Global cruise tourism market is anticipated to grow at a significant CAGR of 10.4% during the forecast period (2024-2031).The market has seen significant growth primarily owing to increased government support and infrastructure development. The Indian government's proactive efforts in developing cruise tourism, including infrastructure investments, can boost global growth by attracting cruise operators to destinations. According to the HVS, in July 2023, India's cruise industry has yet to fully capitalize on its advantageous 7,500 km coastline, despite being home to 12 major ports and over 200 minor ports. In 2022, the industry's value was a modest $100 million, significantly lower than the global market.
Browse the full report description of “Cruise Tourism Market Size, Share & Trends Analysis Report by Cruise Type (Adventure Cruises, Classic Cruises, Luxury Cruises, River Cruises, and Others), by Passenger Age (Children, Adult, and senior citizen) and by Duration Type (Short , Medium , and Extended) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/cruise-tourism-market
However, the government has recognized the potential of cruise tourism and is now actively working towards its development, aiming to increase the number of cruise passengers from 0.4 million to 4 million by 2041. Efforts include plans to expand the fleet of cruise ships from 208 to 500 by 2030 and establish three new international cruise terminals by 2024. Additionally, the tourism ministry has released the Draft National Strategy for Cruise Tourism, which outlines proposals to facilitate the growth of the cruise tourism.
Customers have grown increasingly engaged in immersive travel experiences, and cruise vacations offer a blend of comfort, convenience, and exploration that allows travelers to experience several locations in a single excursion.According to the National Institute of Health (gov.) in December 2022, the cruise tourism industry has been experiencing significant growth, with demand increasing at an estimated rate of 7.0% per year over the past decade. In 2019, the number of cruise passengers exceeded 30 million. However, it's important to note that the industry is also known for its volatility and high capital requirements, with new cruise vessels costing around $1.3 billion each.
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Cruise Type
o By Passenger Age
o By By Duration Type
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- Carnival Corporation & plc, Royal Caribbean Cruises Ltd., Norwegian Cruise Line Holdings Ltd., MSC Cruises, and The Walt Disney Co. among others.
Key questions addressed by the report.
Global Cruise Tourism Market Report Segment
By Cruise Type
By Passenger Age
By Duration Type
Global Cruise Tourism Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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