Global Cruise Ship Market Assessment, By Type [Ocean Cruise, River Cruise], By Size [Small, Medium, Large], By Product [Contemporary, Luxury, Expedition, Others], By Application [Transportation, Leisure, Others], By Region, Opportunities and Forecast, 2017-2031F

Global cruise ship market is projected to witness a CAGR of 10.50% during the forecast period 2024-2031, growing from USD 9.41 billion in 2023 to USD 20.92 billion in 2031. The increase in demand for diverse tourism experiences and recreational activities keeps driving the demand for cruise holidays, thus driving the growth of the global cruise ship market. Furthermore, the market has grown significantly in recent years, owing to increased investments in automation technology, the introduction of new and technologically advanced ships augmented with various software applications to support the market solutions offered, and rapid growth in the maritime tourism industry. Furthermore, digital freight forwarding services are becoming more advantageous for cost-conscious customers seeking a diverse range of high-quality products with speedier delivery times. Thus, as marine commercial operations increase as a result of globalization, demand for digital freight forwarding services rises, fueling market expansion.

Additionally, the growing middle-class population, particularly in emerging economies, has aided the rise of the cruise ship sector. As disposable incomes rise, more individuals can afford cruise holidays, creating a wider client base. Moreover, the global development of sophisticated and well-equipped cruise terminals and ports boost cruise ships' accessibility and convenience. This infrastructure improvement boosts the industry's growth potential and encourages cruise companies to expand operations. Furthermore, cruise lines are always investing in new onboard amenities, entertainment alternatives, culinary experiences, and recreational facilities. These developments respond to a variety of traveler tastes and attract repeat consumers, propelling the business forward.

For instance, in October 2024, Carnival Corporation & plc started operations of its Carnival Radiance cruise ship from Long Beach after a dry dock that included public space upgrades and technical modifications. The 2,984-passenger vessel received full renovation of its youth areas and sports facilities, including the ropes course, mini golf course, and basketball court. The ship's Carnival Adventures store, gift shops, and casino were all upgraded.

Rise in Tourism and Hospitality Industry to Drive Market Growth

The tourism industry has dramatically increased over the past decades. Countries such as India, Brazil, and South Africa have relaxed regulations to create investment opportunities for the world's major hospitality corporations. Moreover, technological changes have been one of the most critical factors in the growing tourism and hospitality business, thereby resulting in the adoption of airlines and cruise ships. Cruising is an increasingly popular vacation option as disposable incomes increase globally. Such a trend has been prominently visible in emerging economies such as China and India where the middle class is rapidly expanding and aspiring for unique travel experiences, driving the growth of the global cruise ship market.

For instance, in September 2024, the Indian government launched a five year-plan, Cruise Bharat Mission, to increase cruise tourism in India to one million passengers by 2029. The mission will focus on strengthening infrastructure such as cruise ports, marketing India as a fantastic cruise destination, and gradually developing the complete cruise experience.

Increasing International Marine Transportation to Drive Market Growth

Increasing international marine transportation is significantly driving the growth of the global cruise ship market by enhancing connectivity and accessibility to diverse destinations. As global trade and travel expand, cruise lines can tap into new and emerging markets, attracting more passengers seeking unique experiences. Improved port infrastructure and international collaboration facilitate smoother embarkation and disembarkation processes, boosting travelers’ confidence. Additionally, as countries invest in tourism and marine services, the range of itineraries and experiences offered by cruise lines increases, appealing to a broader audience. This trend enhances the cruising experience and stimulates growth in the global cruise ship market.

For instance, in October 2024, the Maritime and Port Authority of Singapore (MPA) and China's Shandong Provincial Transport Department, signed a memorandum of understanding (MoU) to establish the Singapore-Shandong Green and Digital Shipping Corridor (GDSC). The MoU aims to promote digital and low-carbon initiatives in shipping, including collaboration on emerging technologies, safe fuel handling training, knowledge sharing on shore power technologies, digital information exchange for port clearances, and sharing standards and best practices.

Technological Advancements to Drive Market Growth

The global cruise ship market has grown significantly in recent years, owing to increased investments in automation technology, the introduction of new and technologically advanced ships augmented with various software applications to support the solutions offered in this market, and the rapid growth of the maritime tourism industry. Furthermore, advances in maritime automation, and demonstrations and testing of cruise ships by major corporations, have led various countries to develop automated cruise ships. Thus, the integrated trend of marine automation systems and the great majority of companies' constant innovation in cruise ships to increase scalability and automated tracking performance is predicted to offer growth opportunities for the global cruise ship market.

For instance, in July 2024, German-based cruise operator, Phoenix Reisen GmbH, retrofitted its MS Amera cruise ship with ABB's DC technology to enhance efficiency and reduce emissions during port calls. The ship now uses ABB's Onboard DC Grid power system platform and shore connection, becoming the first cruise ship to do so. The high fault tolerance of the DC system ensures safer operations and futureproofing, allowing the integration of low-carbon energy sources such as batteries and fuel cells.

