“Global Cruise Market to reach a market value of USD 19.7 Billion by 2031 growing at a CAGR of 11.1%”
The Global Cruise Market size is expected to reach $19.7 billion by 2031, rising at a market growth of 11.1% CAGR during the forecast period.
North America is a powerhouse in the cruise market, with a strong presence in both the supply and demand sides of the industry. Thus, the North America region acquired $3,828.4 million revenue in 2023. the United States has several initiatives that support the growth of cruise tourism, particularly in key cruise ports and regions. One prominent example is the Cruise Passenger Protection Act, which enhanced consumer protections for cruise passengers.
Various interconnected factors influence the rise in disposable income, each contributing to the overall growth in personal earnings and spending power. Economic growth is a primary driver, creating a favorable environment for job creation and wage increases. Therefore, the increasing disposable incomes of travelers will aid in expanding the market.
Additionally, Cruise companies are investing heavily in expanding their fleets to meet this growing demand and offer passengers a wider range of cruise options. One notable example of this expansion is the introduction of new, larger ships with innovative features and amenities. Hence, these factors will augment the development of the market.
However, Competition from other travel options significantly impacts the cruise industry's growth. All-inclusive resorts, for example, offer a similar all-in-one vacation experience with the convenience of staying in one location. These resorts often provide a range of amenities and activities, such as dining, entertainment, and recreational facilities, which can compete with the offerings of a cruise ship. Therefore, these factors may hamper the development of the market.
Based on type, the market is characterized into ocean cruises and river cruises. The ocean cruises segment garnered 79.3% revenue share in the market in 2023. Ocean cruises allow passengers to explore the world's oceans while enjoying various onboard amenities and activities. Moreover, ocean cruises are popular for travelers seeking a convenient and immersive vacation experience.
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment procured a considerable 23.3% revenue share in the market in 2023. The Asia Pacific market has seen rapid growth in recent years, driven by rising disposable incomes, an expanding middle class, and increasing interest in travel and tourism among Asian consumers. This growth has made the region one of the fastest-growing markets globally.
Free Valuable Insights: Global Cruise Market size to reach USD 19.7 Billion by 2031
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 8.6 Billion |
| Market size forecast in 2031 | USD 19.7 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 11.1% from 2024 to 2031 |
| Number of Pages | 111 |
| Number of Tables | 160 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Region |
| Country scope |
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| Companies Included | Carnival Corporation & plc., Royal Caribbean Cruises Ltd., MSC Cruises S.A. (MSC Mediterranean Shipping Company SA), Norwegian Cruise Line Holdings Ltd., Disney Cruise Line (The Walt Disney Company), Cruiseaway (Dreamlines GmbH), Island Queen Cruises, American Cruise Lines, The Independent Traveler, Inc. (Tripadvisor Inc.), Viking River Cruises Inc. |
By Type
By Geography
This Market size is expected to reach $19.7 billion by 2031.
Increasing disposable incomes of travelers are driving the Market in coming years, however, Growing competition from other travel options restraints the growth of the Market.
Carnival Corporation & plc., Royal Caribbean Cruises Ltd., MSC Cruises S.A. (MSC Mediterranean Shipping Company SA), Norwegian Cruise Line Holdings Ltd., Disney Cruise Line (The Walt Disney Company), Cruiseaway (Dreamlines GmbH), Island Queen Cruises, American Cruise Lines, The Independent Traveler, Inc. (Tripadvisor Inc.), Viking River Cruises Inc.
The expected CAGR of this Market is 11.1% from 2024 to 2031.
The North America region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $8.4 billion by 2031.
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