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Cruise Market Report 2024: Market Size, Share, and Future Outlook
Cruise Global Market Report 2024
According to The Business Research Company's, the cruise market size has grown rapidly in recent years. It will grow from $6.96 billion in 2023 to $7.82 billion in 2024 at a compound annual growth rate (CAGR) of 12.4%. The growth in the historic period can be attributed to improving economic conditions, changing demographic trends, evolving travel preferences, tightening regulations and safety standards, and rising health and safety concerns.
The cruise market size is expected to see rapid growth in the next few years. It will grow to $12.57 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%. The growth in the forecast period can be attributed to an increasing focus on sustainable tourism, enhancing health and safety protocols, expanding markets in emerging economies, rising demand for experiential and themed cruises, and changing regulatory environments and incentives. Major trends in the forecast period include sustainability and eco-friendly practices, technological advancements, diversification of destinations, luxury and experiential travel, family and multigenerational travel, customization, and personalization.
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Market Drivers and Trends:
The growing preference for luxury travel is expected to propel the growth of the cruise market going forward. Luxury travel refers to premium and exclusive experiences, services, and accommodations for affluent travelers seeking exceptional comfort and sophistication. Luxury travelers seek unique and transformational experiences, exploring off-the-beaten-path destinations, seeking authenticity, and engaging in activities that enrich personal insights. Cruises in luxury travel offer a unique blend of luxury accommodations, experiences, gourmet dining, and immersive travel experiences, often in exotic destinations, providing a luxurious and all-inclusive vacation option. For instance, in March 2023, according to Flywire, a U.S.-based payments enablement and software company, out of 600 luxury travelers surveyed, 84% expect longer vacations, and 83% plan to increase their travel spending in 2023 by 11%. Moreover, during spring, travelers increased their luxury trip spending from $3,728 in 2022 to $4,848 in 2023. Therefore, the growing preference for luxury travel will drive the growth of the cruise market.
Major companies operating in the cruise market are focusing on developing eco-friendly options, such as LNG-powered cruises, to reduce environmental impact and emissions using cleaner liquefied natural gas fuel. LNG-powered cruise ships are vessels that use liquefied natural gas (LNG) as their primary fuel source instead of traditional marine fuels, offering operational advantages such as increased energy efficiency and the potential for reduced fuel costs in the long term. For instance, in February 2024, Princess Cruises, a U.S.-based American cruise line company, introduced two LNG-powered cruise ships, the Sun Princess, featuring advanced LNG propulsion for enhanced fuel efficiency and reduced emissions. The LNG-powered plant on Sun Princess consists of two tanks, each capable of holding 70,000 ft3 of LNG. The use of LNG as a fuel source helps lower greenhouse gas emissions compared to traditional marine fuels, contributing to cleaner air and a reduced carbon footprint. This technological advancement aims to align with environmental sustainability goals in the cruise industry.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
TUI Group; MSC Cruises SA; Carnival Corporation & plc; Royal Caribbean Group; Norwegian Cruise Line Holdings Ltd; Disney Cruise Line; Hurtigruten Group; Windstar Cruises; Grand Circle Cruise Line; Regent Seven Seas Cruises; Oceania Cruises Inc; Genting Hong Kong Limited; CroisiEurope; Compagnie du Ponant; Uniworld Boutique River Cruises; Tauck River Cruises; Viking River Cruises Inc; Seabourn Cruise Line; Fred Olsen Cruise Lines Ltd; Crystal Cruises Inc; Scenic Luxury Cruises & Tours; Azamara Cruises; American Cruise Lines Inc; Paul Gauguin Cruises; SeaDream Yacht Club; Avalon Waterways; AmaWaterways; Island Queen Cruises; Silversea Cruises Ltd; Luxury Cruise Connections
Cruise Market 2024 Key Insights:
• The cruise market size is expected to grow to $12.57 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%.
• Rising Preference For Luxury Travel Fuels Cruise Market Growth
• LNG-Powered Cruises Leads Sustainability Charge
• North America was the largest region in the cruise market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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