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
The luxury cruise ships market is estimated to grow with a significant CAGR during the forecast period, i.e., 2021-2029. The increasing number of amenities, innovative services, and themes offered in luxury cruise ships are expected to drive the luxury cruise ships market during the forecast period. The companies are offering various services including thrilling water coasters, skydiving simulators, unlimited in-suite spa treatments, and adventurous activities such as rock climbing and on-board zip lining, which is projected to attract tourists and is anticipated to increase the percentage of tourists in the near future. Furthermore, the growing trend of usage of small luxury yachts and small-ship cruises for luxury tourism is also predicted to magnify the luxury cruise tourism market in a substantial manner. According to the Cruise Lines International Association, the total number of global ocean cruise passengers increased from 23.06 million in the year 2015 to 30 million in the year 2019.
On the basis of type, the ocean cruising segment is expected to capture a significant market share in the forecast period owing to the more facilities which are offered in ocean cruising as compared to river cruising, furthermore the ocean cruises sale for longer time frame along with offering the travellers to sight the unseen destinations and covering different countries.
The market is segmented on amenities into restaurants, bars & pubs, water sports, adventurous sports, planetarium, snow rooms, cruise fares, 4D movie theatres, in-suite spa treatment centers, and others (skydiving simulators, and others). CLICK TO DOWNLOAD SAMPLE REPORT
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The North American market is predicted to grow at the highest CAGR over the forecast period owing to the rapid upsurge in number of tourists travelling in luxury cruise ships to popular destinations in the U.S., U.K, Caribbean Islands, Canada, Mexico, France, Germany, Italy, and numerous other countries across Europe and North America. The market in Asia Pacific is also estimated to grow with a significant growth rate over the forecast period owing to rapid increase in the number of cruise lines in China, Japan, Thailand, Singapore and Australia, and increase in popularity. According to the Cruise Lines International Association, the largest number of passengers travelled in luxury ships came from United States that is 11.9 million, following China 2.4 million, Germany 3.19 million, UK 1.93 million, and Australia 1.34 million, among others.
The global luxury cruise ships market is further classified on the basis of region as follows:
Our in-depth analysis of the global luxury cruise ships market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The increased offerings in terms of amenities and environmental concerns among tourists are driving the market.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021-2029.
High travel cost and environmental concerns are the major challenges affecting the market growth.
The market in North American region will provide ample growth opportunities owing to the rapid upsurge in number of tourists travelling in luxury cruise ships at popular destinations.
The major players dominating the luxury cruise ships market are Royal Caribbean International, Azamara, Oceania Cruises S. de R.L., Viking Ocean Cruises, Seabourn, Crystal Cruises, Regent, Seven Seas Cruises, Silversea Cruises, Norwegian Cruise Line Holdings Ltd., and American Cruise Lines
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by cruising type, amenities and region.
With respect to cruising types, the ocean cruising segment is anticipated to hold the largest market share owing to more facilities are offered in ocean cruising as compared to river cruising.
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