Ocean Cruise Ships Segment to Dominate Market Share

The ocean cruise ships segment dominates the share of the global cruise ship market, driven by the increasing consumer demand for unique travel experiences and luxury vacations. Ocean cruises appeal to a wide range of demographics due to its diversified routes, onboard amenities, and entertainment options. The appeal extends from families to senior retired people. Carnival, Royal Caribbean, and Norwegian Cruise Line engage in ship design innovation and sustainable methods to enhance the client experience while ensuring environmental responsibility. Advancements in technology and marketing methods have accelerated the expansion of this segment, ocean cruising, which is a favored choice for passengers seeking an adventure and leisure experience on the high seas.

For instance, in April 2023, Viking River Cruises, Inc., took the delivery of the Viking Saturn, a new ocean cruise ship built by Fincantieri S.p.A. at its Ancona shipyard in Italy. The 227 meter long vessel, with a gross tonnage of 48,000 tons, accommodates 930 guests on nine decks and has a speed of 20 knots.

North America to Dominate Cruise Ship Market Share

North America dominated the global cruise ship market, accounting for a significant share of passenger volume and revenue. This dominance stems from a strong tourism infrastructure, a vast consumer base, and a high preference for cruise vacations. Major ports such as Miami, Fort Lauderdale, and New Orleans serve as significant embarkation sites, allowing easy access to various itineraries. Carnival and Royal Caribbean are among the region's cruise lines that are always innovative to improve onboard experience and attract new passengers. Furthermore, robust marketing activities and favorable economic conditions strengthen North America's leadership in the cruise business.

For instance, in November 2024, Maryland Governor Wes Moore celebrated a new five-year contract with Carnival Cruise Line, ensuring the company's continued presence at the Port of Baltimore. The deal, effective from January 1, 2025, highlights Maryland's growing role in the North American cruise industry, contributing significantly to the local economy. In 2023, the port hosted over 444,000 passengers, with each cruise generating around USD 1 million in economic impact. Carnival, marking its 20th year in Baltimore, offers cruises to destinations such as the Bahamas, Bermuda, and the Caribbean.

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Future Market Scenario (2024 – 2031F)

• A strong rebound in travel demand is anticipated as consumers increasingly seek unique vacation experiences, making cruising highly appealing and driving the growth of the global cruise ship market.
• The cruise ship market is anticipated to grow in emerging markets, particularly in Asia and South America, as more travelers discover cruising.
• Sustainability is expected to be a focal point, with cruise lines investing in eco-friendly technologies, such as hybrid and electric ships, to reduce environmental impact.

Report Scope

“Cruise Ship Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global cruise ship market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecasts between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.

Report Attribute	Details
Base Year of the Analysis	2023
Historical Period	2017-2022
Forecast Period	2024-2031
Projected Growth Rate	CAGR of 10.50% between 2024 and 2031
Revenue Forecast in 2031	USD 20.92 billion
Segments Covered	Type, Size, Product, Application
Regions Covered	North America, Europe, South America, Asia-Pacific, Middle East and Africa
Key Companies Profile	Fincantieri S.p.A., Meyer Werft GmbH, Chantiers de l'Atlantique, Mitsubishi Heavy Industries, Ltd., United Shipbuilding Corporation, Samsung Heavy Industries Co., Ltd., Damen Shipyards Group, T. Mariotti S.p.A., HD Hyundai Heavy Industries Co., Ltd., Hanwha Ocean Co., Ltd.
Customization Scope	15% free report customization with purchase
Pricing and Purchase Options	Avail the customized purchase options to fulfill your precise research needs
Delivery Format	PDF and Excel through email (subject to the license purchased)

In the report, global cruise ship market has been segmented into the following categories: 

• By Type
  • Ocean Cruise
  • River Cruise
• By Size
  • Small
  • Medium
  • Large
• By Product
  • Contemporary
  • Luxury
  • Expedition
  • Others
• By Application
  • Transportation
  • Leisure
  • Others
• By Region
  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East and Africa

Key Players Landscape and Outlook

The global cruise ship market is characterized by continuous innovation and strategic partnerships. As demand for cruising and marine logistics grows, the companies operating in the cruise ship market have adopted partnerships, investments, and product launches to increase their market share and expand their geographical presence.

In May 2024, AROYA Cruises, an Arabian cruise line owned by Cruise Saudi, signed a Memorandum of Understanding with MBC STUDIOS, a top-tier global media production entity. The agreement reflects AROYA Cruises' commitment to growth and development in the Middle East and the region's rich cultural offerings. AROYA Cruises is the first cruise line designed specifically for Arabian tastes, featuring a vast floating resort with 18 decks, 15 dining options, 20 entertainment venues, a shopping area, and wellness facilities.

Key Players Operating in Global Cruise Ship Market are:

• Fincantieri S.p.A.
• Meyer Werft GmbH
• Chantiers de l'Atlantique
• Mitsubishi Heavy Industries, Ltd.
• United Shipbuilding Corporation
• Samsung Heavy Industries Co., Ltd.
• Damen Shipyards Group
• Mariotti S.p.A.
• HD Hyundai Heavy Industries Co., Ltd.
• Hanwha Ocean Co., Ltd.

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