Benzinga

Cruise Tourism Market Set to Sail Beyond Expectations by 2031: DataM Intelligence

India, 31st Jul 2024 – The cruise tourism market is projected to experience a compound annual growth rate (CAGR) of 10.4% during the forecast period from 2024 to 2031.

The cruise tourism industry is poised for a transformative future, driven by innovations and emerging trends. Sustainability is at the forefront, with companies investing in eco-friendly technologies like LNG-powered ships and advanced waste management systems to attract eco-conscious travelers. Technological advancements such as AI-powered personalized services, virtual reality-enhanced excursions, and smart onboard systems are enhancing the passenger experience. Expanding itineraries to exotic and less-traveled destinations in Asia, Africa, and the Arctic are catering to adventurous travelers and spreading economic benefits globally. Health and safety innovations, including advanced air filtration, contactless check-ins, and enhanced medical facilities, are rebuilding traveler confidence post-pandemic.

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Key insights and findings from the cruise tourism market report:

Market Segmentation by Ship Type: The ocean cruise segment led the market in 2022, capturing a significant share due to its widespread popularity among tourists seeking diverse itineraries and luxurious amenities.

Technological Advancements: The adoption of advanced technologies, such as smart cabins and facial recognition systems, is driving growth in the luxury and premium cruise segments. These technologies enhance the passenger experience by offering personalized services and streamlined check-in processes.

Regional Insights: The Asia Pacific region is expected to register the fastest growth rate from 2024 to 2031, driven by the increasing popularity of cruise vacations in countries like China, Japan, and Australia. The growing middle-class population and rising disposable income are key factors contributing to this trend.

Online Booking and Mobile Applications: The increasing use of online booking platforms and mobile applications has simplified the cruise booking process, providing users with easy access to information about itineraries, prices, and onboard amenities.

Cruise Tourism Market Dynamics

The cruise tourism industry is experiencing significant growth, particularly in developing regions, which is expanding its market share. Increased disposable income is providing ample opportunities for further growth in cruise tourism during the forecast period. The rapid expansion of the cruise industry is a major driver behind this surge.

New companies are emerging to meet the growing demand for international sea travel, offering a range of amenities to attract passengers. For instance, in December 2021, the number of ships entering commercial operation surged to 239, a dramatic increase from just 15 in December 2020. Among these, the top 10 cruise brands operate 105 ships. Leading the pack are MSC Cruises with 13 ships and 50,316 berths, Carnival Cruise Line with 17 ships and 54,354 berths, and Royal Caribbean International with 20 ships and 71,700 berths.

Market Segmentation: 

By Type:

  • Ocean Cruising
  • River Cruising

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Key Players:

  • Carnival Corporation & PLC
  • Disney Cruise Line
  • MSC Cruises
  • Norwegian Cruise Line Holdings Ltd
  • Royal Caribbean International
  • AIDA Cruises
  • Marella Cruises
  • Saga Cruises
  • Mediterranean Shipping Company
  • Viking Cruises

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