Press release
Key Trend Reshaping the Cruise Market in 2025: LNG-Powered Cruises Leads Sustainability Charge
Cruise
The growing demand for luxury travel is expected to fuel the growth of the cruise market. Luxury travelers seek unique and exclusive experiences, often in exotic destinations. Cruises offer a combination of luxury accommodations, gourmet dining, and immersive experiences, making them a popular choice. In March 2023, a survey showed that 84% of luxury travelers planned longer vacations, and 83% intended to spend more on travel. As a result, the increasing preference for luxury travel is boosting the cruise market.
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What Is the projected market size and growth rate for the cruise market?
The cruise market has grown rapidly in recent years. It will rise from $7.82 billion in 2024 to $8.82 billion in 2025, with a CAGR of 12.7%. This growth can be attributed to improved economic conditions, demographic changes, evolving travel preferences, stricter regulations, and increased health and safety concerns.
The cruise market is expected to reach $14.13 billion by 2029 at a CAGR of 12.5%. The growth is attributed to sustainable tourism focus, enhanced health and safety, emerging market expansion, demand for experiential cruises, and changing regulations. Trends include sustainability, eco-friendly practices, technological advancements, luxury travel, and family-friendly options.
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What new trends are reshaping the cruise market and its opportunities?
Companies in the cruise market are working on eco-friendly alternatives like LNG-powered cruise ships to reduce emissions and environmental impact. LNG-powered ships use liquefied natural gas as their main fuel source, which is more energy-efficient and potentially reduces fuel costs. For example, in February 2024, Princess Cruises launched two LNG-powered ships, including the Sun Princess, which uses advanced LNG propulsion to cut emissions. The ship features LNG tanks that hold 70,000 ft3 of fuel each, contributing to a cleaner environment by lowering greenhouse gas emissions compared to traditional fuels.
What major market segments define the scope and growth of the cruise market?
The cruise market covered in this report is segmented -
1) By Type: Ocean Cruises, River Cruises
2) By Size: Small, Mid, Large
3) By Application: Transportation, Entertainment, Other Applications
Subsegments:
1) By Ocean Cruises: Luxury Ocean Cruises, Expedition Cruises, Contemporary Cruises, Premium Cruises, Themed Cruises (Adventure, Wellness)
2) By River Cruises: Luxury River Cruises, Boutique River Cruises, Small Ship Cruises, Family-Oriented River Cruises, Themed River Cruises (Wine, Culinary)
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Which region dominates the cruise market?
North America was the largest region in the cruise market in 2023. The regions covered in the cruise market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the cruise industry growth?
Major companies operating in the cruise market are 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
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What Is Covered In The Cruise Global Market Report?
•Market Size Forecast: Examine the cruise market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the cruise market for a structured understanding.
•Key Players Overview: Analyze major players in the cruise market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the cruise market.
•Segment Contributions: Evaluate how different segments drive overall growth in the cruise market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the cruise market.
•Industry Challenges: Identify potential risks and obstacles affecting the cruise market.
•Competitive Landscape: Review strategic developments in the cruise market, including expansions, agreements, and new product launches.
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