Cruise Ship Market to Grab $16.7 Billion, by 2031 at 7.9% CAGR: Says Allied Market Research
The global cruise ship market is gaining momentum due to factors such as introduction of technologically advanced and latest ships with various fun activities and different software, surge in investments in automation technology, and growing consumer shift towards luxurious life.
Wilmington, Delaware, Nov. 16, 2023 (GLOBE NEWSWIRE) — 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” As per the report, the market size for cruise ships is anticipated to gain $16.7 billion by 2031. The industry was valued at $8 billion in 2021 and is projected to register a CAGR of 7.9% during the forecast year of 2022 to 2031. The report provides extensive information about competitive scenario, value chain, top segments, changing market trends, key investment areas, and regional landscape.
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Prime determinants of growth:
The global cruise ship market is gaining momentum due to factors such as introduction of technologically advanced and latest ships with various fun activities, themes and different software, surge in investments in automation technology, surging craze of river cruises and tourism activities, and growing consumer shift towards luxurious life. However, volatile inventory and transportation costs, surge in environmental concerns, and high prices of cruises restrain the market growth to some extent. Moreover, an expansion of the freight forwarding industry and the upcoming trend of automation in marine transportation sector are estimated to offer remunerative growth opportunities to the market in upcoming years.
The mainstream cruise ships segment to lead the market during the forecast period
By type, the mainstream cruise ships segment held the highest market share of nearly half of the global cruise ship market in 2021 and is projected to retain its dominance throughout the forecast timeframe. Mainstream cruise ships provide a comprehensive range of amenities, resembling floating resorts that cater to the upscale preferences of customers. The ocean cruise ships segment, on the other hand, is expected to witness the fastest growth with 9.6% CAGR throughout the forecast timeframe. The growth is attributed to several attractive packages provided by providers, entertainment activities, amenities and a huge consumer base.
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The leisure segment to dominate the market throughout the forecast timeframe
By application, the leisure segment held the largest market share in 2021 contributing to more than four-fifths of the global market and is estimated to rule the roost during the forecast period. The growth is attributed to several innovations, involving various attractive fun and leisure activities and theme cruises for travelers like mystery themes, kid themes, yoga themes, and others. On the other hand, the transportation segment is expected to showcase the fastest growth with 10.7% CAGR during the forecast period. The growth is attributed to surging voyages and leisure trips arranged by generation Z and the increasing preference for huge population to live a luxurious life.
The large segment to retain its dominance throughout the forecast timeframe
By size, the large segment held the largest market share in 2021 accounting for more than half of the global cruise ship market and is expected to continue its supremacy from 2022 to 2031. The growing disposable income of customers across the globe, the increasing number of policies to encourage cold chain logistics, and surging tourism activities drive the growth of the segment. However, the mid segment is anticipated to witness a notable CAGR of 9.7% throughout the forecast timeframe. The surging trend of vacations on a mid-size cruise owing to services offered by them and cost difference.
North America to gather the highest share by 2031
The regional analysis in the report states that the North America region gained the largest market share of nearly two-fifths in 2021 and is expected to lead the trail from 2022 to 2031. The growth is attributed to huge consumer disposable income and spending across the region and consistent technological development. Moreover, Asia-Pacific is projected to manifest the fastest growth with 9.5% CAGR from 2022 to 2031. The factors influencing the growth of the market are strong forward and backward linkage industries, cheaper wages, and strong government backing.
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Key market players:
- Mitsubishi Heavy Industry Ltd.
- Meyer Werft Gmbh & Co. Kg
- Samsung Heavy Industries Co. Ltd.
- Silversea Cruises
- Hyundai Heavy Industry Co. Ltd.
- MSC Cruises S.A.
- Fincantieri S.p.A.
- DSME Co. Ltd.
- Norwegian Cruise Line Holdings Ltd.
Regional /Country Specific Research Reports We Have:
North America Cruise Ship Market Research Report 2023-2032
Asia-Pacific Cruise Ship Market Research Report 2023-2032
Europe Cruise Ship Market Research Report 2023-2032
LAMEA Cruise Ship Market Research Report 2023-2032
U.S. Cruise Ship Market Research Report 2023-2032
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