Global Cruise Market By Type (River Cruises and Ocean Cruises), By Application (Contemporary, Premium, Luxury and Other Applications), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Report Overview

The global cruise market was worth USD 7,350 million in 2021. It is projected to grow at a compound annual rate of 11.2% between 2023 and 2032. The rising popularity of vacations on cruises can be attributed both to the lower cost and the additional amenities offered by other vacations. Cruise vacations can be more affordable than other land-based vacations that include transport, meals, and entertainment. According to the Cruise Lines International Association, 58.5% are first-time travelers who will continue to cruise over the next few years.

Global Cruise Market Scope:

Type Analysis

By revenue share, the market is dominated and dominated by ocean cruises. The ocean cruise segment was responsible for more than 80% of the global market’s revenue share in 2021. The higher market share and strong players that offer services in the ocean cruises segment are a result of a large number of intercontinental trips. A large customer base chooses ocean cruises over other cruises due to their exciting amenities and entertainment activities. These activities can be done on large ocean cruise ships, which offer spacious areas compared to other vessels.

The fastest-growing segment in the global market is the river cruise, which is expected to register a CAGR of 13.1% between 2023 and 2032. River cruises are gaining popularity among vacationers due to their high CAGR. River cruises, unlike ocean cruises, which dock in the coastal region due to their large size, travel along the rivers, offering more sightseeing and destinations. River cruising has become a popular option for European countries to navigate between different countries.

Application

Based on Application, The market is segmented into Contemporary, Premium, Luxury, and Other. The Contemporary segment holds the big market share. The Contemporary cruise lines offer a variety of cruise schedules and itineraries that are perfect for younger adults and family cruises. These are the lines with the largest ships, the most onboard entertainment options, and the widest variety of amenities.

Кеу Маrkеt Ѕеgmеntѕ

Type

• River Cruises
• Ocean Cruises

Application

• Contemporary
• Premium
• Luxury
• Other Applications

Market Dynamics:

A cruise is a vacation that takes place on a cruise ship. It can be organized in the large inland waterways or at sea and includes visits to various tourist destinations. This type of voyage focuses on the tourist and staying on board the ship. Global cruises are being driven by the growing hospitality and tourism industry.

The market is expected to grow due to increasing leisure travel and voyages by Generation Z, as well as the rising preference for high-end lifestyles in the upcoming period. Global cruises will be driven by the rising popularity of river cruises. River cruises are attractive because they offer packages that allow you to travel within the country and not only the coast. These river cruises are increasingly popular in European countries.

The increasing environmental pollution caused by ocean cruising is limiting the growth of the cruise market. Crew members and passengers on cruise ships produce significant amounts of pollution and waste. Globally, ocean cruise ships account for around 77.0% of marine pollution. Cruises’ market growth will be affected by awareness activities conducted by civil groups and environmental organizations. These efforts have led to the development and improvement of sustainable and cleaner disposal methods.

Ships are now equipped with innovative features and offer a variety of exciting and fun activities for passengers. These include theme cruises that feature mystery, yoga, kid themes, and other themes. These innovations are growing in popularity and attracting different demographics, which is driving the cruises market. The market growth is expected to be slowed by the limited number of companies that manufacture such cruises and the high cost associated with their production.

Regional Analysis

North America held approximately 50% revenue share and dominated the market in 2021. The strong presence of international key players and the most advanced industry is the main reason for North America’s dominance in the global market. The factors that contributed to the greater market share include higher disposable income, increased consumer spending, and developed tourism industry.

The Asia Pacific will experience the fastest growth rate over the forecast period. From 2023 to 2032, the region will experience a 12% CAGR. The cruise industry has been shifting away from North America and Europe over the last few years to the Asia Pacific. The Asia Pacific’s cruise industry is flourishing due to government initiatives to promote tourism and increase economic output.

Europe accounted for more than 25.5% of 2021’s revenue share. It was second in terms of revenue share. The forecast period will see a substantial CAGR. A rise in sustainable tourism is responsible for the market’s growth. This increasing demand is making local communities more attractive to small- and medium-sized tour operators, which in turn contributes to market growth.

Key Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

Global markets are characterized by both large, well-known key players and smaller local players. Carnival Corporation & Plc holds the majority of the market share. The Royal Caribbean Group.

Companies are focusing on new ways to grow their clientele. Multigenerational family packages, children’s theme cruise vacations, and mystery cruise vacations are just some examples of the types of new initiatives that key companies are pursuing. These major players in the global cruise market are particularly focused on expanding their business into untapped regions or countries.

Маrkеt Кеу Рlауеrѕ:

• Royal Caribbean Group
• Carnival Corporation & Plc
• MSC Cruises S.A.
• Norwegian Cruise Line Holdings Ltd.
• Genting Hong Kong Limited
• Disney Cruise Line
• Olsen Cruise Lines
• Oceania Cruises
• Other Key Player

For the Cruise Market research study, the following years have been considered to estimate the market size: