Market Size – The cruise market size has grown rapidly in recent years. It will grow from $6.96 billion in 2023 to $7.82 billion in 2024 at a compound annual growth rate (CAGR) of 12.4%. The growth in the historic period can be attributed to improving economic conditions, changing demographic trends, evolving travel preferences, tightening regulations and safety standards, and rising health and safety concerns.
The cruise market size is expected to see rapid growth in the next few years. It will grow to $12.57 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%. The growth in the forecast period can be attributed to an increasing focus on sustainable tourism, enhancing health and safety protocols, expanding markets in emerging economies, rising demand for experiential and themed cruises, and changing regulatory environments and incentives. Major trends in the forecast period include sustainability and eco-friendly practices, technological advancements, diversification of destinations, luxury and experiential travel, family and multigenerational travel, customization, and personalization.
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Scope Of Cruise MarketThe Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Cruise Market Overview
Market Drivers -The growing preference for luxury travel is expected to propel the growth of the cruise market in the coming years. Luxury travel encompasses premium and exclusive experiences, services, and accommodations for affluent travelers seeking exceptional comfort and sophistication. Luxury travelers prioritize unique and transformational experiences, exploring off-the-beaten-path destinations, seeking authenticity, and engaging in enriching activities. Cruises offer an enticing combination of luxurious accommodations, experiences, gourmet dining, and immersive travel opportunities in exotic locations, providing an all-inclusive vacation option. For instance, a survey conducted by Flywire in March 2023 showed that out of 600 luxury travelers, 84% expected longer vacations, and 83% planned to increase their travel spending by 11% in 2023. Furthermore, travelers raised their luxury trip spending from $3,728 in 2022 to $4,848 in 2023. Therefore, the increasing preference for luxury travel is poised to drive the growth of the cruise market.
Market Trends – Major companies operating in the cruise market are focusing on developing eco-friendly options, such as LNG-powered cruises, to reduce environmental impact and emissions using cleaner liquefied natural gas fuel. LNG-powered cruise ships are vessels that use liquefied natural gas (LNG) as their primary fuel source instead of traditional marine fuels, offering operational advantages such as increased energy efficiency and the potential for reduced fuel costs in the long term. For instance, in February 2024, Princess Cruises, a U.S.-based American cruise line company, introduced two LNG-powered cruise ships, the Sun Princess, featuring advanced LNG propulsion for enhanced fuel efficiency and reduced emissions. The LNG-powered plant on Sun Princess consists of two tanks, each capable of holding 70,000 ft3 of LNG. The use of LNG as a fuel source helps lower greenhouse gas emissions compared to traditional marine fuels, contributing to cleaner air and a reduced carbon footprint. This technological advancement aims to align with environmental sustainability goals in the cruise industry.
The cruise market covered in this report is segmented –
1) By Type: Ocean Cruises, River Cruises
2) By Size: Small, Mid, Large
3) By Application: Transportation, Entertainment, Other Applications
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Regional Insights – North America was the largest region in the cruise market in 2023. The regions covered in the cruise market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies – Major companies in the market are TUI Group, MSC Cruises SA, Carnival Corporation & plc, Royal Caribbean Group, Norwegian Cruise Line Holdings Ltd, Disney Cruise Line, Hurtigruten Group, Windstar Cruises, Grand Circle Cruise Line, Regent Seven Seas Cruises, Oceania Cruises Inc, Genting Hong Kong Limited, CroisiEurope, Compagnie du Ponant, Uniworld Boutique River Cruises, Tauck River Cruises, Viking River Cruises Inc, Seabourn Cruise Line, Fred Olsen Cruise Lines Ltd, Crystal Cruises Inc, Scenic Luxury Cruises & Tours, Azamara Cruises, American Cruise Lines Inc, Paul Gauguin Cruises, SeaDream Yacht Club, Avalon Waterways, AmaWaterways, Island Queen Cruises, Silversea Cruises Ltd, Luxury Cruise Connections
Table of Contents 1. Executive Summary2. Cruise Market Report Structure3. Cruise Market Trends And Strategies4. Cruise Market – Macro Economic Scenario5. Cruise Market Size And Growth…..27. Cruise Market Competitor Landscape And Company Profiles28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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