A cruise ship is a large passenger ship, used to take passengers on a pleasure voyage in a trip that is as much a part of the experience as the many destinations on the way. It is often serve the purpose of luxury travelling & touring with various facilities on board. It varies in sizes depending upon the purpose of use. Different types of cruise ships are equipped using different passenger carrying capacity. It provides various facilities such as casinos, restaurants, bars, gym and other luxury amenities. It is a boon to the waterway tourism industry and helps to advance the industry in a larger way.
According to study, “Global Cruise Ship Market Size study, by Type (Ocean Cruise Ships, Luxury Cruise Ships, Adventure Cruise Ships, River Cruise Ship, Others), By Application (Transportation, Entertainment, Others) and Regional Forecasts 2018-2025” the key companies operating in the global cruise ship market are Royal Caribbean Intl., Hyundai Heavy Industry Co. Ltd., Dsme Co, Ltd., Carnival Cruise line, Cruise Critic, Princess Cruises, Norwegian Cruise Line Holdings, Genting Hong Kong, MSC Cruises, Celebrity Cruises, Genting Hong Kong, American Cruise Lines, Samsung Heavy Industries Co. Ltd., Fincantieri S.P.A., Meyer Werft GmbH & Co. Kg, Mitsubishi Heavy Industry. Ltd., China State Shipbuilding Corporation, Oshima Shipbuilding Co. Ltd., MV WERFTEN Wismar GmbH, MS Berlin, Mediterranean Shipping Company S.A. Key manufacturers are continually working on technical advancements in the cruise ships technology and an expansion of product portfolio in order to gain competitive edge in the global cruise ships market.
Based on type, cruise ship market is segmented into adventure cruises, contemporary cruise, Christmas cruises, family cruise, classic cruises, ultra-luxury cruises, LGBT cruise, river cruises, luxury cruises and others. Based on passenger carrying capacity, market is segmented into 25-30 tons, 50-500 tons, 500-700 tons, 1000-3000tons and more than 5000 tans. Based on service type, market is segmented into passenger tickets, onboard and other types of services. Passenger ticket segment dominates the market owing to rise in the number of cruise passengers. In addition, based on application, market is segmented into entertainment, transportation and others.
The cruise ship market is driven by growth in tourism sector, followed by increase in disposable income, growth in demand for river cruises, rise in adoption of Internet of Things (IoT) & service robots, increase in luxury expenditure amongst the age bracket and rise in hospitality industry. However, clean sailing through strict regulations and high cost associated with cruise shipping may impact the market. Moreover, rise in number of destinations is a key opportunity for market.
Based on geography, the European region holds major share in cruise ship market owing to high concentration of cruise ship buildings in the region. The Asian-Pacific and North-American regions are estimated to witness higher growth rate due to rise in per capita income over the forecast period. In upcoming years, it is likely to exhibit higher growth rate on account of growth in prevalence of huge number of millennial populations along with their strengthening purchasing capacity coupled with significant demand for voyaging among the generation during the forecast period.
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Ankur Gupta, Head Marketing & Communications