Cruise Industry Overview
The global cruise market size was valued at USD 7.25 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 11.0% from 2022 to 2028.
This can be attributed to the rising popularity of the vacation on a cruise due to the cost difference and the amenities provided by the alternative vacations. Cruise vacations are more affordable as compared to alternative land-based vacations, which include transport, meals, accommodation, and entertainment. According to the Cruise Lines International Association, 58.0% of the international vacationers are first-time cruisers, who are likely to cruise in the next few years.
Gather more insights about the market drivers, restrains and growth of the Global Cruise Market
As a result of the COVID-19 pandemic, the market experienced a decline in passenger numbers. As per the Cruise Lines International Association, in 2020, worldwide passenger volume decreased by 80.0%. Due to the eruption of the COVID-19 pandemic, the majority of the cruises were stranded at various locations and other cruises were canceled. However, the industry is anticipated to witness a slow and healthy growth rate owing to the resumed activities and relaxed restrictions. In the wake of the pandemic, many holidaymakers are looking for small vacations as a getaway.
A vacation trip for multiple days, arranged on the cruise ship in the large inland waters or sea while visiting various destinations for tourism, following a particular route is known as a cruise. The focus in this sort of voyage is basically on staying aboard the ship along with eye-catching destinations for the tourists. The growing industry of hospitality & tourism is contributing to the market growth, thus driving the global cruises market.
Increasing leisure trips and voyages taken by generation Z along with the growing preference of a high population to live a luxury life is contributing to the market growth during the forecast period. The rising popularity of the river cruises is likely to drive the global cruises market. River cruises offer attractive packages that travel inside the countries and not just the coastal areas. These types of river cruises are becoming increasingly popular in European countries.
The growth of the cruises market is restrained by the increasing concerns regarding the environmental pollution, caused by ocean cruising. Cruise passengers and crews generate a significant amount of waste and pollutants. Ocean cruise ships are responsible for approximately 77.0% of the marine pollution, globally. The awareness activities by the environmental organizations and civilian groups are likely to impact the cruises market growth. This has resulted in the developments and research in sustainable and cleaner disposal of the waste generated.
Nowadays, ships are coming with innovations and numerous exciting in addition to fun activities and theme cruises for the travelers such as yoga themes, kid themes, mystery themes, and others. Such innovations are gaining massive popularity among the targeted population and attracting different demography hence driving the cruises market. However, the presence of a limited number of companies intended for the manufacturing of such cruises along with high-cost association for their manufacturing is expected to restrain the market growth during the forecast period.
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- U.S. Hotels, Resorts, And Cruise Lines Market – The U.S. hotels, resorts, and cruise lines market size was valued at USD 218.50 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.3% from 2022 to 2030. The growth in the tourism and travel business in the U.S. is driving the demand.
- Coastal And Maritime Tourism Market – The global coastal and maritime tourism market size was estimated at USD 2.9 trillion in 2021 and is expected to expand at a CAGR of 5.7% from 2022 to 2030, according to Grand View Research, Inc. The market growth is attributed to the rising demand for leisure trips and unexplored destinations by millennials and the younger generation.
Cruise Market Segmentation
Grand View Research has segmented the cruise market based on the type, and region:
Cruises Type Outlook (Revenue, USD Million, 2017 – 2028)
- Ocean Cruises
- River Cruises
Cruises Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
Market Share Insights
- August 19th, 2020: The Indian government announced to reduce 70.0% of the berth charges to boost cruise tourism.
- June 2018: Carnival Corporation & Plc announced the sale and purchase agreement for the acquisition of TWC Enterprises Limited's White Pass & Yukon Route (WP&YR) division by its subsidiary Holland America Princess Alaska Tours.
Key Companies profiled:
Some prominent players in the global cruise market include
- Carnival Corporation & Plc
- Royal Caribbean Group
- MSC Cruises S.A.
- Norwegian Cruise Line Holdings Ltd.
- Disney Cruise Line
- Genting Hong Kong Limited
- Fred. Olsen Cruise Lines
Order a free sample PDF of the Cruise Market Intelligence Study, published by Grand View Research.
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