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Growth of the Global Cruise Ships Market To Be Propelled By Rise in Global Tourism and Hospitality Industry By A CAGR of 5.66% During 2019-2027

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Research Nester has released a report titled Cruise Ships Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the cruise ships market in terms of market segmentation by type and by region.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

The global cruise ships market is segmented by type into mainstream, mega cruise, expedition cruise, river cruise and others, out of which, the river cruise segment, which was valued at USD 4789.4 million in the year 2018, is anticipated to hold the largest market share of around 38% in the year 2027. Factors such as rising prevalence for river cruises across nations worldwide coupled with increasing developments of new cruise routes, are making river cruising a preference across tourists around the world, which is anticipated to drive the growth of the segment in the global cruise ships market. Further, the segment is anticipated to reach USD 7660.0 million by the end of 2027, achieving a CAGR of 5.42% during the forecast period 2019-2027.

The global cruise ships market is anticipated to record a CAGR of around 5.66% during the forecast period, i.e. 2019-2027. Cruise lines operators around the globe are raising their order for a considerable number of cruise ships on the back of increasing number of cruise travelers worldwide. Such a factor is anticipated to contribute significantly towards the growth of the global cruise ships market. Additionally, other factors, for instance, stable cost of steel in developed regions, which is helping manufacturers maintain a balance in their profitability, coupled with the rising proportion of cruise line travelers who represent the millennial and generation Y, and are equipped with high purchasing capacity, all of these factors together are also anticipated to drive the growth of the global cruise ships market during the forecast period.

Regionally, the global cruise ships market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, Europe is expected to hold the largest market share of around 32.10% in the year 2027 and is anticipated to grow on the back of factors such as presence of large numbers of cruise ship buildings in the region, coupled with high per capita income in across nations in the region which indicate high disposable income, and are directed towards touring activities, thereby bolstering the tourism industry.

Rise in Global Tourism and Hospitality Industry

In the statistics by the Cruise Lines International Association (CLIA), number of global ocean cruise passengers in the year 2015 was recorded at 23.06 million and was estimated to reach 30 million by 2019.

With the growing tourism industry worldwide, the cruising industry is too observing a significant increase in the number of travelers. Owing to such a factor, cruise line operators are deploying greater number of cruise ships to mitigate the demand for cruising amongst the travelers. In another statistics by the CLIA, number of cruise ships deployed in Asia increased by 53% in 2017 from 2013, with a carrying capacity of 1.51 million passengers in 2013 which reached 4.24 million passengers in the year 2017. Additionally, the tourism industry is bolstering on the back of rapid adoption of advanced technologies, for instance, internet of things, service robots, augmented and virtual reality (AR and VR), artificial intelligence (AI) and others, which are also considered to act as key growth drivers for the global cruise ships market.

However, concerns regarding delay in delivery and induction of cruise ships during peak demand period affects the profitability of the manufacturer which is anticipated to hamper negatively towards the growth of the global cruise ships market.

This report also provides the existing competitive scenario of some of the key players of the global cruise ships market, which includes company profiling of Neptun Werft GmbH & Co. KG, FINCANTIERI S.p.A. (BIT: FCT), Mitsubishi Heavy Industries, Ltd. (TYO: 7011), Fujian Shipbuilding Industry Group Corporation, Genting Hong Kong Limited (HKG: 0678), Daewoo Shipbuilding & Marine Engineering Co., Ltd. (KRX: 042660), and Samsung Heavy Industries Co., Ltd. (KRX: 010140). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global cruise ships market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.     

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