overall leisure markets in North America. Cruise tourism has experienced an accelerating growth rate in terms of passenger flow over the past three decades. As a result, cruise ship companies are expanding passenger capacity, itineraries, and convenient embarkation ports to facilitate the increasing passenger flow in the region. In addition, the US is one of the major contributors to the growth of the cruise tourism market in the Americas, which accounts for the majority of cruise passengers.
For instance, in November 2023, Regent Seven Seas Cruises, which is a Miami-based company touted as the World's Most Luxurious Fleet, took delivery of its sixth ship, Seven Seas Grandeur- A Heritage of Perfection. With a gross tonnage of 55,500, a total of 548 employees, and a maximum guest capacity of 746 people, Seven Seas Grandeur will have some of the highest staff-to-guest ratios in the business, offering guests unmatched space, unmatched services, intriguing art, and life-changing experiences from the minute they board. Hence, such developments can drive the growth of the regional cruise tourism market during the forecast period.
The cruise tourism market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
|
Cruise Tourism Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
160 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 12.07% |
|
Market Growth 2024-2028 |
USD 24.88 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
10.76 |
|
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
|
Performing market contribution |
North America at 44% |
|
Key countries |
US, China, Australia, UK, and Germany |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
AmaWaterways, Ambassador Cruise Holidays Ltd., American Cruise Lines, Azamara, Carnival Corp. and Plc, Compagnie du Ponant, Cosmos Tours Ltd., Genting Hong Kong Ltd., KSINC, LaVista Travel, MSC Mediterranean Shipping Co. SA, Norwegian Cruise Line Holdings Ltd., Ocean World Ltd., Riviera Travel, Royal Caribbean Cruises Ltd., SAGA PLC, The Walt Disney Co., TUI AG, Viking Cruises, and Virgin Cruises Intermediate Ltd. |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
Get the report (PDF) sent to your email within minutes.