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AUTOMOTIVE & TRANSPORTATION

Cruise Ships Market Segmentation By Type (Mainstream, Mega Cruise, Expedition Cruise, River Cruise and Others) – Global Demand Analysis & Opportunity Outlook 2027

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Extensive insights into the Growth of Cruise Ships Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS
  • June 2019: FINCANTIERI S.p.A. and Naval Group have signed the Alliance Cooperation Agreement, which is a 50/50 joint venture between the two organizations. The joint venture embodies the contents of the “Poseidon” project and paves the way towards a broader alliance aimed at reinforcing the military naval cooperation.

  • September 2019: Mitsubishi Shipbuilding Co., Ltd. have announced that it has received orders for two large, high speed ferries from Shin Nihonkai Ferry Co., Ltd. which will be constructed at the Tategami Main Plant of Mitsubishi Heavy Industries’ Nagasaki Shipyard & Machinery Works and is scheduled for completion and delivery in 2021.

Market Overview and Growth Highlights

Cruise ships are the means of waterway transportation. The cruise ships often serve the purpose of luxury travelling and touring with numerous facilities on board. Cruise ships vary in sizes depending upon their purpose of use. Different types of cruise ships are equipped with different passenger carrying capacity. Few cruise ships also provide facilities such as casinos, bars, restaurants, gym and other luxury amenities. Cruise ships are a boon to the waterway tourism industry and has helped to advance the industry in a larger way.

Different Types of Cruise Ships

The global cruise ships market is exhibiting substantial growth on account of rising cruise travelers across the globe which is raising the demand amongst cruise lines operators worldwide for ordering considerable number of cruise ships. Additionally, the stable cost of steel in developed regions around the globe is helping to ensure the increase in profitability for the production of cruise ships amongst the manufacturers. Steel is considered as one of the major metals used in the production of cruise ships. Moreover, major proportion of cruise line travelers are represented by millennial and generation Y who are equipped with high purchasing capacity. Such factors are anticipated to drive the growth of the global cruise ships market. The market was valued at USD 12,350 million in the year 2018 and is slated to achieve USD 20,165.5 million by 2027 with a CAGR of 5.66% over the forecast period 2019-2027. CLICK TO DOWNLOAD SAMPLE REPORT 

Regional Growth Highlights

The global cruise ships market is segmented by regions 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 on account of high concentration of cruise ship buildings in the region. Additionally, high per capita income in the nations, such as, UK, Germany, France, Italy, Netherlands and others, which evince high disposable income, are directed towards the touring activities. Such a factor is anticipated to bolster the cruise ship market in the region during the forecast period.

The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

Market Segmentation Synopsis

By Type

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 is anticipated to hold the largest market share of around 38% in the year 2027. Increasing prevalence of river cruises in nations across the globe, along with the developments of new cruise routes, for instance, river Ganga in India, Irrawaddy in Myanmar, Yangtze in China and others, river cruises are increasingly becoming popular for tourists across many tourist places worldwide. The river cruise segment was valued at USD 4789.4 million in the year 2018 and is anticipated to reach USD 7660.0 million by the end of 2027 with a CAGR of 5.42% during the forecast period and growth of 1.60x in between the period.

Cruise Ships Market share

Market Drivers & challenges

Growth Indicators

Rising Demand of Voyaging in Generation X and Y

According to the Society for Human Resource Management (SHRM), the millennial or Gen Y generation bracket in India is projected to be 50% of the workforce by 2020. Additionally, according to Pew Research Center, millennials in the U.S. accounted for a population of 71 million in 2016 and is expected to overtake baby boomers in the forthcoming years.

In leading nations across the globe, millennials are the major earning population bracket. Over the years, the prevalence of cruising amongst millennials have significantly increased on the back of rising per capita income and increase in luxury expenditure amongst the age bracket. Prevalence of larger number of millennial populations along with their strengthening purchasing capacity coupled with substantial demand for voyaging among the generation Y and generation Z, on the back of surge in luxury expenditure, all such factors are anticipated to contribute significantly towards the growth of the global cruise ships market.

Growth Factor For Cruise Ships

Rise in Global Tourism and Hospitality Industry

According to Cruise Lines International Association (CLIA), the number of global ocean cruise passengers was estimated to grow from 23.06 million in the year 2015 to 30 million in the year 2019.

