Cruise Liners Market Size, Share, Growth, and Industry Growth by Type (<10000GRT, 10000GRT~20000GRT, 20000GRT~50000GRT, 50000GRT~70000GRT, and >70000GRT), By Application (For Passengers, For Goods, and Others), Regional Forecast To 2031

Updated On: 08 April 2024

Cruise Liners Market REPORT OVERVIEW

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The global cruise liners market size was USD 55660 million in 2022 and market is projected to touch USD 84876.41 million by 2031, exhibiting a CAGR of 4.8% during the forecast period.

Cruise ships are passengers or goods ships. The size of these ships is large and extensively used for transportation. 

Growth in the tourism and hospitality sector is anticipated to surge market growth. Growing demand for river cruises and increased demand for cruises among passengers is predicted to fuel market growth. High disposable income coupled with a rising economy is estimated to propel market progress.  Rapid innovation and numerous features associated with the cruise are expected to expand market performance.  The growing popularity of cruises among millennials is anticipated to surge cruise liners market development in the forthcoming years. However, the high cost associated with manufacturing coupled with increased awareness about marine pollution is projected to hamper the market growth.

COVID-19 Impact: Closure of Tourism and Travel Ban to Hamper Market Growth

Ban on water transportation and social distance protocols to hamper the market growth.  An outbreak of the COVID-19 pandemic to minimize the tourism sector. The shutdown of the hospitality and tourist sector and the ban on vacations or holidays hamper the market growth.

LATEST TRENDS

"Increased Demand for Cruises to Foster Market Growth"

Growing demand for cruises is predicted to fuel market growth. The cruises are used for transportation and the high adoption of marine transportation globally is predicted to surge market progress. Further, increased adoption of river cruises is also predicted to propel market growth. Increased demand for water transportation and growing acceptance of marine transportation as a good means of communication from one place to another is anticipated to accelerate market growth. Rapid innovation and increased research and development activities to develop new features in the cruises are expected to surge market growth. In addition, high investment by prominent market players is predicted to expand cruise liners market growth during the forecast years.

Cruise Liners Market SEGMENTATION

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• By Type

Based on type, the market is divided into <10000GRT, 10000GRT~20000GRT, 20000GRT~50000GRT, 50000GRT~70000GRT, and >70000GRT.

20000GRT~50000GRT is estimated to be the leading part of type segmentation.

• By Application

Based on application, the market is classified into for passengers, for goods, and others

For goods is estimated to be the leading part of application segmentation.

DRIVING FACTORS

"Rise in Tourism and Hospitality Sector to Stimulate Market Progress"

Increased demand for tourism and cruise vacation is anticipated to accelerate market growth. Further, cruise vacation includes several exciting accommodations of meals and games that are predicted to fuel market growth.  The growing popularity of cruise parties among millennials is anticipated to surge market growth. An increase in development in the tourism industry and a growing number of destination weddings are projected to drive market growth. Increased disposable income and consumer high-spending capacity are estimated to accelerate market progress in the upcoming years. The presence of a large number of tour operators and government initiatives to the increased tourism industry is predicted to surge cruise liners market growth.

"Increased Pioneering Services and Amenities to Surge Market Growth"

The market is expected to grow exponentially owing to an increase in the number of themes and amenities. Cruises offer several benefits such as nature exploration, adventurous water rides, and good means of communication. Further, several cruise companies offer skydiving simulators, in-room spa treatments, and water coasters activities. Such activities are anticipated to propel market growth over the forecast years. An increase in the number of events and the presence of huge capacity is estimated to surge market growth. Further, the cruise experience offers luxury and an aesthetic feeling. An increased number of crew and the presence of trained staff is projected to drive market growth.

RESTRAINING FACTORS

"High Cost of Cruises to Restrict Market Growth"

The high cost associated with manufacturing coupled with increased awareness about marine pollution is projected to hamper the market growth in the forthcoming period.

Cruise Liners Market REGIONAL INSIGHTS

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"Government Initiatives in Asia Pacific to Drive Market Share "

Asia Pacific is anticipated to hold the largest cruise liners market share owing to government initiatives to develop tourism. Growing demand for river cruises and increased demand for cruises among passengers is predicted to fuel market growth. High disposable income coupled with a rising economy is estimated to propel market progress.  Rapid innovation and numerous features associated with the cruise are expected to expand market growth in the forthcoming years.

Europe is anticipated to hold the largest share of the market owing to increased demand for sustainable tourism and the presence of tour operators in the region. Increased demand for tourism and cruise vacation is anticipated to accelerate market growth. Further, high disposable income and rapid acceptance of advanced and luxury lifestyles are predicted to fuel cruise liners market growth in the upcoming years.

KEY INDUSTRY PLAYERS

"Leading Players Adopt Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the Industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Fincantieri (Italy)
• Meyer Werft GmbH (Germany)
• CSSC (China)
• Chantiers del’Atlantique (France)
• CSIC (China)
• STX (Finland)
• SWS (U.K.)
• DSME (South Korea)
• HYUNDAI (South Korea)
• Samsung Heavy Industries (South Korea)
• NYK Line (Japan)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.