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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Cruise Market Outlook
The global cruise market size attained a value of USD 7.89 billion in 2023. The market is further expected to grow at a CAGR of 11.50% between 2024 and 2032, to reach a value of USD 21.02 billion by 2032.
Key Trends in the Market
A cruise refers to a recreational activity in which large or small ships are used to sail around an ocean, sea, or river territory. Cruises also include various entertainment activities such as music, dance, magic, comedy, and theatre, and can be of various durations.
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- Growing enthusiasm to explore new destinations, emergence of women-centred trips, innovations in meals and beverage offerings, gaming, onboard health screenings, and expansion of activities on the ship are some of the key cruise market trends. Increasing number of Gen Z cruisers, owing to the influence of social media and changing preference towards luxurious living, is adding to the market growth.
- The growing use of advanced onboard technologies, such as online check-in, digital boarding pass, cabin key and light switch enabled through smartphones, ocean medallions, and tracking solutions, among others, is a crucial trend in the cruise market. Technologically advanced services are also likely to enhance the customer satisfaction, thereby bolstering the market dynamics.
Global Cruise Market Analysis
Based on type, the market is segmented into ocean cruises and river cruises. The regional markets for cruises are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the key players in the global cruise market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
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- Carnival Corporation & plc
- Royal Caribbean Group
- MSC Cruises S.A
- Norwegian Cruise Line Holdings Ltd
- Disney Cruise Line
- Oceania Cruises S. de R.L.
- Regent Seven Seas Cruises, Inc.
- Celestyal Cruises
- Genting Hong Kong Limited
- Holland America Line N.V.
- Others
Global Cruise Market Share by Type
The ocean cruises segment, based on type, accounts for a healthy share of the cruise market. This can be attributed to the fact that ocean cruise offers a greater number of routes which expands the range of destinations for cruisers. As oceans are significantly large, ships and vessels of bigger sizes can be used for ocean cruises, increasing the number of activities and facilities supported while reducing costs as more people can be accommodated in a single vessel. Moreover, ocean cruise comes with notable advantages such as visits to notable coastal cities during the cruise and insurance against harsh weather conditions.
Global Cruise Market Share by Region
Based on region, North America occupies a sizable share of the market for cruises, supported by the immense popularity of cruises and a vast network of waterways. The strong foothold of cruise service providers in the United States, coupled with the stable living standards is driving the market. Meanwhile, the European region is likely to be a fast-growing region in the forecast period, owing to the growing popularity of river cruising. In line with this, the increasing inclination of the population towards shore excursions and cruise fares is further fuelling the Europe cruise market.
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Competitive Landscape
Carnival Corporation & plc is a leading cruise operator which provides cruise vessels designed to offer fun and entertainment to the customers. It was established in 1972 and is headquartered in Florida, United States.
Royal Caribbean Group is a shipping line company which owns three cruise brands; Royal Caribbean International, Celebrity Cruises, and Silversea Cruises. The company was founded in 1997 and is headquartered in Florida, United States.
MSC Cruises S.A is a family-owned global cruise line which was established in 1989 as a part of Mediterranean Shipping Company. Headquartered in Geneva, Switzerland, this company is one of the largest cruise providers across the world.
Other market players include Norwegian Cruise Line Holdings Ltd, Disney Cruise Line, Oceania Cruises S. de R.L., Regent Seven Seas Cruises, Inc., Celestyal Cruises, Genting Hong Kong Limited, and Holland America Line N.V., among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
Cruise Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market reached a value of USD 7.89 billion in 2023.
The market is estimated to grow at a CAGR of 11.50% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of USD 21.02 billion by 2032.
The increasing affordability and availability of cruises, emergence of women-centred trips, innovations in meals and beverage offerings, onboard health screenings, and expansion of activities on ships are the major drivers of the market.
The key trends in the market include the growing enthusiasm to explore new destinations, increasing use of advanced onboard technologies, and rising popularity of cruises on social media.
Ocean cruises and river cruises are the primary types of cruises in the market.
North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa are the major regions in the market.
Carnival Corporation & plc, Royal Caribbean Group, MSC Cruises S.A, Norwegian Cruise Line Holdings Ltd, Disney Cruise Line, Oceania Cruises S. de R.L., Regent Seven Seas Cruises, Inc., Celestyal Cruises, Genting Hong Kong Limited, and Holland America Line N.V., among others, are the key players of the cruise market, according to the report.
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