Global Cruise Tourism Market forecast to 2026

(I-TravelNewswire.Com, October 16, 2019 ) Market Overview

• Cruise Tourism is the travel on the cruise ship. A cruise ship is a passenger ship used for pleasure voyages when the voyage itself, the ship's amenities, and sometimes the different destinations along the way form part of the passengers' experience. Cruise ships can carry up to thousands of passengers in a single trip and are some of the largest ships in the world by internal volume, bigger than many cargo ships. The following is a list of cruise ships with a gross tonnage larger than 120,000.

Market Dynamics

• The global Cruise Tourism is primarily driven by the rise in the disposable income of the people all around the world, coupled with the increase in the preference of luxury life by the people. The growing demand for the cruise tour among all age people with all sort of fun activities for them according to the age group. The new innovative ships are coming up with new technological advancement and lots more onboard fun for the travelers to enjoy, and hence attracting large crowd all around the world.

• The growing demand for the cruise tours for a different location and increasing desire of people for the luxury travel is asking the providers to add new cruise ships which more luxury features and all greater number of cruises available for different locations to give options to the people traveling. The companies are all set for the rising demand by construction of new cruise ships. For instance, there are a record 42 ocean and river cruise ships under construction or on order for deliveries over the next two years (2019 - 2020). Twenty of these are large cruise ships carrying over 1,000 passengers each. Thirteen are mega cruise ships which each carry over 4,000 passengers. In addition to more than 167 cruise ships major cruise line companies have introduced since 2000. As this boom continues, 2019 - 2020 will be an outstanding year for new cruise ships.

• However, due to high cost, higher operation cost, and also due to the environmental concerns are some of the factors that willbe hampering the growth of Cruise Tourism in the forecast period.

Market Segmentation

• By Type, the global Cruise Tourismmarket segmented intoOcean Cruise and River Cruise.Ocean Cruisehas the dominant position in the Cruise Tourismmarket and are expected to retain its dominance in the forecasted period due to the more facilities and large cruise experience along with the sighting of the unseen destination. It is expected that Ocean Cruisemarket will grow at a CAGR of ~XX% during the forecast period.

Geographical Analysis

• By geography, the global Cruise Tourism market segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).

• North America holds the largest market share for Cruise Tourism due to the rise in economy and the luxury taste of people there. Europe holds the second-largest marketfor cruise tourism. The United Kingdom and Ireland are the two largest European source markets for cruises, making up 28% and 26% of European demand for cruises, respectively.Italy, France, and Spain are other large European source markets. And cruise tourism market will be growing with a significant rate in the forecast period due to the rise in the river cruising.

• APACis expected to be the fastest-growing market with double-digit growth rate due to the demand from the developing nations such as China and India. For instance, China's annual growth for the cruise tourism market has exceeded 40 percent since 2006. It is expected to grow into the world's largest cruise market by 2030, with 8 to 10 million customers per year, according to figures by the Shanghai International Shipping Institute.Australia is also growing in terms of cruise tourism due to the increased market penetration of people traveling in cruise is also boosting the market for cruise tourism in APAC to grow in the forecast period.

Competitive Analysis

• Key players are adopting strategies such as investing in R&D,new product launches, expansion in Technologyto stand out as strong competitors in the market. Global Cruise Tourism is a competitive market with the presence of various global and regional players in the market. The major playersare Carnival Corporation & PLC, Disney Cruise Line, MSC Cruises, NCL Corporation, and Royal Caribbean International. Other key players in the market include AIDA Cruises, Celebrity Cruises, Cunard Line, Marella Cruises, and Saga Cruises.

• In January 2019, Essel Group’s cruise business, Zen Cruises, has announced that its cruise line, Jalesh Cruises, will begin its first sail in April from Mumbai. The multi-destination cruise line will offer entertainment shows, adventure activities, and exotic authentic cuisines packed with international hospitality on the high sea.

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