Cruise Tourism Market to Reverse its Pandemic-Period Slump and Surge at a Fascinating CAGR of 10.4% in the 2022-2031 Timeframe [270-Pages] | Disclosed by Research Dive
The global cruise tourism market is expected to grow primarily due to increasing demand for luxury experiences of cruise tourism. Ocean cruise sub-segment is expected to flourish immensely. The market in the North America region is predicted to grow at a high CAGR by 2031.
NEW YORK, June 14, 2023 /PRNewswire/ -- Global Cruise Tourism Market Forecast Analysis:
As per the report published by Research Dive, the global cruise tourism market is expected to register a revenue of $13,641.4 million by 2031 at a CAGR of 10.4% during the forecast period 2022-2031.
Segments of the Cruise Tourism Market
The report has divided the cruise tourism market into the following segments:
- Cruise Type: river cruise, ocean cruise, expedition cruise, theme cruise, adventure cruise, and others
- Ocean Cruise– Most dominant by 2031
The ocean cruise sub-segment is expected to be dominant by 2031 owing to growing popularity of themed cruises such as adventure cruises, music cruises, or culinary cruises. - Duration: 1-3 days, 4-6 days, 7 days, 8 to 13 days, 14 days, 15-20 days, and more than 21 days
- 7 Days– High growth rate by 2031
The 7 days sub-segment is predicted to have a significant CAGR in the 2022-2031 timeframe. The rising income levels of people across the world are expected to augment the growth rate of the market in the 2022-2031 timeframe. - Passenger Age: less than 12 years, 13-19 years, 20-29 years, 30-39 years, 40-49 years, 50-59 years, and above 60 years
- 40-49 Years– Highest market share in 2021
The 40-49 years age group tends to be more financially stable and can afford the higher-end cruises that offer more amenities and services. The financially stable nature of this age group is predicted to push the growth rate of the sub-segment. - Region: North America, Europe, Asia-Pacific, and LAMEA
- North America – Significant market share in 2021
The rapidly increasing popularity of cruising as a vacation option is predicted to help the market in this region to grow at a significant CAGR in the forecast period.
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Dynamics of the Global Cruise Tourism Market
The growing demand for luxury experiences of cruise tourism is expected to make the cruise tourism market a highly profitable one in the forecast period. Additionally, growing disposable incomes of global populations is predicted to propel the market forward. However, according to market analysts, safety and security concerns over cruise tourism might become a restraint in the growth of the market.
Growing tendency of travellers for seeking unique and memorable experiences is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, rising consumer demand for cruise tourism is expected to propel the cruise tourism market forward in the coming period.
COVID-19 Impact on the Global Cruise Tourism Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The cruise tourism market, too, faced a similar fate. The travel restrictions put in place by several countries drastically reduced the demand for cruise tourism which affected the growth rate of the market significantly.
Key Players of the Global Cruise Tourism Market
The major players of the market include
- Ambassador Cruise Holidays Limited
- Cosmos Tours Ltd
- Norwegian Cruise Line
- AmaWaterways
- Kerala Shipping and Inland Navigation Corporation Ltd.
- Silversea Cruises
- Carnival Corporation & plc
- Mediterranean Shipping Company S.A.
- Seabourn Cruise Line
- Ponant
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain market growth.
For instance, in March 2023, the Saudi Arabian government, announced that had signed an acquisition agreement to acquire Genting Hong Kong's World Dream cruise ship. The Saudi Arabian government stated this acquisition as a part of its plans to expand the tourism industry of the country and diversify the tourism options available in the country.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Cruise Tourism Market:
- A Quick Look at the Top 4 Cruise Tourism Destinations in the World for 2023
- Global Cruise Tourism Market to Generate $13,641.4 Million in the 2022–2031 Timeframe Due to An Increase in Disposable Income of Global Population
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