Cruise Tourism Market Insights, Trends & Growth Outlook 2022-2029

SKU: DMOT1952 | Last Updated On: Jul 01 2022 | Available Formats

> Global Cruise Tourism Market Expected to reach a high CAGR of 10% By 2029 | DataM Intelligence

Global Cruise Tourism Market is segmented by By Type (Ocean Cruising, River Cruising), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

Cruise Tourism Market Growth Rate Size Outlook 2022

Cruise Tourism Market is expected to grow at a CAGR of 10% during the forecasting period (2022-2029). The rise in the disposable income of people coupled with the expansion in the cruise onboard facilities and offerings will grow the market for Cruise Tourism in the forecast period. 

Cruise Tourism is the travel on a cruise ship. A cruise ship is a passenger ship used for pleasure voyages when the voyage itself, the ship's amenities, and sometimes the different destinations along the way form part of the passengers' experience. Cruise ships can carry up to thousands of passengers in a single trip and are some of the largest ships in the world by internal volume, bigger than many cargo ships. The following is a list of cruise ships with a gross tonnage larger than 120,000. The report covers all the major trends and drivers playing a key role in the growth of the Cruise Tourism market. The Cruise Tourism market is segmented by Type and Region.

Report Key Insights:

  1. Innovative technology advancements and increasing per capita income are expected to boost the growth of the Cruise Tourism Market
  2. Huge operational expenses lead to hampering the growth of the market
  3. Cruise Tourism Market is segmented into by type and region
  4. North America Cruise Tourism Market is expected to have the largest market share over the forecast period 2022-2029
  5. United Kingdom and Ireland countries contribute the utmost share in the Europe region
  6. Asia Pacific Cruise Tourism Market is projected to be the fastest-growing market over the forecast period, with major demand from the countries such as India, and China

Market Dynamics

Global Cruise Tourism is primarily driven by the rise in the disposable income of people all around the world, coupled with the increase in the preference for luxury life the people. The growing demand for the cruise tour among all ages people with all sorts of fun activities for them according to the age group. The new innovative ships are coming up with new technological advancements and lots more onboard fun for the travelers to enjoy, hence attracting large crowds all around the world.

For instance, Royal Caribbean has long been at the forefront of innovative cruise ship entertainment, introducing unique offerings never before seen at sea on its new ships over the years. It's the first (and only) line to offer ice skating shows in an onboard rink (on select ships) and water-based acrobatic shows in a pool-based stage area (on Oasis-class ships).

The growing demand for cruise tours for different locations and the increasing desire of people for luxury travel is asking the providers to add new cruise ships which more luxury features and a greater number of cruises available for different locations to give options to the people traveling. The companies are all set for the rising demand for the construction of new cruise ships. For instance, there are a record 42 ocean and river cruise ships under construction or on order for deliveries over the next two years (2019 - 2020). Twenty of these are large cruise ships carrying over 1,000 passengers each. Thirteen are mega cruise ships that each carry over 4,000 passengers. In addition to more than 167 cruise ships major cruise line companies have been introduced since 2000. As this boom continues, 2019 - 2020 will be an outstanding year for new cruise ships.

However, high costs, higher operation costs, and also due to environmental concerns are some of the factors that will be hampering the growth of Cruise Tourism in the forecast period.

Cruise Tourism Market Scope

Metrics

Details

Market CAGR

10%

Segments Covered

By Type, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

Segment Analysis

By Type, the global Cruise Tourism market is segmented into ocean Cruise and River Cruise. Ocean Cruise has the dominant position in the Cruise Tourism market and is expected to retain its dominance in the forecasted period due to the more facilities and large cruise experience along with the sighting of the unseen destination. It is expected that Ocean Cruisemarket will grow at a CAGR of ~XX% during the forecast period.

Geographical Analysis

By geography, the global Cruise Tourism market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).

North America holds the largest market share for Cruise Tourism due to the rise in economy and the luxury taste of people there. Europe holds the second-largest market for cruise tourism. The United Kingdom and Ireland are the two largest European source markets for cruises, making up 28% and 26% of European demand for cruises, respectively. Italy, France, and Spain are other large European source markets. And cruise tourism market will be growing at a significant rate in the forecast period due to the rise in river cruising.

For instance, the river cruise sector is growing by about 16% annually and is impressive with both the number of passengers and yields, especially on the market in Germany – the unquestioned river vacation travel market’s leader. River cruise ticket sales are growing faster compared to ocean-going ship vacations. Passenger capacity on the main European rivers is also increasing, and new operators emerge, the old ones (the world’s largest river cruise lines) renovate regularly or expand their fleets by building larger, new-generation boats.

Asia Pacific is expected to be the fastest-growing market with a double-digit growth rate due to the demand from developing nations such as China and India. For instance, China's annual growth in the cruise tourism market has exceeded 40 percent since 2006. It is expected to grow into the world's largest cruise market by 2030, with 8 to 10 million customers per year, according to figures by the Shanghai International Shipping Institute. Australia is also growing in terms of cruise tourism due to the increased market penetration of people traveling on cruises is also boosting the market for cruise tourism in APAC to grow in the forecast period.

Competitive Analysis

Key players are adopting strategies such as investing in R&D, new product launches, and expansion in Technology to stand out as strong competitors in the market. Global Cruise Tourism is a competitive market with the presence of various global and regional players in the market. The major players are Carnival Corporation & PLC, Disney Cruise Line, MSC Cruises, NCL Corporation, and Royal Caribbean International. Other key players in the market include AIDA Cruises, Celebrity Cruises, Cunard Line, Marella Cruises, and Saga Cruises.

  1. In January 2019, Essel Group’s cruise business, Zen Cruises, announced that its cruise line, Jalesh Cruises, will begin its first sail in April from Mumbai. The multi-destination cruise line will offer entertainment shows, adventure activities, and exotic authentic cuisines packed with international hospitality on the high sea.
  2. In March 2019, Italian shipbuilding giant Fincantieri has launched Costa Venezia, a massive new cruise ship with a capacity of over 5,200 guests. With 135,500 tons and 323 meters in length, the Costa Venezia will be the largest ever ship introduced by Costa to the Chinese market. The Costa Venezia is part of an expansion plan that includes a total of 7 ships being delivered to the Costa Group by 2023, for a total investment of over €6 billion. It started its voyage on 8 March.

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