Le Lézard
Classified in: Tourism and vacations
Subject: MRR

Cruise Tourism Market Size to Grow by USD 4.24 billion | 44% of Market Growth to Originate from North America | Technavio


NEW YORK, May 16, 2022 /PRNewswire/ -- The cruise tourism market size is expected to grow by USD 4.24 bn from 2021 to 2026, according to Technavio. However, the growth momentum of the market is expected to decelerate at a CAGR of 11.97% during the forecast period. The strong global economic recovery and increasing HNWIs are driving the cruise tourism market growth, but factors such as rising environmental concerns may challenge market growth.

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Driver, Trend, and Challenge

The strong global economic recovery and an increasing number of high-net-worth individuals (HNWIs) in developed and developing economies are driving the global cruise tourism market growth. The growth is attributed to an increase in domestic consumption and trade and an uptick in investments since the global economic recession in 2008. Moreover, the increase in the number of working women has further contributed to the high income levels of individuals and their families. Such factors are expected to support the market growth in the coming years.

Growing consumer adoption of repositioning cruising, owing to tourers' inclination toward exploring different destinations by availing best cruise deals, is a trend that is expected to impact the industry positively during the forecast period. The growth is attributed to the availability of cost-effective one-way flights, the inclusion of exotic itineraries, and cost advantages associated with repositioning cruising compared with regular.

The rising environmental concerns are challenging the global cruise tourism market growth. This is due to the presence of many passengers and crew members. For instance, an average one-week cruise voyage with 2000 to 2500 passengers along with crew members generates around 2,00,000 plus gallons of sewage stream, including oily bilge water, greywater, and hazardous waste. Such factors are projected to hamper the growth of the current market during the forecast period.

Major Cruise Tourism Companies:

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Cruise Tourism Market Application Outlook (Revenue, USD bn, 2021-2026)

Cruise Tourism Market Geography Outlook (Revenue, USD bn, 2021-2026)

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Regional Analysis

North America will have the highest market share growth during the forecast period. The rapid increase in passenger flow in countries such as the US will drive the growth of the cruise tourism market in North America during the forecast period. Moreover, market growth in this region will be faster than the growth of the market in Europe, South America, and MEA. The US is a key country for the cruise tourism market in North America.

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Cruise Tourism Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Decelerate at a CAGR of 11.97%

Market growth 2022-2026

USD 4.24 billion

Market structure

Fragmented

YoY growth (%)

39.42

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 44%

Key consumer countries

US, China, Australia, Germany, and UK

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

AmaWaterways LLC, Ambassador Cruise Holidays Ltd., American Cruise Lines, Carnival Corp. and Plc, Compagnie du Ponant, Cosmos Tours Ltd., Genting Hong Kong Ltd., Kerala Shipping and Inland Navigation Corp. Ltd., LaVista Travel, MSC Mediterranean Shipping Co. SA, Norwegian Cruise Line Holdings Ltd., Ocean World Ltd., Royal Caribbean Cruises Ltd., Saga Group Ltd, The Walt Disney Co., TUI AG, Viking River Cruises Inc., and Virgin Cruises Intermediate Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Five Forces Analysis

5 Market Segmentation by Product Type

6 Market Segmentation by Application

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Vendor Landscape

11 Vendor Analysis

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

SOURCE Technavio


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