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Cruise Tourism Market Size is Projected to Accelerate at a CAGR of 10.4% to $13.6 Billion by 2022-2031
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The growing popularity of cruise destinations across the world drive the global cruise tourism market. The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global cruise tourism market. Based on region, North America held the largest share in 2021, contributing to nearly half of the global cruise tourism market share.
The cruise tourism industry presents significant opportunities for luxury tourism. Luxury cruise ships offer a range of amenities and services that cater to the demands for affluent travelers, including gourmet dining, spa treatments, and personalized attention from highly trained staff. Many luxury cruise lines also offer unique and exclusive experiences, such as private islands, high-end shopping, and VIP access to cultural attractions. This appeals to travelers who value exclusivity, comfort, and a high level of service. The demand for luxury cruise travel has been steadily increasing in recent years, with many travelers seeking unique and memorable experiences. As a result, the luxury cruise market has become a significant opportunity of the overall cruise industry.
According to regional analysis, the North America cruise tourism market accounted for the highest market share in 2021. The North American region has a strong and stable economy, which has helped to support the growth of the cruise tourism market. Consumers are willing to spend money on vacations, and the cruise industry has been able to provide them with a range of affordable options.
The increasing demand for luxury experiences is indeed one of the drivers of the cruise tourism market. Many consumers today are looking for unique and memorable experiences, and are willing to pay a premium for them. This has led to a rise in the popularity of high-end cruise ships, which offer a range of luxurious amenities and activities. These luxury cruise ships often feature spacious cabins, gourmet dining options, high-end entertainment, spa treatments, and other amenities designed to provide guests with a truly luxurious experience. In addition, many luxury cruise lines offer exclusive shore excursions and access to private islands or beaches, further enhancing the overall experience. The growing popularity of luxury tourism facilitated by high-end cruise ships and luxury cruise lines is anticipated to boost the cruise tourism market share in the coming years. This trend is likely to continue in the coming years, as more and more consumers seek out unique and memorable travel experiences.
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The research provides detailed segmentation of the global cruise tourism market based on type, duration, passenger age, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on type, the ocean cruise segment held the highest share in 2021, accounting for nearly one-third of the global cruise tourism market, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is expected to register the highest CAGR of 11.3% from 2022 to 2031.
Based on duration, the 7 days segment accounted for the highest share in 2021, contributing to more than one-third of the global cruise tourism market, and is expected to maintain its lead in terms of revenue during the forecast period. This segment is expected to manifest the highest CAGR of 11.3% from 2022 to 2031.
Based on passenger age, the 40-49 years segment accounted for the highest share in 2021, holding nearly one-fourth of the global cruise tourism market, and is expected to continue its leadership status during the forecast period. However, the 30-39 years segment is estimated to grow at the highest CAGR of 11.5% during the forecast period.
Based on region, North America held the largest share in 2021, contributing to nearly half of the global cruise tourism market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the Europe region is expected to manifest the fastest CAGR of 11.1% during the forecast period. The research also analyzes regions including LAMEA and Asia-Pacific.
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Leading market players of the global cruise tourism market analyzed in the research include Silversea Cruises, seabourn cruise line, Ambassador Cruise Holidays Limited., AmaWaterways, Carnival Corporation & plc, Cosmos Tours Ltd., Kerala Shipping and Inland Navigation Corporation Ltd, PONANT, Mediterranean Shipping Company S.A., Norwegian Cruise Line.
The report provides a detailed analysis of these key players of the global cruise tourism market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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