Cruise Tourism Market Size to Grow by USD 4.24 billion | Strong Global Economic Recovery and Increasing HNWIs to Boost Market Growth

Cruise Tourism Market Size to Grow by USD 4.24 billion | Strong Global Economic Recovery and Increasing HNWIs to Boost Market Growth

NEW YORK, July 5, 2022 /PRNewswire/ — Cruise tourism is a popular type of tourism that involves the exploration of new places, coupled with luxury and entertainment. Cruise lines offer various activities such as sports, shopping, water games, video games, and numerous other leisure activities.

Cruise Tourism Market Size to Grow by USD 4.24 billion | Strong Global Economic Recovery and Increasing HNWIs to Boost Market Growth

Technavio has announced its latest market research report titled Cruise Tourism Market by Product Type, Application, and Geography – Forecast and Analysis 2022-2026

The “Cruise Tourism Market by Application (Ocean cruising and River cruising) and Geography (North America, Europe, APAC, South America, and Middle East and Africa) – Forecast and Analysis 2022-2026” report has been added to Technavio’s offering. The potential growth difference for the cruise tourism market between 2021 and 2026 is USD 4.24 bn.

To get the exact yearly growth variance and the Y-O-Y growth rate, Request a Sample Report

Key Market Dynamics:

  • Market Driver: Strong global economic recovery and an increasing number of high-net-worth individuals (HNWIs) in developed and developing economies are driving the market. The growth is driven by an increase in domestic consumption and trade and a rise in investments since the global economic recession in 2008. Thus, there has been a gradual increase in the preference for luxury lifestyle and spending on leisure travel. Moreover, a rise in the number of working women has contributed to the increase in income levels of individuals and their families. Such factors are expected to support the market growth in the coming years.

  • Market Challenge: Rising environmental concerns are challenging the growth of the market. Cruise ships generate a major amount of waste 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 more than 2,00,000 gallons of sewage stream, which include oily bilge water, greywater, and hazardous waste. Such factors are projected to hamper the growth of the current market during the forecast period.

To learn about additional key drivers, trends, and challenges available with Technavio. Read our Sample Report right now!

Market Segmentation

The cruise tourism market report is segmented by application (ocean cruising and river cruising) and geography (North America, Europe, APAC, South America, and the Middle East and Africa).

North America will be the leading region with 44% of the market’s growth during the forecast period. The US is a key market for cruise tourism in the region.

View our sample report for additional insights into the contribution of all the segments and regional opportunities in the report.

Some Companies Mentioned

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Vendor Landscape

Several players are present in the global cruise tourism market. However, the market is dominated by a few well-established players. These vendors have started acquiring small and regional players to increase their global reach. Moreover, the market will witness the entry of several new players during the forecast period, which will intensify the competition among the existing players.

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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

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 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.

Key Topics Covered:

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 Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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 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.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email:[email protected]
Website: www.technavio.com/

Technavio (PRNewsfoto/Technavio)

Technavio (PRNewsfoto/Technavio)

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SOURCE Technavio

https://finance.yahoo.com/news/cruise-tourism-market-size-grow-020500541.html

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