Cruise Tourism Market Scope
Cruise Tourism is a lavish form of traveling that involves an all-inclusive holiday on a cruise ship for a minimum of 48 hours. These ships call for different ports of different cities so that people can enjoy their travel by exploring various cities. The rising interest of people to travel the world by the means of water coupled with enjoying a lavish lifestyle has contributed to major growth in this tourism. Hence the cruise industries are expected to grow throughout 2019 with an estimated 30 million travelers. This is expected to increase cruise tourism, up 6% from 28.2 million in 2018.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Carnival Corporation & plc (United States), Royal Caribbean Group (United States), Norwegian Cruise Line Holdings Ltd. (United States), Mediterranean Shipping Company S.A. (Switzerland), TUI Group (Germany), Ponant (France), Crystal Cruises (Florida), Viking Cruises (Switzerland), Disney Cruise Line (United States), Emerald Cruises (Switzerland), Avalon Waterways (Switzerland), AmaWaterways (United States) and CroisiEurope (United States) |
CAGR | % |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Cruise Tourism market throughout the predicted period.
Carnival Corporation & plc (United States), Royal Caribbean Group (United States), Norwegian Cruise Line Holdings Ltd. (United States), Mediterranean Shipping Company S.A. (Switzerland), TUI Group (Germany), Ponant (France), Crystal Cruises (Florida), Viking Cruises (Switzerland), Disney Cruise Line (United States), Emerald Cruises (Switzerland), Avalon Waterways (Switzerland), AmaWaterways (United States) and CroisiEurope (United States) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Cruise Tourism market by Type , by Application (Ocean cruising and River cruising) and Region with country level break-up.
On the basis of geography, the market of Cruise Tourism has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
On June 2022, Carnival Cruise Line teamed up with Costa Cruises an Italy based cruise line, create a new concept for Carnival’s North American guests when COSTA by CARNIVAL is launched in the spring of 2023 and Costa Venezia joins the carnival fleet sailing from New York.
Influencing Trend:
The Growing Consumer Adoption of Repositioning Cruising is one of the major Trends and Adoption of Transformational Cruise Travel in Cruise Tourism
Market Growth Drivers:
Increase in the Preference to Luxury Lifestyle and Spending over Leisure Travel, Rising Interest of People towards Traveling the World via Waters and Increase in Onboard Facilities and Offerings
Challenges:
High-Cost Tickets for these Cruises and Issues Related towards the Economic Effects that Happen on the Cruise
Restraints:
Issue Related to Environmental Concerns and Cruising Ships Generate a Substantial amount of Waste Daily
Opportunities:
Including the Number of Exciting, fun, and Recreational Activities on the Cruise has Upsurge this Market and Developing Interest in Cruise Tourism in Developing Countries such as China