Cruise Tourism Market Size to Grow by USD 4.24 billion | 44% of Market Growth to Originate from North America | Technavio
NEW YORK, May 16, 2022 /PRNewswire/ -- The cruise tourism market size is expected to grow by USD 4.24 bn from 2021 to 2026, according to Technavio. However, the growth momentum of the market is expected to decelerate at a CAGR of 11.97% during the forecast period. The strong global economic recovery and increasing HNWIs are driving the cruise tourism market growth, but factors such as rising environmental concerns may challenge market growth.
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Driver, Trend, and Challenge
The strong global economic recovery and an increasing number of high-net-worth individuals (HNWIs) in developed and developing economiesare driving the global cruise tourism market growth. The growth is attributed to an increase in domestic consumption and trade and an uptick in investments since the global economic recession in 2008. Moreover, the increase in the number of working women has further contributed to the high income levels of individuals and their families. Such factors are expected to support the market growth in the coming years.
Growing consumer adoption of repositioning cruising, owing to tourers' inclination toward exploring different destinations by availing best cruise deals, is a trend that is expected to impact the industry positively during the forecast period. The growth is attributed to the availability of cost-effective one-way flights, the inclusion of exotic itineraries, and cost advantages associated with repositioning cruising compared with regular.
The rising environmental concernsare challenging the global cruise tourism market growth. This is due to the presence of many passengers and crew members. For instance, an average one-week cruise voyage with 2000 to 2500 passengers along with crew members generates around 2,00,000 plus gallons of sewage stream, including oily bilge water, greywater, and hazardous waste. Such factors are projected to hamper the growth of the current market during the forecast period.
North America will have the highest market share growth during the forecast period. The rapid increase in passenger flow in countries such as the US will drive the growth of the cruise tourism market in North America during the forecast period. Moreover, market growth in this region will be faster than the growth of the market in Europe, South America, and MEA. The US is a key country for the cruise tourism market in North America.
North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution
North America at 44%
Key consumer countries
US, China, Australia, Germany, and UK
Competitive landscape
Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled
AmaWaterways LLC, Ambassador Cruise Holidays Ltd., American Cruise Lines, Carnival Corp. and Plc, Compagnie du Ponant, Cosmos Tours Ltd., Genting Hong Kong Ltd., Kerala Shipping and Inland Navigation Corp. Ltd., LaVista Travel, MSC Mediterranean Shipping Co. SA, Norwegian Cruise Line Holdings Ltd., Ocean World Ltd., Royal Caribbean Cruises Ltd., Saga Group Ltd, The Walt Disney Co., TUI AG, Viking River Cruises Inc., and Virgin Cruises Intermediate Ltd.
Market dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview
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Table of Contents
1 Executive Summary
1.1 Market overview
Exhibit 01: Executive Summary ? Chart on Market Overview
Exhibit 02: Executive Summary ? Data Table on Market Overview
Exhibit 03: Executive Summary ? Chart on Global Market Characteristics
Exhibit 04: Executive Summary ? Chart on Market by Geography
Exhibit 05: Executive Summary ? Chart on Market Segmentation by Product Type
Exhibit 06: Executive Summary ? Chart on Market Segmentation by Application
Exhibit 07: Executive Summary ? Chart on Incremental Growth
Exhibit 08: Executive Summary ? Data Table on Incremental Growth
Exhibit 09: Executive Summary ? Chart on Vendor Market Positioning
