The global cruise market could reach USD 15.10 billion by 2028

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The “Cruise Ships Market Size, Share and Trend Analysis by Type (Ocean Cruises, River Cruises), by Region and Segment Forecasts, 2022-2028” report has been added to ResearchAndMarkets.com’s offering.

“Cruise Ship Market Size, Share, and Trend Analysis Report by Type (Ocean Cruises, River Cruises), by Region, and Segment Forecasts, 2022-2028”

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The global cruise ship market size is expected to reach USD 15.10 billion by 2028, registering a CAGR of 11.0% during the forecast period from 2022 to 2028.

Companies mentioned

Carnival & Plc Corporation.
Royal Caribbean Group
MSC Cruises SA
Norwegian Cruise Line Holdings Ltd.
Disney Cruise Line
Genting Hong Kong Limited
Fred. Olsen Cruise Lines

Market growth is substantially driven by the growing popularity of theme cruises that appeal to various consumer groups. The children’s theme, yoga theme, mystery theme, and adventure theme are likely to offer additional fun with destination travel, rather than traditional cruises.

According to the Cruise Lines International Association, Gen Z is likely to become the largest consumer in the cruise industry, surpassing millennials. This generation seeks unique and authentic experiences and seeks to travel with more enthusiasm, which is expected to drive the expansion of the cruise market. Market growth is restricted by limited companies participating in the market and growing concerns about environmental pollution from ocean bodies, which destroy marine wildlife.

The COVID-19 pandemic has negatively affected the global cruise industry. When the pandemic broke out, a significant number of cruise ships were stranded in 2019 and were canceled in 2020. According to the Cruise Lines International Association, passenger volume fell more than 80.0% globally from 2019 to 2020. However , With the vaccination process and activities resumed along with relaxed restrictions, the ocean and river cruise industry is slowly starting to operate with the required care.

The ocean-going cruise segment dominated the market and had more than 80.0% revenue share in 2021. The global ocean-going cruise industry is more developed compared to the equivalent cruise type, with more ocean-going cruise lines operating in the segment. Vacationers’ preference for ocean cruises is higher compared to river cruises due to the spacious decks and rooms, exciting onboard/land activities, and more intercontinental destinations.

América del Norte ocupó el primer lugar en la participación de ingresos del mercado durante 2021, en el mercado global de cruceros, registrando alrededor del 50,0% de participación. La gran participación de mercado de América del Norte se atribuye principalmente a la mayor participación de los Estados Unidos debido al elevado gasto del consumidor en viajes y turismo, la fuerte presencia de jugadores clave y la industria de cruceros altamente desarrollada. Los principales actores que dominan el mercado son Carnival Corporation & Plc. y Royal Cruise Group, cuyos principales clientes e ingresos generados provienen de la región de América del Norte, a los que atribuye la mayor participación de mercado.

Cruise Market Report Highlights
North America dominated the global cruise market in 2021, occupying around 50.0% market revenue share. The developed travel and tourism industry, the strong presence of the key players and the increased consumer spending are the factors that are attributed to the higher revenue share of the market.
River cruises are expected to experience the highest growth rate, recording a CAGR of 13.3% from 2022 to 2028. The growing popularity of river cruise packages and the limited operational capacity of ocean cruises, due to restrictions of COVID-19, are the factors that are likely to help type of river cruise, driving the growth rate
Europe was the second dominant region in terms of revenue share and accounted for more than 25.0% share in 2021. Increasing demand for sustainable tourism is driving the market growth during the forecast period. The growing demand for sustainable tourism within the region leads to being more beneficial to small and medium-sized tour operators and attracting them in large numbers, contributing to higher revenue generation.