What Is The Scope Of The Global Cruise Market?
A cruise is a pleasure voyage on a ship with various amenities and port stops, while in driving, it means traveling at a steady speed, often using cruise control, and in aviation. A cruise offers a relaxing travel experience with a variety of amenities and entertainment options, allowing passengers to visit multiple destinations without the hassle of frequent transportation changes.
Cruise Global Market Report 2024 provides data on the global cruise market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The cruise market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Cruise Market?
The cruise industry has seen substantial growth, expanding from $6.96 billion in 2023 to $7.82 billion in 2024, at a CAGR of 12.4%. This growth has been driven by improving economic conditions, changing demographics, evolving travel preferences, tighter regulations, and heightened health and safety concerns. The market is projected to reach $12.57 billion by 2028, growing at a CAGR of 12.6%, fueled by sustainable tourism, emerging markets, experiential travel demand, and regulatory incentives. Trends include eco-friendly practices, technological advancements, destination diversification, luxury and personalized travel, and family-focused itineraries.
What Are The Core Factors Supporting Growth In The Cruise Market?
The increasing preference for luxury travel is expected to propel the cruise market. Luxury travel focuses on exclusive experiences, sophisticated services, and comfort. Cruises in the luxury sector offer a combination of luxury accommodations, gourmet dining, and unique experiences in exotic locations. According to a 2023 survey, most luxury travelers planned to increase their spending and vacation duration, demonstrating the growing demand for luxury cruises.
Get Your Free Sample Of The Global Cruise Market Report
What Are The Major Segments Within The Global Cruise Market?
The cruise market covered in this report is segmented –
1) By Type: Ocean Cruises, River Cruises
2) By Size: Small, Mid, Large
3) By Application: Transportation, Entertainment, Other Applications
Which Trends Are Expected To Transform The Cruise Market?
Companies in the cruise market are embracing eco-friendly technologies, such as LNG-powered ships, to reduce emissions and environmental impact. For example, Princess Cruises unveiled two LNG-powered cruise ships in February 2024, with enhanced fuel efficiency and reduced emissions. The LNG propulsion system lowers greenhouse gas emissions compared to traditional marine fuels, contributing to the cruise industry’s sustainability goals.
What Is The Fastest Growing Region In The Cruise Market?
North America was the largest region in the cruise market in 2023. The regions covered in the cruise market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
