Cruise Market Size Worth $22.64 Billion By 2032 | CAGR: 11.80%

The global cruise market size is expected to reach USD 22.64 billion by 2032, according to a new study by Polaris Market Research. The report “Cruise Market Share, Size, Trends, Industry Analysis Report, By Type (Ocean Cruises and River Cruises), By Region, And Segment Forecasts, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis of future market growth.

The market's robust expansion is primarily propelled by the surging popularity of theme cruises that captivate diverse consumer segments. Themes catering to children, yoga enthusiasts, mystery enthusiasts, & adventure seekers offer an added layer of enjoyment combined with destination exploration, setting them apart from conventional cruise experiences. According to the Cruise Lines International Association (CLIA), Generation Z is poised to surpass millennials as the largest consumer group within the cruise industry. This generation is known for their fervent pursuit of unique and authentic experiences, displaying an enthusiastic inclination towards travel. This trend is expected to be a significant driver of market growth.

The Ocean cruise sector exhibits greater maturity in comparison to other types of cruise offerings, boasting a larger presence of ocean cruise lines within the segment. Vacationers tend to favor ocean cruises over river cruises due to several factors. These include the availability of spacious decks and accommodations, a plethora of thrilling on-board and on-shore activities, and the broader array of intercontinental destinations accessible through ocean cruises.

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According to the Cruise Lines International Association, there was a staggering global decline of over 80.0% in passenger volume from 2019 to 2020. Nevertheless, as vaccination efforts progress and activities gradually resume. At the same time, restrictions are eased, and both the ocean and river cruising sectors are cautiously commencing their operations with the necessary precautions in place.

Cruise Market Report Highlights

• River cruises segment will grow at a steady pace, owing to a rise in government-bound investments in the emerging economies to use waterways as the medium of transport
• APAC will grow at a rapid pace due to presence of a younger population with high discretionary income
• Key players include Carnival Corporation, Island Queen Cruises Royal Caribbean, MSC Cruises, Norwegian Cruise Line, and Disney Cruise Line

Polaris Market Research has segmented the cruise market report based on type and region:

Cruise Market, Type Outlook (Revenue - USD Billion, 2023 - 2032)

• Ocean Cruises
• River Cruises

Cruise Market, Regional Outlook (Revenue - USD Billion, 2023 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Cruise Market Report Scope