Cruise Tourism Market to Signify Strong Growth by 2024-2031

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. 

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. 

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Market Coverage

•The market number available for – 2023-2031

•Base year- 2023

•Forecast period- 2024-2031

Segment Covered- 

•By Cruise Type

•By Passenger Age

•By Duration Type

Regions Covered-

•North America

•Europe

•Asia-Pacific

•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.

Cruise Tourism Market Report Segment

By Cruise Type

•Adventure Cruises

•Classic Cruises

•Luxury Cruises

•River Cruises

•Others (Ocean Cruises, and Theme Cruises)

By Passenger Age

•Children

•Adult

•senior citizen

By Duration Type

•Short

•Medium

•Extended

A full Report of Cruise Tourism Market is Available @  https://www.omrglobal.com/industry-reports/cruise-tourism-market

Cruise Tourism Market Report Segment by Region

North America                                                                                                           

·        United States

·        Canada                     

Europe

·        UK

·        Germany

·        Spain

·        France

·        Italy

·        Rest of Europe

Asia-Pacific

·                  India

·                  China

·                  Japan              

·                  South Korea

·                  Rest of APAC

Rest of the World

•Latin America

•Middle East and Africa 

Company Profiles

•AmaWaterways

•Ambassador Cruise Holidays Ltd.

•Fred. Olsen Cruise Lines

•Globus & Cosmos

•Kerala Shipping and Inland Navigation Corporation Ltd

•Norwegian Cruise Line Holdings Ltd.

•P&O Cruises

•PONANT

•Royal Caribbean Cruises Ltd.

•Seabourn Cruise Line Ltd.

•Shipping Company S.A.

•SILVERSEA CRUISES LTD.

•Silversea Cruises Ltd. 

•The Walt Disney Co.

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Article source: https://article-realm.com/article/Travel-Leisure/58263-Cruise-Tourism-Market-to-Signify-Strong-Growth-by-2024-2031.html