The Global Cruise Ship Market was valued at USD 217.7 billion in 2018 and is expected to reach USD 266.9 billion by 2025, at a CAGR of 2.96% during the forecast period.
A cruise ship is used to take travellers on a pleasure voyage in a journey that is as much a part of the familiarity as the various purposes on the way. Indifference to an ocean liner that conveyances travelers from one point on the sphere to the other often through the oceans, a cruise ship or a cruise liner as it is known by most, carry the people on board to a round trip that is of the diverse period, from a single day to perhaps a week and ends at the originating port. Diverse types of cruise ships are furnished using different passenger carrying capacity. It provides various amenities such as bars, gym, casinos, restaurants and other luxury amenities. It is a boon to the waterway tourism industry and helps to progress the industry in a greater way.
Development in the tourism sector and surge in disposable income are the considerable pouring issue of the market through the world. The welfares of cruising are ease in traveling for travellers, delivers the choice to such as river cruising, ocean cruising, and expedition-style cruising. These benefits of cruising are boosting the demand of cruise ships across the world. Furthermore, a growing number of ends is the primary factor that makes numerous changes in the market in the near future. However, high cost related to cruise shipping is one of the main restrictive factors of the cruise ship market over the upcoming years. A large number of the millennial population, alongside their firming purchasing volume, is propagating a significant amount towards luxury spending. Some of the expenditures include expenses on ornaments, vehicles, and tours & travel. The voyaging is one such luxury expense appealing to the millennial populace at large.
North America grips the leading market share in Cruise Tourism owing to stabled economy condition and the luxury taste of people in the region. Europe seizes the second-largest market for cruise tourism. Ireland and the United Kingdom are two major European source markets for cruises, making up 28% and 26% of European demand for cruises, respectively. Italy, France, and Spain are other large European source markets. Moreover, the cruise travel market will be increasing with a critical rate in the prediction period due to increase in the river cruising. APAC is expected to be the fastest-rising market with double-digit growth rate due to increasing demand from emerging nations such as China and India. The Global Cruise Ships Market is segmented by Type (Ocean Cruise Ships, Luxury Cruise Ships, Adventure Cruise Ships, River Cruise Ship, Others), By Application (Transportation, Entertainment, Others) and Regional Forecasts.
Growth in Tourism Sector
Tourism has become one of the firmest rising financial sectors in the world. The sectoral growth is predictable to increase with growing globalization and economic development. The most projecting groupings of stakeholders are the claim side (customers, clients, tourists, etc.), the supply side (providers of tourist services, travel agencies, carriers, etc.), tourist destinations (local communities, landscapes, restaurants, etc.), regulatory systems (government, tourist organizations, etc.). A progressively significant section on the supply side is shaped by cruise tourism. Cruises are increasingly becoming consistent part of the international tourist market.
Preference of luxury life by the people
The increasing demand for cruise tours for different places and the growing desire of people for the luxury travel is asking the suppliers to add new cruise ships having more luxury features to give choices to the people traveling. The companies are all set for increasing request by the building of new cruise ships. For example, there is a record of 42 ocean and river cruise ships under creation or on a deal for deliveries over the next two ages. Twenty of these are big cruise ships carrying over 1,000 travelers each. Thirteen are mega cruise ships that each carry over 4,000 passengers. Moreover, to more than 167 cruise ships, the leading cruise line companies have presented since 2000.
Global Cruise Ship Market: Competitive Landscape
Some of the leading players operating in the Global Cruise Ship Market are Carnival Corporation & PLC, Disney Cruise Line, MSC Cruises, NCL Corporation, and Royal Caribbean International, AIDA Cruises, Celebrity Cruises, Cunard Line, Marella Cruises, and Saga Cruises and other prominent players