Luxury Cruise Ships Market size was valued at USD 9 Billion in 2023 and is expected to exceed USD 23 Billion by the end of 2036, expanding at over 8.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of luxury cruise ships is estimated at USD 9.7 Billion.
This boost is anticipated by the slated expansion of new and innovative luxury services such as water coasters, bars & pubs, planetariums, treatment centers, and many more. Such offers along with the planning to start the cruise journey at new destinations, and untapped locations are expected to expand the landscape. According to a report by Forbes, about 45% of cruise travelers were predicted to be first-time cruisers, who expect their destinations to be at the hidden sites.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
8.2% |
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Base Year Market Size (2023) |
USD 9 Billion |
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Forecast Year Market Size (2036) |
USD 23 Billion |
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Regional Scope |
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Cruising Type (Ocean, Luxury, Adventure, River, Expedition)
By the end of 2036, ocean cruising segment is anticipated to account for more than 57% luxury cruise ships market share owing to the increase in adventure activity that involves a significant amount of amusement, energy, and equipment for cooking, water supply, and plumbing, among other essential facilities on board. This leads to high consumption of energy and power, posing various environmental concerns.
In addition, according to a report by the Canadian Parks and Wilderness Society, in 2019, the cruisers dumped more than 32 billion litter which is about 8.45 billion gallons of waste in Canadian waters. This increases the surge in the usage of second-hand appliances that are energy and water-efficient, durable, and reliable and can help reduce the environmental impact of ocean cruising, thus facilitating a more sustainable experience.
Services (Restaurants, Water Sports, Bars & Pubs, Adventurous Sports, Snow Rooms, Planetarium, Cruise Fares, Theaters, 4D Movie In-suite Spa, Treatment Centers)
The restaurant segment is estimated to gain a robust market share and is likely to remain the second largest segment in the services of the luxury cruise ships market attributed to the continuously evolving restaurant and culinary space with new and innovative ideas for reducing the waste production and to increase the sustainability. According to a report, more than 79% of customers say that with the increase in technology, there is an increase in convenience.
Booking Mode (Online, Offline)
In luxury cruise ships market, online segment is set to register more than 8.9% growth from 2024 to 2036. The reason behind this impact is projected by the increase in the vacation offers that the travel brokers offer, all while taking care of the budget and comfort of their clients.
Moreover, this also helps the landscape to reach a worldwide audience while expanding its reach using an online booking platform. According to a report, more than 72% of travelers prefer online booking mode for their trip or vacation.
Our in-depth analysis of the luxury cruise ships market includes the following segments:
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Cruising Type |
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Services |
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Nature of Device |
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North American Market Statistics
North American region in luxury cruise ships market is predicted to account for more than 50% revenue share by the end of 2036. The landscape's substantial growth in the region is expected to be credited to the surge in the number of passengers and tourists on luxury cruise ships. According to the World Travel & Tourism Council, the travel & tourism landscape contributes about 9.1% to the GDP.
According to the Cruise Lines International Association, in the United Stated about 37 million passengers are estimated to travel in luxury cruise ships. This was earlier 31.5 million in 2023, which was 6% more than the passengers that sailed in 2019.
On the occasion of Wave Season, Pearl Seas Cruise along Canada’s coast announced their free airfare along with additional savings from May to early August 2024.
APAC Market Analysis
The Asia Pacific region will also encounter a huge influence on the luxury cruise ships market size expansion during the forecast period with a notable CAGR and will account for the second position attributed to the increasing cruise lines in the region. According to reports, Cruise World Asia 2023, Asia’s cruise industry is expected a positive growth, more than 296 cruise lines and several port leaders, travel agents, and travel experts were gathered at CruiseWorld Asia 2023, mainly for sharing, exchanging, and networking their ideas coupled with other industry colleagues and friends.
MSC Cruises is expected to launch two ships- MSC Splendida and MSC Bellissima into China.
Japan Maritime along with Nihon Shipyard Co., Ltd. was granted Approval in Principle from the Nippon Kaiji Kyokai for the concept of a multi-functional offshore windfarm support vessel.
Most of the companies are continuously collaborating, expanding, making agreements, and joining ventures for the growth of this revenue share and are estimated to be the major key players in this landscape.
Author Credits: Saima Khursheed
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