Global Cruise Market Size To Grow At A CAGR Of 11.50% In The Forecast Period Of 2023-2028
The ‘Global Cruise Market Price, Share, Size, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global cruise market, assessing the market on the basis of its segments like type and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 7.08 billion
- Forecast CAGR (2023-2028): 11.50%
- Forecast Market Size (2028): USD 13.6 billion
Rising disposable incomes, increasing awareness regarding cruises, and improved accessibility to various cruise options are driving the growth of the global cruise market. There has been a substantial expansion in cruise offerings, with various old and new brands increasing their presence in the market and reducing costs to gain a competitive edge. As cruises become more affordable while amenities and amusements they offer increase, more consumers globally are opting to vacation on cruises. The general all-inclusive model of cruises is increasing in appeal as consumers do not have to worry about booking separate transportation, meals, entertainment, and accommodation as would be required in a land-based vacation.
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Diversification of cruise options is another integral factor supporting the cruise market growth, by appealing to a wider audience. Availability of short duration cruises are increasing their demand, expanding their reach by catering to travellers with limited free time but an interest in cruise vacations. Moreover, for first-time cruise travellers, short duration cruises can help consumers understand whether they would be interested in longer cruise trips. River cruises are also witnessing a significant increase in demand, supported by the increased convenience they offer, easier availability, and smoother journeys. Unlike ocean cruises, which are restricted to coastlines, river cruises can travel within countries, giving consumers engaging views to enjoy.
Cruise Industry Definition And Major Segments
A cruise is a recreational activity where passengers travel on small or large ships across water bodies such as rivers, oceans, or seas. The purpose of a cruise is to provide an entertaining experience over water, accordingly various activities such as dance, music, fine dining, comedy, theatre, and magic can be offered.
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Based on type, the market is bifurcated into:
- Ocean Cruises
- River Cruises
By region, the market is categorised into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Cruise Market Trends
Availability of new and engaging activities on cruises and increasing innovations in adopting new activities are key trends in the cruise market. To appeal to a wider consumer base, cruise providers are customising their offerings and organising themed cruises such as kids themes, yoga themes, and holiday themes. Activities such as arts and crafts, lessons for dancing and singing, games, and acting, are also adding to the appeal of cruises.
Increasing concerns regarding sustainability is another crucial trend influencing the cruise market, leading to the development of cruises with enhanced sustainability. In long-duration cruises, waste generation and adequate disposal of accumulated waste are significant concerns. To prevent ocean and river pollution, cruses are utilising advanced methods of waste management as well as compaction and allocation of dedicated spaces to contain waste until land is reached.
Adoption of digital technologies for sales of cruise tickets and onboard are also increasing the market share of cruises. Creative promotions on social media platforms and availability of cruise tickets through different online distribution channels is enabling more users to purchase tickets. Onboard cruise technologies include online check-in, smart appliances, digital boarding passes, real-time updates, and tracking solutions. These facilities improve customer experience and satisfaction while lowering operating expenses of cruises.
Key Market Players
The major players in the global cruise market report are Carnival Corporation & plc, Royal Caribbean Group, MSC Cruises S.A, Norwegian Cruise Line Holdings Ltd, Disney Cruise Line, Oceania Cruises S. de R.L., Regent Seven Seas Cruises, Inc., Celestyal Cruises, Genting Hong Kong Limited, and Holland America Line N.V., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
