The cruise market has grown rapidly in recent years, expanding from $6.96 billion in 2023 to $7.82 billion in 2024 at a CAGR of 12.4%. The market’s historical growth has been fueled by improving economic conditions, changing demographic trends, evolving travel preferences, tightening regulations, and rising health and safety concerns. The cruise market is expected to continue its strong growth, reaching $12.57 billion in 2028 at a CAGR of 12.6%. The forecast period’s growth drivers include an increased focus on sustainable tourism, enhanced health and safety protocols, expanding markets in emerging economies, rising demand for experiential and themed cruises, and a changing regulatory environment. Key trends include sustainability and eco-friendly practices, technological advancements, diversification of destinations, and a focus on luxury, experiential travel, family, and multigenerational travel, along with customization and personalization.
Global Cruise Market Key Driver
The growing preference for luxury travel is expected to propel the growth of the cruise market in the coming years. Luxury travel encompasses premium and exclusive experiences, services, and accommodations for affluent travelers seeking exceptional comfort and sophistication. Luxury travelers prioritize unique and transformational experiences, exploring off-the-beaten-path destinations, seeking authenticity, and engaging in enriching activities. Cruises offer an enticing combination of luxurious accommodations, experiences, gourmet dining, and immersive travel opportunities in exotic locations, providing an all-inclusive vacation option. For instance, a survey conducted by Flywire in March 2023 showed that out of 600 luxury travelers, 84% expected longer vacations, and 83% planned to increase their travel spending by 11% in 2023. Furthermore, travelers raised their luxury trip spending from $3,728 in 2022 to $4,848 in 2023. Therefore, the increasing preference for luxury travel is poised to drive the growth of the cruise market.
Get A Free Sample Of The Cruise Market Report
Global Cruise Market Segments
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
By Geography:The regions covered in the cruise market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the cruise market in 2023.
Major Cruise Industry Players
TUI Group, MSC Cruises SA, Carnival Corporation & plc, Royal Caribbean Group, Norwegian Cruise Line Holdings Ltd, Disney Cruise Line, Hurtigruten Group, Windstar Cruises, Grand Circle Cruise Line, Regent Seven Seas Cruises, Oceania Cruises Inc, Genting Hong Kong Limited, CroisiEurope, Compagnie du Ponant, Uniworld Boutique River Cruises, Tauck River Cruises, Viking River Cruises Inc, Seabourn Cruise Line, Fred Olsen Cruise Lines Ltd, Crystal Cruises Inc, Scenic Luxury Cruises & Tours, Azamara Cruises, American Cruise Lines Inc, Paul Gauguin Cruises, SeaDream Yacht Club, Avalon Waterways, AmaWaterways, Island Queen Cruises, Silversea Cruises Ltd, Luxury Cruise Connections
Purchase The Global Cruise Market Report Directly And Get A Swift Delivery
Cruise Market Overview
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 2023 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.
