Cruise Ship Market Growth

OREGAON, PORTLAND, UNITED STATES , August 28, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Cruise Ship Market," The cruise ship market was valued at $8 billion in 2021, and is estimated to reach $16.7 billion by 2031, growing at a CAGR of 7.9% from 2022 to 2031.

🔰 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 - https://www.alliedmarketresearch.com/request-sample/A53567

The concept of the cruise ship is typically attributed to the passenger ship where the trip and ship amenities itself are a part of a luxurious experience. Generally, the length of the cruise ship is 1,187 feet, the tonnage for a passenger cruise is 225,300 tons, and max crew-passenger capacity of almost 8,500. The world’s largest cruise ship is Royal Caribbean Internationals harmony of the seas, which was launched in 2016 that has a gross tonnage of 226,963 and length of about 1,188.1 ft with a passenger capacity of 6,780. Cruising has led to an increase in the tourism industry. Cruise ships today offer a wide range of amenities onboard which include casinos, shops, swimming pools, theatres, spas, gyms or fitness centers, libraries, buffet, lounges, clubs, tennis courts, basketball courts, infirmaries, ping pong tables, pool tables, bowling alleys, rock climbing walls, miniature golf courses, chain restaurants, obstacle courses, and video arcades. Hence, cruise ships can also be considered as 5-star hotels on boats.

𝐏𝐫𝐢𝐦𝐞 𝐝𝐞𝐭𝐞𝐫𝐦𝐢𝐧𝐚𝐧𝐭𝐬 𝐨𝐟 𝐠𝐫𝐨𝐰𝐭𝐡:

The global cruise ship market is gaining momentum due to factors such as introduction of technologically advanced and latest ships with various fun activities, themes and different software, surge in investments in automation technology, surging craze of river cruises and tourism activities, and growing consumer shift towards luxurious life. However, volatile inventory and transportation costs, surge in environmental concerns, and high prices of cruises restrain the market growth to some extent. Moreover, an expansion of the freight forwarding industry and the upcoming trend of automation in marine transportation sector are estimated to offer remunerative growth opportunities to the market in upcoming years.

𝐓𝐡𝐞 𝐦𝐚𝐢𝐧𝐬𝐭𝐫𝐞𝐚𝐦 𝐜𝐫𝐮𝐢𝐬𝐞 𝐬𝐡𝐢𝐩𝐬 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐝𝐨𝐦𝐢𝐧𝐚𝐭𝐞 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝

Based on type, the mainstream cruise ships segment contributed to the largest share of nearly half of the global cruise ship market in 2021 and is expected to maintain its dominance during the forecast period. This is because they offer all amenities to customers and are considered as floating resorts which cater to upscale the demand of customers. The ocean cruise ships segment, however, is projected to witness the fastest CAGR of 9.6% from 2022 to 2031. This is due to factors such as various exciting packages offered by service providers, amenities, entertainment activities, and a large customer base.

🔰 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/cruise-ship-market/purchase-options

𝐓𝐡𝐞 𝐥𝐞𝐢𝐬𝐮𝐫𝐞 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐠𝐫𝐚𝐛 𝐭𝐡𝐞 𝐥𝐢𝐨𝐧'𝐬 𝐬𝐡𝐚𝐫𝐞 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝

Based on application, the leisure segment grabbed the highest share of more than four-fifths of the cruise ship market in 2021 and is expected to dominate the market in 2031. This is owing to the various innovations, including numerous exciting leisure and fun activities along with theme cruises for travelers such as yoga themes, kid themes, mystery themes, and others. The transportation segment, on the other hand, would witness the fastest CAGR of 10.7% from 2022 to 2031. This is due to the increasing leisure trips and voyages taken by generation Z along with the growing preference for a high population to live a luxurious life.

𝐓𝐡𝐞 𝐥𝐚𝐫𝐠𝐞 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝

Based on size, the large segment grabbed the highest share of more than half of the overall cruise ship market in 2021 and is expected to dominate the market during the forecast period. This is owing to an increasing number of tourism activities, a rise in disposable income of consumers around the world, and a growing number of initiatives to promote cold chain logistics. The mid segment, on the other hand, is projected to witness the fastest CAGR of 9.7% from 2022 to 2031. This is because of the rising popularity of vacations on a midsize cruise due to cost difference and the amenities provided by them.

𝐊𝐞𝐲 𝐦𝐚𝐫𝐤𝐞𝐭 𝐩𝐥𝐚𝐲𝐞𝐫𝐬:

Mitsubishi Heavy Industry Ltd.
Meyer Werft Gmbh & Co. Kg
Samsung Heavy Industries Co. Ltd.
AmaWaterways
Silversea Cruises
Hyundai Heavy Industry Co. Ltd.
MSC Cruises S.A.
Fincantieri S.p.A.
DSME Co. Ltd.
Norwegian Cruise Line Holdings Ltd.

🔰 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/A53567

Furthermore, the companies operating in the cruise ship market have adopted partnerships, investments, and product launches to increase their market share and expand their geographical presence. For instance, in September 2021, AmaWaterways entered into partnership with Travel Marketing & Media for its new marketing masterclass cruise ships on the river. It offers an exceptional river cruise experience with world-class continuing education, arming travel advisors with new skills and strategies to grow their river cruise business with individuals and groups. Similarly, in July 2022, Fincantieri S.p.A. signed a contract with international customer for the construction of a new ultra-luxury cruise ship, to be delivered by the end of 2025. The order, which includes the option for two additional vessels, amounts to approximately euro 1.2 billion. The contract will be subject to access to financing, as per industry practice.

𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐖𝐞 𝐇𝐚𝐯𝐞 𝐨𝐧 𝐒𝐡𝐢𝐩𝐩𝐢𝐧𝐠 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

https://www.alliedmarketresearch.com/yacht-charter-market - Global Opportunity Analysis and Industry Forecast, 2024-2032

https://www.alliedmarketresearch.com/electric-boat-market-A08766 - Global Opportunity Analysis and Industry Forecast, 2021-2031

https://www.alliedmarketresearch.com/autonomous-ships-market - Global Opportunity Analysis and Industry Forecast, 2020-2030

https://www.alliedmarketresearch.com/hydrogen-powered-yacht-market-A08502 - Global Opportunity Analysis and Industry Forecast, 2023-2032

David Correa
Allied Market Research
+1 800-792-5285
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