Ocean Cruise Passengers and Forecast

The tourism is one of the emerging sectors across the globe. Various governments of the nations across the world are taking initiatives to uplift the tourism industry. Various market forces, for instance, global competition, new innovative offerings and packages, services and expeditions amongst others are transmuting towards the growth of the tourism industry. Additionally, inclusion of various tourism technologies and the adoption of internet of things, service robots, augmented and virtual reality (AR and VR), artificial intelligence (AI) and others are some of the factors revolutionizing the cruise tourism industry worldwide. For instance, according to another statistics by CLIA, in Asia, the number of cruise ships deployed in Asia grew by more than 53% since 2013 till 2017, multiplying the capacity from 1.51 million passengers in 2013 to 4.24 million passengers in 2017. Such factors are anticipated to drive the growth of the global cruise ships market during the forecast period.

Barriers

Delay In Delivery And Induction Of Cruise Ships

Lack of resources to fulfill sudden influx in the demand of cruise ships translates to the delay in delivery and induction of cruise ships. Additionally, the delay in delivery of the cruise ships also hampers the selling price of the ship, affecting the profitability of the manufacturer. Such factors are considered to impact negatively towards the growth of the global cruise ships market.

Competitive Landscape

Some of the affluent industry leaders in the global cruise ships market are Neptun Werft GmbH & Co. KG, FINCANTIERI S.p.A., Mitsubishi Heavy Industries, Ltd., Fujian Shipbuilding Industry Group Corporation, Genting Hong Kong Limited, Daewoo Shipbuilding & Marine Engineering Co., Ltd., and Samsung Heavy Industries Co., Ltd.

Furthermore, other key and niche manufacturers are constantly working on technical advancements in the cruise ships technology and the expansion of product portfolio in order to gain competitive edge in the global cruise ships market.

1.    Introduction

1.1. Market Definition

1.2. Market Segmentation

1.3. Product Overview

2.     Research Methodology

2.1.  Variables (Dependent and Independent)

2.2.  Multi Factor Based Sensitivity Model

3.     Executive Summary- Global Cruise Ship Market

4.     Price Point Analysis

5.     Policy & Regulatory Landscape

6.     Market Dynamics

6.1.  Drivers

6.2.  Restraints

6.3.  Opportunities

6.4.  Trends

7.     Global Cruise Ship Market Outlook

7.1.  Market Size and Forecast, 2018-2027

7.1.1  By Value (USD Million)

7.1.2. By Volume (Units)

7.2  Global Cruise Ship Market Segmentation

7.2.1.  Cruise Ship Market, By Type (2018-2027F)

7.2.1.1. Mainstream Cruise Ship, 2018-2027F (USD Million & Units)

7.2.1.2. Mega Cruise Ship, 2018-2027F (USD Million & Units)

7.2.1.3. Expedition Cruise Ship, 2018-2027F (USD Million & Units)

7.2.1.4. River Cruise Ship, 2018-2027F (USD Million & Units)

7.2.1.5. Others, 2018-2027F (USD Million & Units)

7.2.2  Cruise Ship Market, By Region (2018-2027F)

7.2.2.1.  North America Cruise Ship Market (2018-2027F)

7.2.2.1.1  By Type (USD Million & Units)

7.2.2.2.  Europe Cruise Ship Market (2018-2027F)

7.2.2.2.1  By Type (USD Million & Units)

7.2.2.3.  Asia-Pacific Cruise Ship Market (2018-2027F)

7.2.2.3.1  By Type (USD Million & Units)

7.2.2.4.  Latin America Cruise Ship Market (2018-2027F)

7.2.2.4.1  By Type (USD Million & Units)

7.2.2.5 Middle East & Africa Cruise Ship Market (2018-2027F)

7.2.2.5.1  By Type (USD Million & Units)

8.  Competitive Landscape

8.1.   Company Profiles

8.1.1. Neptun werft gmbh & co. Kg

8.1.2. Fincantieri s.P.A

8.1.3. Mitsubishi heavy industries, ltd.

8.1.4. Fujian shipbuilding industry group company limited

8.1.5. Genting hong kong limited

8.1.6. Dsme co.,Ltd.

8.1.7. Samsung heavy industries co. Ltd


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