Luxury Cruise Ships Market Segmentation by Cruising Type (Ocean Cruises, River Cruises, and Others); and by Amenities (Restaurants, Bars & Pubs, Water Sports, Adventurous Sports, Planetarium, and Others) – Global Demand Analysis and Opportunity Outlook 2020-2029
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In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
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:
Ans: The increased offerings in terms of amenities and environmental concerns among tourists are driving the market.
Ans: The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021-2029.
Ans: High travel cost and environmental concerns are the major challenges affecting the market growth.
Ans: 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.
Ans: 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
Ans: 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.
Ans: The market is segmented by cruising type, amenities and region.
Ans: 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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