Top Emerging Trends Of Cruise Market Progress Forecast 2028 |Grand View Research, Inc.Posted by Mrudula Karmarkar on December 7th, 2022 The global cruise market size is expected to reach USD 15.10 billion by 2028, registering a CAGR of 11.0% during the forecast period from 2022 to 2028, according to a new report by Grand View Research, Inc. The market growth is substantially driven by the rising popularity of the theme cruises that attract various consumer groups. The kids-related theme, yoga theme, mystery theme, and adventure theme are likely to offer extra fun with destination traveling, rather than traditional cruises. According to the Cruise Lines International Association, gen z is likely to become the largest consumer of the cruise industry outpacing millennials. This generation seeks out unique and authentic experiences and seeks out travel more enthusiastically, which is expected to drive the enlargement of the cruises market. The market growth is restrained by the limited companies playing in the market and rising concerns over environmental pollution of the ocean bodies, destroying marine wildlife. The COVID-19 pandemic negatively impacted the global cruises industry. At the break of the pandemic, a significant number of cruises were stranded in 2022 and were canceled in 2020. According to the Cruise Lines International Association, passenger volume fell more than 80.0% worldwide from 2022 to 2020. However, with the vaccination process and resumed activities along with relaxed restrictions, the ocean as well as river cruising industry is slowly starting operations with the required care. The ocean cruises segment dominated the market and held more than 80.0% revenue share, in 2021. The worldwide ocean cruise industry is more developed as compared to the counterpart type of cruises, with more ocean cruise lines operating in the segment. Vacationers’ preference for ocean cruises is higher as compared to the river cruises on the account of spacious decks and rooms, exciting on-board/on-shore activities, and more intercontinental destinations. North America ranked first in the market revenue share during 2021, in the global cruises market, recording around 50.0% share. The large market share of North America is mainly attributed to the United States' higher share due to the consumer’s elevated spending on travel and tourism, the strong presence of key players, and the highly developed cruise industry. Major players dominating the market are Carnival Corporation & Plc. and Royal Cruise Group, whose major customers and revenue generated is from the North American region, attributing the highest market share. As a result of the COVID-19 pandemic, the market experienced a decline in passenger numbers. As per the Cruise Lines International Association, in 2020, worldwide passenger volume decreased by 80.0%. Due to the eruption of the COVID-19 pandemic, the majority of the cruises were stranded at various locations and other cruises were canceled. However, the industry is anticipated to witness a slow and healthy growth rate owing to the resumed activities and relaxed restrictions. In the wake of the pandemic, many holidaymakers are looking for small vacations as a getaway. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/cruise-market-report/request/rs1 A vacation trip for multiple days, arranged on the cruise ship in the large inland waters or sea while visiting various destinations for tourism, following a particular route is known as a cruise. The focus in this sort of voyage is basically on staying aboard the ship along with eye-catching destinations for the tourists. The growing industry of hospitality & tourism is contributing to the market growth, thus driving the global cruises market. Increasing leisure trips and voyages taken by generation Z along with the growing preference of a high population to live a luxury life is contributing to the market growth during the forecast period. The rising popularity of the river cruises is likely to drive the global cruises market. River cruises offer attractive packages that travel inside the countries and not just the coastal areas. These types of river cruises are becoming increasingly popular in European countries. Cruise Market Report Highlights
The growth of the cruises market is restrained by the increasing concerns regarding the environmental pollution, caused by ocean cruising. Cruise passengers and crews generate a significant amount of waste and pollutants. Ocean cruise ships are responsible for approximately 77.0% of the marine pollution, globally. The awareness activities by the environmental organizations and civilian groups are likely to impact the cruises market growth. This has resulted in the developments and research in sustainable and cleaner disposal of the waste generated. Nowadays, ships are coming with innovations and numerous exciting in addition to fun activities and theme cruises for the travelers such as yoga themes, kid themes, mystery themes, and others. Such innovations are gaining massive popularity among the targeted population and attracting different demography hence driving the cruises market. However, the presence of a limited number of companies intended for the manufacturing of such cruises along with high-cost association for their manufacturing is expected to restrain the market growth during the forecast period. List of Key Players in Cruise Market
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