2 Market Landscape
2.1 Market ecosystem
Exhibit 10: Parent market
Exhibit 11: Market Characteristics
3 Market Sizing
3.1 Market definition
Exhibit 12: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 13: Market segments
3.3 Market size 2021
3.4 Market outlook: Forecast for 2021-2026
Exhibit 14: Chart on Global - Market size and forecast 2021-2026 ($ million)
Exhibit 15: Data Table on Global - Market size and forecast 2021-2026 ($ million)
Exhibit 16: Chart on Global Market: Year-over-year growth 2021-2026 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2021-2026 (%)
4 Five Forces Analysis
4.1 Five forces summary
Exhibit 18: Five forces analysis - Comparison between2021 and 2026
4.2 Bargaining power of buyers
Exhibit 19: Chart on Bargaining power of buyers ? Impact of key factors 2021 and 2026
4.3 Bargaining power of suppliers
Exhibit 20: Bargaining power of suppliers ? Impact of key factors in 2021 and 2026
4.4 Threat of new entrants
Exhibit 21: Threat of new entrants ? Impact of key factors in 2021 and 2026
4.5 Threat of substitutes
Exhibit 22: Threat of substitutes ? Impact of key factors in 2021 and 2026
4.6 Threat of rivalry
Exhibit 23: Threat of rivalry ? Impact of key factors in 2021 and 2026
4.7 Market condition
Exhibit 24: Chart on Market condition - Five forces 2021 and 2026
5 Market Segmentation by Product Type
5.1 Market segments
Exhibit 25: Chart on Product Type - Market share 2021-2026 (%)
Exhibit 26: Data Table on Product Type - Market share 2021-2026 (%)
5.2 Comparison by Product Type
Exhibit 27: Chart on Comparison by Product Type
Exhibit 28: Data Table on Comparison by Product Type
5.3 Passenger ticket - Market size and forecast 2021-2026
Exhibit 29: Chart on Passenger ticket - Market size and forecast 2021-2026 ($ million)
Exhibit 30: Data Table on Passenger ticket - Market size and forecast 2021-2026 ($ million)
Exhibit 106: American Cruise Lines - Product / Service
Exhibit 107: American Cruise Lines - Key offerings
11.6 Carnival Corp. and Plc
Exhibit 108: Carnival Corp. and Plc - Overview
Exhibit 109: Carnival Corp. and Plc - Business segments
Exhibit 110: Carnival Corp. and Plc - Key offerings
Exhibit 111: Carnival Corp. and Plc - Segment focus
11.7 MSC Mediterranean Shipping Co. SA
Exhibit 112: MSC Mediterranean Shipping Co. SA - Overview
Exhibit 113: MSC Mediterranean Shipping Co. SA - Product / Service
Exhibit 114: MSC Mediterranean Shipping Co. SA - Key news
Exhibit 115: MSC Mediterranean Shipping Co. SA - Key offerings
11.8 Norwegian Cruise Line Holdings Ltd.
Exhibit 116: Norwegian Cruise Line Holdings Ltd. - Overview
Exhibit 117: Norwegian Cruise Line Holdings Ltd. - Product / Service
Exhibit 118: Norwegian Cruise Line Holdings Ltd. - Key offerings
11.9 Ocean World Ltd.
Exhibit 119: Ocean World Ltd. - Overview
Exhibit 120: Ocean World Ltd. - Product / Service
Exhibit 121: Ocean World Ltd. - Key offerings
11.10 Royal Caribbean Cruises Ltd.
Exhibit 122: Royal Caribbean Cruises Ltd. - Overview
Exhibit 123: Royal Caribbean Cruises Ltd. - Product / Service
Exhibit 124: Royal Caribbean Cruises Ltd. - Key offerings
11.11 Saga Group Ltd
Exhibit 125: Saga Group Ltd - Overview
Exhibit 126: Saga Group Ltd - Business segments
Exhibit 127: Saga Group Ltd - Key offerings
Exhibit 128: Saga Group Ltd - Segment focus
11.12 The Walt Disney Co.
Exhibit 129: The Walt Disney Co. - Overview
Exhibit 130: The Walt Disney Co. - Business segments
Exhibit 131: The Walt Disney Co. - Key offerings
Exhibit 132: The Walt Disney Co. - Segment focus
12 Appendix
12.1 Scope of the report
12.2 Inclusions and exclusions checklist
Exhibit 133: Inclusions checklist
Exhibit 134: Exclusions checklist
12.3 Currency conversion rates for US$
Exhibit 135: Currency conversion rates for US$
12.4 Research methodology
Exhibit 136: Research methodology
Exhibit 137: Validation techniques employed for market sizing
Exhibit 138: Information sources
12.5 List of abbreviations
Exhibit 139: List of abbreviations
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