Rising Demand for Luxury Travel Fuels Cruise Ship Market to $16.7 Billion by 2031 | Says Allied Market Research

WILMINGTON, NEW CASTLE, DE, UNITED STATES, January 7, 2025 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Cruise Ship Market," The cruise ship market was valued at $8 billion in 2021, and is estimated to reach $16.7 billion by 2031, growing at a CAGR of 7.9% from 2022 to 2031.

🔰 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 - https://www.alliedmarketresearch.com/request-sample/A53567

North America dominates the market, in terms of revenue, followed by Europe, LAMEA, and Asia-Pacific. However, on the basis of forecast analysis, Asia-Pacific is expected to lead during the forecast period, due to cheaper wages, strong government backing, and strong forward & backward linkage industries. In addition, surge in disposable incomes is expected to drive growth in demand for imports of commodities and finished goods, which further supplements seaborne trade in emerging economies, which propels growth of the market.

The concept of the cruise ship is typically attributed to the passenger ship where the trip and ship amenities itself are a part of a luxurious experience. Generally, the length of the cruise ship is 1,187 feet, the tonnage for a passenger cruise is 225,300 tons, and max crew-passenger capacity of almost 8,500. The world’s largest cruise ship is Royal Caribbean Internationals harmony of the seas, which was launched in 2016 that has a gross tonnage of 226,963 and length of about 1,188.1 ft with a passenger capacity of 6,780. Cruising has led to an increase in the tourism industry. Cruise ships today offer a wide range of amenities onboard which include casinos, shops, swimming pools, theatres, spas, gyms or fitness centers, libraries, buffet, lounges, clubs, tennis courts, basketball courts, infirmaries, ping pong tables, pool tables, bowling alleys, rock climbing walls, miniature golf courses, chain restaurants, obstacle courses, and video arcades. Hence, cruise ships can also be considered as 5-star hotels on boats.

𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘

By type, the ocean cruise ships segment dominated the global cruise ship market in terms of growth rate.
By application, the transportation segment dominated the global cruise ship market in terms of growth rate.
By size, the mid segment dominated the global cruise ship market in terms of growth rate.

✔️ 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/cruise-ship-market/purchase-options

𝐓𝐡𝐞 𝐥𝐞𝐢𝐬𝐮𝐫𝐞 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐝𝐨𝐦𝐢𝐧𝐚𝐭𝐞 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐭𝐢𝐦𝐞𝐟𝐫𝐚𝐦𝐞

By application, the leisure segment held the largest market share in 2021 contributing to more than four-fifths of the global market and is estimated to rule the roost during the forecast period. The growth is attributed to several innovations, involving various attractive fun and leisure activities and theme cruises for travelers like mystery themes, kid themes, yoga themes, and others. On the other hand, the transportation segment is expected to showcase the fastest growth with 10.7% CAGR during the forecast period. The growth is attributed to surging voyages and leisure trips arranged by generation Z and the increasing preference for huge population to live a luxurious life.

𝐓𝐡𝐞 𝐥𝐚𝐫𝐠𝐞 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐫𝐞𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐝𝐨𝐦𝐢𝐧𝐚𝐧𝐜𝐞 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐭𝐢𝐦𝐞𝐟𝐫𝐚𝐦𝐞

By size, the large segment held the largest market share in 2021 accounting for more than half of the global cruise ship market and is expected to continue its supremacy from 2022 to 2031. The growing disposable income of customers across the globe, the increasing number of policies to encourage cold chain logistics, and surging tourism activities drive the growth of the segment. However, the mid segment is anticipated to witness a notable CAGR of 9.7% throughout the forecast timeframe. The surging trend of vacations on a mid-size cruise owing to services offered by them and cost difference.

𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚 𝐭𝐨 𝐠𝐚𝐭𝐡𝐞𝐫 𝐭𝐡𝐞 𝐡𝐢𝐠𝐡𝐞𝐬𝐭 𝐬𝐡𝐚𝐫𝐞 𝐛𝐲 𝟐𝟎𝟑𝟏

The regional analysis in the report states that the North America region gained the largest market share of nearly two-fifths in 2021 and is expected to lead the trail from 2022 to 2031. The growth is attributed to huge consumer disposable income and spending across the region and consistent technological development. Moreover, Asia-Pacific is projected to manifest the fastest growth with 9.5% CAGR from 2022 to 2031. The factors influencing the growth of the market are strong forward and backward linkage industries, cheaper wages, and strong government backing.

👉 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/A53567

𝐊𝐞𝐲 𝐦𝐚𝐫𝐤𝐞𝐭 𝐩𝐥𝐚𝐲𝐞𝐫𝐬:

Mitsubishi Heavy Industry Ltd.
Meyer Werft Gmbh & Co. Kg
Samsung Heavy Industries Co. Ltd.
AmaWaterways
Silversea Cruises
Hyundai Heavy Industry Co. Ltd.
MSC Cruises S.A.
Fincantieri S.p.A.
DSME Co. Ltd.
Norwegian Cruise Line Holdings Ltd.

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𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Market Research
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