Cruise Ship Market to Reach $16.7 Billion, Globally, by 2031 at 7.9% CAGR: Allied Market Research
The growing preference for a luxurious life among consumers, rise in investments in automation technology, and launching of new & technologically advanced ships with different software and numerous fun activities drive the global cruise ship market.
PORTLAND, Ore., March 9, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Cruise Ship Market by Type (Mainstream Cruise Ships, Ocean Cruise Ships, Luxury Cruise Ships, Others), by Application (Transportation, Leisure, Others), by Size (Small, Mid, Large): Global Opportunity Analysis and Industry Forecast, 2021-2031” According to the report, the global cruise ship industry was valued at $8 billion in 2021 and is estimated to generate $16.7 billion by 2031, witnessing a CAGR of 7.9% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers, Restraints, and Opportunities
The growing preference for a luxurious life among consumers, rising popularity of river cruises, an increasing number of tourism activities, and launching of new & technologically advanced ships augmented with different software and numerous fun activities and themes drive the cruise ship market. However, a rise in concern regarding environmental pollution, the high costs of cruises, and fluctuations in transportation & inventory costs are likely to hinder market growth during the forecast period. On the other hand, the anticipated trend of automation in marine transportation and the growth of the digital freight forwarding industry will present new growth opportunities for the global cruise ship market in the coming years.
- The outbreak of the COVID-19 pandemic had a negative impact on the cruise ship market. The industry suffered massive losses in the first and second quarters of 2020 due to disrupted supply chains and a decline in passenger numbers. According to the Cruise Lines International Association in 2020, worldwide passenger volume decreased by 80.0% worldwide.
- However, in late 2020, cruise companies began witnessing growth on existing fleet expansion projects and resumed their shipyard operations that were put to halt in 2020. Also, new protocols were developed to implement measures intending to reduce the exposure and transmission of the COVID-19 virus on cruise vessels.
- Thus, the cruise ship market is expected to witness a slow and healthy growth rate owing to the resumed activities and relaxed restrictions.
The mainstream cruise ships segment to dominate the market during the forecast period
Based on type, the mainstream cruise ships segment contributed to the largest share of nearly half of the global cruise ship market in 2021 and is expected to maintain its dominance during the forecast period. This is because they offer all amenities to customers and are considered as floating resorts which cater to upscale the demand of customers. The ocean cruise ships segment, however, is projected to witness the fastest CAGR of 9.6% from 2022 to 2031. This is due to factors such as various exciting packages offered by service providers, amenities, entertainment activities, and a large customer base.
The leisure segment to grab the lion’s share during the forecast period
Based on application, the leisure segment grabbed the highest share of more than four-fifths of the cruise ship market in 2021 and is expected to dominate the market in 2031. This is owing to the various innovations, including numerous exciting leisure and fun activities along with theme cruises for travelers such as yoga themes, kid themes, mystery themes, and others. The transportation segment, on the other hand, would witness the fastest CAGR of 10.7% from 2022 to 2031. This is due to the increasing leisure trips and voyages taken by generation Z along with the growing preference for a high population to live a luxurious life.
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The large segment to maintain its leadership during the forecast period
Based on size, the large segment grabbed the highest share of more than half of the overall cruise ship market in 2021 and is expected to dominate the market during the forecast period. This is owing to an increasing number of tourism activities, a rise in disposable income of consumers around the world, and a growing number of initiatives to promote cold chain logistics. The mid segment, on the other hand, is projected to witness the fastest CAGR of 9.7% from 2022 to 2031. This is because of the rising popularity of vacations on a midsize cruise due to cost difference and the amenities provided by them.
North America to garner the largest revenue by 2031
Based on region, the market in North America was the largest in 2021, accounting for nearly two-fifths of the global cruise ship market and is likely to maintain its dominance during the forecast timeframe. This is owing to factors such as continuous development in the technology of cruise ships and higher consumer disposable income and spending in this region. However, the market in Asia-Pacific is likely to show the fastest CAGR of 9.5% during the forecast period. This is due to factors such as cheaper wages, strong government backing, and strong forward & backward linkage industries in the region.
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Leading Market Players
- Norwegian Cruise Line Holdings Ltd.
- DSME Co. Ltd.
- Fincantieri S.p.A.
- MSC Cruises S.A.
- Hyundai Heavy Industry Co. Ltd.
- Silversea Cruises
- Samsung Heavy Industries Co. Ltd.
- Meyer Werft Gmbh & Co. Kg
- Mitsubishi Heavy Industry Ltd.
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