Global Cruise Ship Market Set to Sail Toward USD 16.7 Billion by 2031 Amid Rising Travel Demand

OREGON, DE, UNITED STATES, February 27, 2025 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Cruise Ship Market," The cruise ship market size 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

At present, the growth of the cruise ship market is attributed to the rising popularity of the vacation on a cruise due to the cost difference and the amenities provided by the alternative vacations. Cruise vacations are more affordable as compared to alternative land-based vacations, which include transport, meals, accommodation, and entertainment. According to the Cruise Lines International Association, 58.0% of the international vacationers are first-time cruisers, who are likely to cruise in the next few years.

In addition, the market has witnessed significant growth in recent years, owing to the increasing investments in automation technology, launches of new & technologically advanced ships augmented with different software use, to support the solutions offered in this market, and high growth in the maritime tourism industry. Also, digital freight forwarding services are becoming beneficial for cost-sensitive customers who seek an extensive variety of high-quality products with faster delivery timelines. Thus, an increase in maritime trading activities due to globalization is propelling the demand for digital freight forwarding services, which in turn fuels the market's growth.

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.

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

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.

Furthermore, the companies operating in the cruise ship market have adopted partnerships, investments, and product launches to increase their market share and expand their geographical presence. For instance, in September 2021, AmaWaterways entered into partnership with Travel Marketing & Media for its new marketing masterclass cruise ships on the river. It offers an exceptional river cruise experience with world-class continuing education, arming travel advisors with new skills and strategies to grow their river cruise business with individuals and groups. Similarly, in July 2022, Fincantieri S.p.A. signed a contract with international customer for the construction of a new ultra-luxury cruise ship, to be delivered by the end of 2025. The order, which includes the option for two additional vessels, amounts to approximately euro 1.2 billion. The contract will be subject to access to financing, as per industry practice.

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.

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

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.

𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :-

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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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