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Coastal And Maritime Tourism Market Report 2024-2033 - Size, Growth, Trends & Key Players
Coastal And Maritime Tourism Market Report
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According to The Business Research Company's, The coastal and maritime tourism market size has grown strongly in recent years. It will grow from $2,804.71 billion in 2023 to $3,010.38 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to government initiatives, development of coastal infrastructure, demand for cruise travel, increasing leisure travel sales through online channels, and growth of the cruise industry.
The coastal and maritime tourism market size is expected to see strong growth in the next few years. It will grow to $4,032.07 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to rising investment in tourism industry, increasing holiday rental reservations, rising demand for leisure trips, rise in disposable income and rising demand for vacations and trips. Major trends in the forecast period include technological innovation, sustainability and responsible tourism, rise of luxury and experiential travel, digital transformation, and adventure and water sports tourism.
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Market Drivers and Trends:
The rising popularity of leisure trips is expected to propel the growth of the coastal and maritime tourism market going forward. Leisure trips are travel experiences primarily undertaken for relaxation, enjoyment, and personal enrichment rather than for work or business purposes. The rising popularity of leisure trips is attributed to increasing disposable incomes, greater emphasis on work-life balance, and a growing desire for experiences and relaxation. Leisure trips boost coastal and maritime tourism by increasing demand for local accommodations, dining, recreational activities, and cultural experiences, driving economic growth in coastal regions. For instance, in May 2023, according to the Office for National Statistics, a UK-based government agency, in 2022, the UK saw 31.2 million overseas residents visits, marking an increase of 24.9 million visits from 2021. Therefore, the rising demand for leisure trips is driving the coastal and maritime tourism market.
Major companies operating in the coastal and maritime tourism market are focused on developing innovative solutions, such as cruise reservation platforms, to streamline the booking process and enhance customer experience. Cruise reservation platforms streamline the booking process, making it easier for travelers to plan and book cruise vacations that include coastal destinations, thereby increasing tourist influx and boosting local economies. For instance, in November 2023, Royal Caribbean, a US-based Shipping line company, collaborated with IBS Software, a Singapore-based technology company, to launch the iTravelCruise platform, a web cruise reservations platform designed to streamline booking processes, offer personalized travel experiences, and improve operational efficiency. These technologies enhance the overall cruise experience and help companies meet increasing consumer expectations for digital convenience and connectivity.
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Major Key Players of the Market:
The Walt Disney Company, TUI AG, MSC Cruises S.A., Carnival Corporation & plc, Royal Caribbean Group, Princess Cruise Lines Ltd., Wynn Resorts Limited, Costa Crociere S.p.A., Norwegian Cruise Line Holdings Ltd., Viking Cruises Ltd., Seabourn Cruise Line Limited, Abercrombie & Kent USA LLC, Lindblad Expeditions, Hurtigruten Group AS, Seven Seas Cruises Ltd., Compagnie du Ponant, Riviera Tours Ltd., Crystal Cruises Inc., Dream Yacht Group, American Cruise Lines Inc., Azamara Club Cruises, Celestyal Cruises Centre Limited, Silversea Cruise Holding Ltd., Magical Cruise Company Limited, Sienna Charles LLC
Coastal And Maritime Tourism Market 2024 Key Insights:
• The coastal and maritime tourism market size is expected to see strong growth in the next few years. It will grow to $4,032.07 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• Rising Leisure Travel Demand Fuels Coastal And Maritime Tourism Market Growth
• Enhancing Coastal And Maritime Tourism
• Europe was the largest region in the coastal and maritime tourism market in 2023
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