Global Cruise Ship Market Set to Sail Toward $16.7 Billion by 2031, Riding a 7.9% CAGR Wave

North America dominates the market, in terms of revenue, followed by Europe, LAMEA, and Asia-Pacific. However, on the basis of forecast analysis, Asia-Pacific is expected to lead during the forecast period, due to cheaper wages, strong government backing, and strong forward & backward linkage industries. In addition, surge in disposable incomes is expected to drive growth in demand for imports of commodities and finished goods, which further supplements seaborne trade in emerging economies, which propels growth of the market.

Allied Market Research published a report, titled, "Cruise Ship Market by Type (Mainstream Cruise Ships, Ocean Cruise Ships, Luxury Cruise Ships, Others), by Application (Transportation, Leisure, Others), by Size (Small, Mid, Large): Global Opportunity Analysis and Industry Forecast, 2021-2031" According to the report, the global cruise ship industry was valued at $8 billion in 2021 and is estimated to generate $16.7 billion by 2031, witnessing a CAGR of 7.9% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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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.

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.

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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.

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.

Based on region, the market in North America was the largest in 2021, accounting for nearly two-fifths of the global cruise ship market and is likely to maintain its dominance during the forecast timeframe. This is owing to factors such as continuous development in the technology of cruise ships and higher consumer disposable income and spending in this region. However, the market in Asia-Pacific is likely to show the fastest CAGR of 9.5% during the forecast period. This is due to factors such as cheaper wages, strong government backing, and strong forward & backward linkage industries in the region.

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Leading Market Players

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

Covid-19 Scenario

The outbreak of the COVID-19 pandemic had a negative impact on the cruise ship market. The industry suffered massive losses in the first and second quarters of 2020 due to disrupted supply chains and a decline in passenger numbers. According to the Cruise Lines International Association in 2020, worldwide passenger volume decreased by 80.0% worldwide.
However, in late 2020, cruise companies began witnessing growth on existing fleet expansion projects and resumed their shipyard operations that were put to halt in 2020. Also, new protocols were developed to implement measures intending to reduce the exposure and transmission of the COVID-19 virus on cruise vessels.
Thus, the cruise ship market is expected to witness a slow and healthy growth rate owing to the resumed activities and relaxed restrictions.

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