Cruise Tourism Market to Grow by USD 24.88 Billion (2024-2028), Driven by Economic Recovery and HNWI Growth, with AI-Powered Market Evolution - Technavio

NEW YORK, Dec. 11, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The global cruise tourism market size is estimated to grow by USD 24.88 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  12.07%  during the forecast period. Strong global economic recovery and increasing number of HNWIS is driving market growth, with a trend towards growing number of repositioning cruises. However, rising environmental concerns  poses a challenge. Key market players include AmaWaterways, Ambassador Cruise Holidays Ltd., American Cruise Lines, Azamara, Carnival Corp. And Plc, Compagnie du Ponant, Cosmos Tours Ltd., Genting Hong Kong Ltd., KSINC, LaVista Travel, MSC Mediterranean Shipping Co. SA, Norwegian Cruise Line Holdings Ltd., Ocean World Ltd., Riviera Travel, Royal Caribbean Cruises Ltd., SAGA PLC, The Walt Disney Co., TUI AG, Viking Cruises, and Virgin Cruises Intermediate Ltd..

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Market Driver

The Ocean cruise segment in the Cruise Tourism Industry is thriving, with an increasing number of passengers choosing this mode of transportation and accommodation. The average passenger age is decreasing, attracting a younger demographic. The Cruise Industry offers a variety of cruises, from enclave tourism to themed cruises, catering to diverse consumer behavior. Pioneering services like skydiving simulators, water coasters, and adventurous activities add to the novel experiences. Cruise companies and brands continue to innovate with new ships, luxury experiences, and exclusive offers. River cruising is also gaining popularity, with new operators and next-generation boats. Passengers seek unique travel experiences, from tropical getaways to cultural explorations. Specialized cruise terminals ensure smooth passenger arrivals and departures, enhancing the overall experience. Cruise line websites and online travel agencies provide a seamless booking experience for travelers, making it easier to plan holidays on the high seas. 

Repositioning cruises, which involve shifting a ship between sailing destinations, have gained significant traction in the cruise tourism industry. This trend is driven by travelers seeking new experiences and taking advantage of affordable one-way flights to explore diverse itineraries. Repositioning cruises offer cost savings compared to regular sailings, making them an attractive option for budget-conscious tourists. For instance, African ports such as Mombasa and Cape Town are attracting an increasing number of foreign cruise ships due to their upgraded terminal facilities. This regional growth is contributing to the expansion of the global cruise tourism market. 

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 Market Challenges

• The cruise tourism industry faces several challenges in the ocean cruise sector. Passenger age and demographics vary, requiring cruise lines to offer a variety of cruises, from group-oriented to themed, luxury experiences, and novel experiences. Enclave tourism and transportation to tourist spots necessitate specialized cruise terminals for passenger arrivals and departures. Cruise companies and brands continuously innovate with pioneering services, amenities like skydiving simulators and water coasters, and novel experiences to attract travelers. Consumer behavior influences the booking experience on cruise line websites and through online travel agencies. Cruise business growth includes new operators, next-generation boats, repositioning cruises, and new destinations in river cruising. The cruise industry, as part of the travel industry, must adapt to provide exclusive offers, luxurious accommodations, and onboard entertainment for passengers seeking unique travel experiences, tropical getaways, cultural explorations, and culinary delights.
• Cruise ships, often referred to as "floating cities," accommodate thousands of passengers and crew members. Despite their size and significance in the tourism industry, they generate substantial waste daily. For instance, a week-long cruise with 2000-2500 passengers and crew generates approximately 200,000 gallons of sewage, including oily bilge water, greywater, hazardous waste, and over six tons of solid waste. Additionally, these ships emit large quantities of air pollutants. Cruise ships contribute significantly to marine pollution globally.

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Segment Overview 

This cruise tourism market report extensively covers market segmentation by  

1. Application 
• 1.1 Ocean cruising
• 1.2 River cruising
2. Product 
• 2.1 Passenger ticket
• 2.2 Onboard facilities
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Ocean cruising-  The ocean cruising segment of the global cruise tourism market has experienced significant growth over the last decade. Factors driving this expansion include the emergence of large-capacity cruise ships, an increase in local ports, new destinations, and a rise in passenger flow. The segment's growth is fueled by a desire for luxury experiences, increased disposable income, and technological advancements. Major tourist destinations, such as the Caribbean, Alaska, Mediterranean, and Asia Pacific region, are covered by this segment. It caters to various age groups, with offerings ranging from small luxury cruise lines to larger mainstream liners. Oceania Cruises Ltd., for instance, provides passengers with opulent experiences featuring modern conveniences, tasteful decor, and personalized services. Technological advancements, including online booking options and social media promotion, have made cruises more accessible and appealing to potential travelers. These factors will continue to drive the growth of the ocean cruising segment in the forecast period.

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Research Analysis

The cruise tourism market, a subsector of the travel industry, offers unique and varied experiences through ocean cruises. These voyages provide transportation and accommodation in one, combining the convenience of travel with the comforts of hospitality. The cruise industry caters to passengers of all ages, offering themed cruises, luxury experiences, and adventurous activities. Cruise liners are pioneering services with amenities ranging from skydiving simulators to water coasters. Cruises offer tropical getaways and cultural explorations, allowing passengers to discover new destinations. Enclave tourism is a growing trend, with cruises providing exclusive and personalized experiences. Cruise businesses continue to innovate, offering itineraries that cater to diverse interests, from relaxation to adventure. Passengers can enjoy onboard entertainment, fine dining, and world-class service, making for unforgettable travel experiences.

Market Research Overview

The Ocean cruise segment of the Cruise Tourism Industry offers a wide range of experiences for passengers of all ages, from tropical getaways to cultural explorations. The Cruise Industry, a significant contributor to the Travel Industry, continues to innovate with pioneering services, themes, and amenities on Cruise Liners. These include skydiving simulators, water coasters, and adventurous activities, making for novel experiences. Cruise Companies and Brands offer exclusive deals, group-oriented cruises, and luxury experiences, all while providing transportation and accommodation in one package. Specialized cruise terminals ensure efficient passenger arrivals and departures to a variety of destinations. Consumers can book these unique travel experiences through cruise line websites or online travel agencies, enhancing the overall booking experience. Passengers can enjoy onboard entertainment, culinary delights, and luxurious accommodations, making for memorable holidays. Repositioning cruises and new destinations keep the industry fresh, with new operators and next-generation boats joining the scene.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Ocean Cruising
• River Cruising
• Product
• Passenger Ticket
• Onboard Facilities
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

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SOURCE Technavio