Global Cruise Market Size, Share & Trends Analysis Report By Type (Ocean Cruises and River Cruises), By Regional Outlook and Forecast, 2024 - 2031

Global Cruise Market Size, Share & Trends Analysis Report By Type (Ocean Cruises and River Cruises), By Regional Outlook and Forecast, 2024 - 2031

The Global Cruise Market size is expected to reach $19.7 billion by 2031, rising at a market growth of 11.1% CAGR during the forecast period.

North America is a powerhouse in the cruise market, with a strong presence in both the supply and demand sides of the industry. Thus, the North America region acquired $3,828.4 million revenue in 2023. the United States has several initiatives that support the growth of cruise tourism, particularly in key cruise ports and regions. One prominent example is the Cruise Passenger Protection Act, which enhanced consumer protections for cruise passengers.

Various interconnected factors influence the rise in disposable income, each contributing to the overall growth in personal earnings and spending power. Economic growth is a primary driver, creating a favorable environment for job creation and wage increases. Therefore, the increasing disposable incomes of travelers will aid in expanding the market.

Additionally, Cruise companies are investing heavily in expanding their fleets to meet this growing demand and offer passengers a wider range of cruise options. One notable example of this expansion is the introduction of new, larger ships with innovative features and amenities. Hence, these factors will augment the development of the market.

However, Competition from other travel options significantly impacts the cruise industry's growth. All-inclusive resorts, for example, offer a similar all-in-one vacation experience with the convenience of staying in one location. These resorts often provide a range of amenities and activities, such as dining, entertainment, and recreational facilities, which can compete with the offerings of a cruise ship. Therefore, these factors may hamper the development of the market.

Type Outlook

Based on type, the market is characterized into ocean cruises and river cruises. The ocean cruises segment garnered 79.3% revenue share in the market in 2023. Ocean cruises allow passengers to explore the world's oceans while enjoying various onboard amenities and activities. Moreover, ocean cruises are popular for travelers seeking a convenient and immersive vacation experience.

Regional Outlook

Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment procured a considerable 23.3% revenue share in the market in 2023. The Asia Pacific market has seen rapid growth in recent years, driven by rising disposable incomes, an expanding middle class, and increasing interest in travel and tourism among Asian consumers. This growth has made the region one of the fastest-growing markets globally.

Recent Strategies Deployed in the Market

• Feb-2024: Royal Caribbean Group partnered with Chantiers de l'Atlantique, a French shipbuilder. Under this partnership, Royal Caribbean would order a seventh Oasis Class ship to its multinational fleet.
• Nov-2023: Royal Caribbean Group came into partnership with IBS Software, a provider of information technology software solutions. Under this partnership, Royal Caribbean would offer a perfect vacation experience to its guests and provide even better customized services at each step of the trip. Additionally, Royal Caribbean would also install the iTravelCruise travel platform of IBS to place its guests at the center of the retail experience.
• May-2023: MSC Cruises S.A. partnered with Formula 1, the highest class of international racing. Under this partnership, MSC Cruises would bring ships to choose Grand Prix weekends, which offer fans a special hospitality experience from track to ship. In addition to this, both companies would move towards sustainable change.
• Mar-2023: Disney Cruise Line collaborated with the Singapore Tourism Board, a statutory board under the Ministry of Trade and Industry of the Government of Singapore. Under this collaboration, Disney Cruise would homeport a brand-new Disney cruise ship primarily in Singapore. Additionally, the introduction of Disney Cruise Line ship in Singapore would include millions of local and foreign cruise passengers.
• Dec-2022: Royal Caribbean Group partnered with iCON Infrastructure LLP, an independent investment group. Under this partnership, Royal Caribbean would serve exceptional cruising experiences, to its guests at the best destinations in the world. Royal Caribbean would also create, own, and control a portfolio of cruise terminals in key strategic markets.

List of Key Companies Profiled

• Carnival Corporation & plc.
• Royal Caribbean Cruises Ltd.
• MSC Cruises S.A. (MSC Mediterranean Shipping Company SA)
• Norwegian Cruise Line Holdings Ltd.
• Disney Cruise Line (The Walt Disney Company)
• Cruiseaway (Dreamlines GmbH)
• Island Queen Cruises
• American Cruise Lines
• The Independent Traveler, Inc. (Tripadvisor Inc.)
• Viking River Cruises Inc.

Global Cruise Market Report Segmentation

By Type

• Ocean Cruises
• River Cruises

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA