The Global Cruise Tourism Market Size is predicted to be valued at $13,641.4 million by 2031, surging from $5,288.8 million in 2021, at a noteworthy CAGR of 10.4%.
Impact Analysis of COVID-19 on the Cruise Tourism Market
The COVID-19 pandemic has had a significant impact on the cruise tourism market. The industry was hit hard as countries around the world closed their borders and imposed travel restrictions to control the spread of the virus. Many cruise lines were forced to cancel or postpone their itineraries, resulting in significant revenue losses. The cruise industry faced significant challenges due to the highly contagious nature of the virus and the close proximity of passengers on ships. Several high-profile outbreaks occurred on cruise ships, resulting in negative publicity and a loss of consumer confidence.
The cruise tourism market saw a significant decline in demand. Many consumers cancelled their bookings or delayed their travel plans, leading to a decrease in revenue for cruise lines and associated businesses. The cruise industry has responded to the pandemic by implementing various measures to ensure the safety of passengers and crew members. These measures include increased cleaning and disinfection protocols, the use of face masks, physical distancing requirements, and mandatory vaccination for passengers and crew. Despite these measures, the cruise industry continues to face challenges as it tries to recover from the impact of the pandemic. The resumption of cruises has been slow and gradual, with many destinations still closed to cruise ships. All these factors have negatively affected the cruise tourism market growth during the pandemic.
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Global Cruise Tourism Market Analysis
The cruise industry has undergone significant technological advancements. They have been a key driver of the cruise tourism market in recent years. Cruise lines have invested heavily in onboard amenities and entertainment options, such as high-speed internet, virtual reality experiences, and advanced sound and lighting systems. This has helped them to differentiate themselves from competitors and attract a wider range of passengers. Moreover, cruise lines are also incorporating new technologies to improve the overall passenger experience. For instance, some cruise ships have implemented facial recognition technology to speed up the check-in process, while others have introduced wearable devices that allow passengers to access onboard amenities and make purchases with a simple tap. These are the major factors anticipated to boost the cruise tourism market share during the analysis timeframe.
However, cruise tourism industry is subject to various environmental regulations around the world that aim to protect the environment and the health of local communities. These regulations can impact the operations of cruise ships, particularly in terms of the discharge of waste, wastewater, and air emissions. For example, the International Maritime Organization (IMO) has established regulations to limit the emission of sulfur oxides (SOx), nitrogen oxides (NOx), and particulate matter from ships. The regulations require ships to use fuels with lower sulfur content or to install exhaust gas cleaning systems (scrubbers) to reduce emissions. These measures can significantly increase the operating costs of the cruise ships that can hamper the market demand.
The diversification of destinations in the cruise tourism market presents a great opportunity for lesser-known destinations to attract visitors and develop their tourism infrastructure. Cruise companies are always on the lookout for new and exciting destinations to offer their passengers, which means that lesser-known destinations have a chance to showcase their unique offerings and draw in more tourists. This diversification of destinations can help spread tourism revenue to areas that may not have previously had access to it, leading to increased economic growth and job opportunities. These destinations can also benefit from the investment and development that often comes with increased tourism, such as the creation of new hotels, restaurants, and tourist attractions. The diversification of destinations in the cruise tourism market presents a win-win situation for both lesser-known destinations and cruise companies. It can help boost local economies, create new job opportunities, and provide tourists with unique and diverse travel experiences.
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Global Cruise Tourism Market, Segmentation
The global cruise tourism market is segmented based on type, duration, passenger age, and region.
Type:
The type segment is further classified into river cruise, ocean cruise, expedition cruise, theme cruise, adventure cruise, and others. Among these, the ocean cruise sub-segment accounted for the highest market share in 2021. Ocean cruises offer travelers the opportunity to visit multiple destinations in a single trip while enjoying a wide range of amenities and entertainment options onboard. These amenities may include fine dining restaurants, spas, fitness centers, pools, theaters, casinos, and more. As more people become wealthier, they have more disposable income to spend on luxury travel experiences such as ocean cruises. Many retirees have the time and resources to take extended vacations, and ocean cruises are a popular option for this demographic. Cruise lines are constantly innovating with new ship designs, amenities, and technologies to attract travelers and enhance the cruise experience.
Duration:
The duration segment is further classified into 1-3 days, 4-6 days, 7 days, 8 to 13 days, 14 days, 15-20 days, and more than 21 days. Among these, the 7 days sub-segment accounted for the highest market share in 2021. the 7-day segment cruise tourism market is the affordable pricing offered by cruise lines. Many people opt for a 7-day cruise vacation because it is more affordable than a longer cruise. 7-day segment cruise tourism market is the variety of destinations offered by cruise lines. Many cruise lines offer 7-day itineraries that visit multiple destinations, allowing travelers to experience multiple locations in a single trip. A 7-day cruise is also convenient for many travelers who may not have the time or resources to take a longer vacation. A week-long cruise provides a great opportunity to get away and relax without taking too much time away from work or other responsibilities. A 7-day cruise can offer travelers a good value for their money, as meals, accommodations, and onboard entertainment are often included in the price.
Passenger Age:
The passenger age segment is further classified into less than 12 years, 13-19 years, 20-29 years, 30-39 years, 40-49 years, 50-59 years and Above 60 years. Among these, the 40-49 years sub-segment accounted for the highest market share in 2021. People in this age group are typically in their prime earning years, and as such, they have more disposable income to spend on leisure activities like cruises. Many people in their 30s have young families, and they are looking for vacation options that cater to all members of the family. Cruise ships typically offer a range of family-friendly amenities and activities that appeal to adults and children alike. People in their 30s are often looking for adventure and new experiences. Cruises can offer a way to explore new destinations, try new food, and participate in unique activities like scuba diving, zip-lining, and more.
Region:
The cruise tourism market in the Europe region is projected to show the fastest growth by 2031. Europe has seen a significant increase in demand for cruising in recent years, with more people choosing to take a cruise vacation to explore the region's diverse cultures and attractions. River cruising has become increasingly popular in Europe, as travelers seek to explore the continent's scenic waterways and historic cities. With the rise in disposable income across Europe, more people can afford to take a cruise vacation, which has led to increased demand for cruise tourism. The growth of cruise tourism in Europe has been supported by significant investment in port infrastructure, with many ports across the region expanding and upgrading their facilities to accommodate larger cruise ships. Cruise lines have formed partnerships and collaborations with local governments and tourism organizations, which have helped to promote cruise tourism and develop new itineraries and experiences for travelers.
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Key Players in the Global Cruise Tourism Market
Some of the leading cruise tourism market players are
- Ambassador Cruise Holidays Limited.
- AmaWaterways
- Carnival Corporation & plc
- Ponant
- Cosmos Tours Ltd.
- Kerala Shipping and Inland Navigation Corporation Ltd.
- Mediterranean Shipping Company S.A.
- Norwegian Cruise Line
- Silversea Cruises
- Seabourn Cruise Line
In June 2018, the sale and purchase agreement for Holland America Princess Alaska Tours' acquisition of the White Pass & Yukon Route (WP&YR) division of TWC Enterprises Limited was announced by Carnival Corporation & Plc. This agreement is chosen to expand the docking facilities in order to accommodate cruise ships that are of the newest generations. Some prominent players in the global cruise market include.
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