Press release
Global Cruise Market Size, Share, and Forecast Analysis 2025-2029
Cruise Market
What Are the Cruise Market Size Forecast for 2025?
The magnitude of the cruise market has seen swift expansion in the latest years. It is projected to rise from a value of $7.82 billion in 2024 to $8.74 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 11.7%. The historic growth can be credited to factors such as: advancements in economic circumstances, shifts in demographic trends, changes in travel inclinations, stricter regulations and security protocols, and growing concerns over health and safety.
What Is the Market Size Outlook for Cruise Until 2029?
In the coming years, the cruise market is projected to experience swift expansion. The market is set to grow to a value of $13.77 billion by 2029, with a compound annual growth rate (CAGR) of 12.0%. This growth during the forecast period is a result of the heightened emphasis on sustainable tourism, improved health and safety measures, spread of markets to emerging economies, increased interest in experiential and themed cruises, and evolving regulatory settings and incentives. The forecast period will also see significant trends such as sustainability and eco-friendly measures, tech-innovations, destination diversification, high-end and experiential voyages, family and multigenerational travel, as well as customization and personalization.
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What Are the Major Factors Driving Demand in the Cruise Market?
The progress of the cruise market will be driven by an augmenting preference for luxury travel. Luxury travel typically entails high-end, exclusive services, accommodations, and experiences designed specifically for wealthy tourists in pursuit of extraordinary comfort and elegance. These wealthy tourists often crave for unique and transformational visits, voyages to non-traditional destinations, genuine encounters, and engaging activities that deepen their personal understanding. Luxury cruises combine opulent accommodations, experiences, gourmet meals, and fascinating travel experiences, frequently in extraordinary destinations, offering an all-inclusive and luxury vacation solution. For example, Flywire, a company based in the United States specialising in payment processing and software, reported that of the 600 opulent tourists surveyed in March 2023, 84% expect longer vacations and 83% plan to increase their 2023 travel expenditure by 11%. Furthermore, during the spring season, tourist spending on luxury trips rose from $3,728 in 2022 to $4,848 in 2023. Thus, the increasing inclination towards luxe travel will certainly facilitate the expansion of the cruise market.
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How Are End-Use Segments Shaping the Cruise Market Outlook?
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)
What Are the Strategic Trends Transforming the Cruise Market Landscape?
Leading firms in the cruise market are prioritizing the creation of environmentally friendly alternatives, like LNG-powered cruises, in an effort to mitigate the ecological damage and emissions stemming from the usage of cleaner liquefied natural gas fuel. These LNG-powered cruise ships are vessels that prioritize the use of liquefied natural gas (LNG) over conventional marine fuels, presenting several operational benefits such as enhanced energy efficiency and the prospect of decreased fuel expenditures over time. For example, Princess Cruises, an American cruise line corporation based in the U.S., introduced two LNG-powered cruise ships, the Sun Princess, in February 2024. These ships employ advanced LNG propulsion, leading to improved fuel efficiency and reduced emissions. The LNG-powered plant aboard the Sun Princess is equipped with two tanks, each capable of accommodating 70,000 ft3 of LNG. Utilizing LNG as fuel aids in reducing greenhouse gas emissions in comparison to standard marine fuels, thus contributing to cleaner air and a smaller carbon footprint. This technological breakthrough is contributing to the achievement of environmental sustainability objectives in the cruise industry.
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Who Are the Prominent Companies in the Cruise Market by ?
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
Which Region Is Expected to See the Highest CAGR in the Cruise Market?
North America was the largest region in the cruise market in 2024. The regions covered in the cruise market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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