Global Luxury Cruise Tourism Market – Introduction
- Luxury cruising is a lavish form of touring, which includes a long-duration holiday on a cruise ship. Cruises are the pinnacle of luxury tourism. Luxury cruise packages are very expensive and are primarily meant for high net-worth individuals and elite-class citizens. Luxury cruises offer high-quality products and services which include flexible itineraries, a personal butler, larger cabins, and more exotic destinations. The duration of the itinerary may range from 6 months to 12 months. Luxury cruises are extremely popular among newly married couples as their honeymoon destination and business giants etc. Rapid increase in trend of small-ship cruises and usage of small luxury yachts for luxury tourism is also anticipated to expand the luxury cruise tourism market in a significant manner.
Continuous rise in offerings of innovative services, amenities, themes etc. in luxury cruise ships projected to drive the luxury cruise tourism market
- The rising number of innovative services, amenities, themes etc. offered in various luxury cruise ships are projected to drive the luxury cruise tourism market during the forecast period. Companies are offering services such as skydiving simulators, unlimited in-suite spa treatments, thrilling water coasters, and action-packed adventurous activities such as onboard zip lining and rock climbing which is anticipated to attract tourists and projected to increase the percentage of footfalls in the near future. These factors are anticipated to be the major driving factors of the luxury cruise tourism market during the forecast period.
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Increase in popularity of luxury cruise tourism in developing countries projected to create immense opportunities for the market
- Rapid increase in popularity of luxury cruise tourism in developing countries is projected to create immense opportunities for all luxury cruise service providers across the globe during the forecast period. Companies are also planning to expand their businesses in developing economies to capture untapped markets of the region. They offer attractive discounts and launch exclusive offers or booking schemes to drive sales of their luxury cruise businesses.
North America and Europe Considered to be the Largest Markets for Luxury Cruise Tourism
- Geographically, the global luxury cruise tourism market can be divided into five regions: North America, Europe , Asia Pacific, Middle East & Africa, and South America
- North America and Europe accounted for major share of the global luxury cruise tourism market in the year 2019. The market in North America and Europe is anticipated to expand at a moderate growth rate during the forecast period due to rapid increase in number of tourists travelling in luxury cruise ships at popular destinations in the U.S., U.K, Canada, Mexico, Caribbean Islands, Germany, France, Italy, and various other countries across North America and Europe.
- The market in Asia Pacific and Middle East & Africa is anticipated to expand at a significant growth rate during the forecast period due to rapid increase in popularity and number of cruise lines in China, Japan, Thailand, Singapore, Australia, and GCC countries etc. These factors are projected to surge the demand for luxury cruise tourism in Asia Pacific and Middle East & Africa.
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Key Players Operating in the Luxury Cruise Tourism Market
Prominent luxury cruise travel companies are projected to face healthy competition during the forecast period. Companies such as Royal Caribbean, Azamara, Oceania Cruises S. de R.L., Viking Ocean Cruises, Seabourn, and Norwegian Cruise Line Holdings Ltd. etc. are investing heavily to bring innovative luxury services and amenities on board such as adventurous water coasters etc. Companies are also planning to start cruises at new destinations and untapped locations to expand their business. Some of the key players operating in the global luxury cruise tourism market include:
- Royal Caribbean International
- Oceania Cruises S. de R.L.
- Viking Ocean Cruises
- Crystal Cruises
- Regent Seven Seas Cruises
- Silversea Cruises
- Norwegian Cruise Line Holdings Ltd.
- American Cruise Lines