Cruise Ship Market Scope
Cruise Ship refers the large ship which make many people a cruise at one time. The Cruise ship is designed for the purpose of providing passenger a holiday which include accommodation and entertainment as a comfort. It is used for recreational and pleasure journeys, with all amenities, entertainment options, activities, and attractions there only to enhance the passenger's experience. It comes in a variety of sizes, with the largest capable of transporting thousands of passengers. These developments are acquiring a lot of attention among the target audience which is moving the ship market forward. This ships are typically featured with amenities such as restaurants, Bars, entertainments venue, Swimming pool, fitness center and shopping areas. The increasing demand of unique travel experience increase the demand of cruise ship vacations which is anticipated to grow the market. The development of mordent and well equipped cruise terminal and port around the world has improved the accessibility and convenience for cruise ship. The anticipated trend of automation in marine transportation and growth of digital freights forwarding industry creates the market opportunities.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Royal Caribbean Intl. (United States), Cruise Critic (United States), Carnival Cruise line (United States), Norwegian Cruise Line (United States), MSC Cruises (Switzerland), Princess Cruises (United States), American Cruise Lines (United States), Celebrity Cruises (United States), Genting Hong Kong (China) and Meyer Werft (Germany) |
CAGR | % |
To Understand the competitive rivalry which is comparing revenue, expenses, resources, regional coverage, key initiatives, product launches and any other news related cruise ship market. To validate our hypothesis and validate the market eco system and also conducting the force analysis i.e. competitive rivalry, supplier power, buyer power, threat of substitution, and new threat entry level who can analyze the various parameter governing the forces. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Cruise Ship market throughout the predicted period.
Royal Caribbean Intl. (United States), Cruise Critic (United States), Carnival Cruise line (United States), Norwegian Cruise Line (United States), MSC Cruises (Switzerland), Princess Cruises (United States), American Cruise Lines (United States), Celebrity Cruises (United States), Genting Hong Kong (China) and Meyer Werft (Germany) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Fincantieri (Italy), Mitsubishi Heavy Industries (Japan), StX France (France), Norwegian Cruise Line Holdings Ltd. (USA), TUI Cruises GmbH (Germany), Costa Crociere S.p.A. (Italy), AIDA Cruises - German Cruises (Germany), P&O Cruises (UK) and Cunard Line (UK).
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 Ship market by Type , by Application (Healthcare, Tourism and Leisure, Corporate event and Incentive Travels, Hospitality and Entertainments and Others) and Region with country level break-up.
On the basis of geography, the market of Cruise Ship 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
In October 2023, Carnival Cruise Line and the New York Jets have announced a multi-year partnership, designating Carnival as a Proud Partner of the New York Jets. This partnership aims to expand Carnival's brand presence in the New York market, a major homeport for the company also the various opportunities and assets for New York Jets fans, such as stadium signage, digital and social media advertising, and a sweepstakes offering fans the chance to win a Carnival cruise vacation. This move is part of a broader trend of partnerships between cruise lines and sports entities, aiming at mutual brand promotion and enhanced guest experiences
In July 2023, Royal Caribbean International's highly anticipated cruise ship, Icon of the Seas, successfully completed its trial run and was ready to embark on its maiden voyage through the breathtaking waters of the Caribbean early next year.
Influencing Trend:
Increased demand for luxury and experiential cruises, Diversification of cruise destinations and Growing popularity of expedition cruises
Market Growth Drivers:
Rise in tourism Hospitality, Growth in marine safety norms and increase in international marine freight transport and Increasing focus on sustainability and environmental protection
Challenges:
Environmental Concern, Safety Concern and Economic downturns
Restraints:
Low Affordability in Low- & Medium Income Countries
Opportunities:
Developing new and innovative cruise concepts and Leveraging technology to enhance the cruise experience
Key Target Audience
Potential Investors, Governments and State owned companies, Research Centers, Customers, Market Research & Consultancy Firm and Residential Cruise ship Projects