Cruise Market Overview: Market Size, Major Drivers And Trends
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The cruise market has grown rapidly in recent years, expanding from $6.96 billion in 2023 to $7.82 billion in 2024 at a CAGR of 12.4%. The market’s historical growth has been fueled by improving economic conditions, changing demographic trends, evolving travel preferences, tightening regulations, and rising health and safety concerns. The cruise market is expected to continue its strong growth, reaching $12.57 billion in 2028 at a CAGR of 12.6%. The forecast period’s growth drivers include an increased focus on sustainable tourism, enhanced health and safety protocols, expanding markets in emerging economies, rising demand for experiential and themed cruises, and a changing regulatory environment. Key trends include sustainability and eco-friendly practices, technological advancements, diversification of destinations, and a focus on luxury, experiential travel, family, and multigenerational travel, along with customization and personalization.
The growing preference for luxury travel is expected to propel the growth of the cruise market in the coming years. Luxury travel encompasses premium and exclusive experiences, services, and accommodations for affluent travelers seeking exceptional comfort and sophistication. Luxury travelers prioritize unique and transformational experiences, exploring off-the-beaten-path destinations, seeking authenticity, and engaging in enriching activities. Cruises offer an enticing combination of luxurious accommodations, experiences, gourmet dining, and immersive travel opportunities in exotic locations, providing an all-inclusive vacation option. For instance, a survey conducted by Flywire in March 2023 showed that out of 600 luxury travelers, 84% expected longer vacations, and 83% planned to increase their travel spending by 11% in 2023. Furthermore, travelers raised their luxury trip spending from $3,728 in 2022 to $4,848 in 2023. Therefore, the increasing preference for luxury travel is poised to drive the growth of the cruise market.
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What Are The Key Trends That Influence Cruise Market Share Analysis?
Major companies in the cruise market are focusing on the development of eco-friendly options, such as LNG-powered cruises, to minimize environmental impact and emissions by utilizing cleaner liquefied natural gas fuel. LNG-powered cruise ships employ liquefied natural gas (LNG) as their primary fuel source instead of traditional marine fuels, resulting in operational benefits like enhanced energy efficiency and potentially lower fuel costs over time. For example, in February 2024, Princess Cruises, a U.S.-based cruise line, launched two LNG-powered cruise ships, including the Sun Princess, which features advanced LNG propulsion for improved fuel efficiency and reduced emissions. The LNG plant on the Sun Princess consists of two tanks, each capable of holding 70,000 ft³ of LNG, thereby contributing to lower greenhouse gas emissions compared to traditional marine fuels and aligning with environmental sustainability goals in the cruise industry.
Which Market Players Are Driving Growth In The Cruise Market?
Major companies operating in the cruise market are TUI Group, MSC Cruises SA, Carnival Corporation & plc, Royal Caribbean Group, Norwegian Cruise Line Holdings Ltd, Disney Cruise Line, Hurtigruten Group, Windstar Cruises, Grand Circle Cruise Line, Regent Seven Seas Cruises, Oceania Cruises Inc, Genting Hong Kong Limited, CroisiEurope, Compagnie du Ponant, Uniworld Boutique River Cruises, Tauck River Cruises, Viking River Cruises Inc, Seabourn Cruise Line, Fred Olsen Cruise Lines Ltd, Crystal Cruises Inc, Scenic Luxury Cruises & Tours, Azamara Cruises, American Cruise Lines Inc, Paul Gauguin Cruises, SeaDream Yacht Club, Avalon Waterways, AmaWaterways, Island Queen Cruises, Silversea Cruises Ltd, Luxury Cruise Connections
How Is The Global Cruise Market Segmented?
The cruise market covered in this report is segmented –
1) By Type: Ocean Cruises, River Cruises
2) By Size: Small, Mid, Large
3) By Application: Transportation, Entertainment, Other Applications
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https://www.thebusinessresearchcompany.com/report/cruise-global-market-report
The Cruise Global Market Report 2024 provides an overview of the cruisemarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The cruise market forecast analyzes cruise market size, cruise market share, leading competitor and their market positions.
The Table Of Content For The Cruise Market Include
1. Cruise Market Executive Summary
2. Cruise Market Segments
3. Cruise Market Size And Template Market Growth Rate
4. Key Cruise Market Trends
5. Major Cruise Market Drivers
……
25. Key Mergers And Acquisitions In The Cruise Market
26. Top Cruise Companies
27. Cruise Market Opportunities And Strategies
28. Cruise Market, Conclusions And Recommendations
29. Appendix
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