The global cruise shipping market is expected to grow significantly, reaching US$16.7 billion by 2031, up from US$8 billion in 2021. The increasing demand for luxury travel, improved amenities, and technological advancements drive the growth. The market is projected to grow at a compound annual growth rate (CAGR) of 7.9% from 2022 to 2031.
Modern cruise ships are becoming floating resorts, offering ultra-luxury amenities like spas, gyms, casinos, and shopping centers. These vessels, some as long as 1187 ft (~362 m) and with max passenger capacity 8500, appeal to a wide range of travelers.
Currently, the world's largest cruise ship (in operation) is Icon of the Seas (by RCI-Royal Caribbean International). The vessel has a volume of 248,655 GT-tons, an LOA length of 1198 ft (365 m), and 19 decks/floors, of which 19 house the 2805 passenger staterooms.
The mainstream cruise segment, which represented nearly half of the global market in 2021, is expected to remain dominant. These vessels offer a broad range of amenities, attracting diverse travelers.
The ocean cruise segment is also expected to grow at a robust 9.6% CAGR, fueled by appealing travel packages and activities.
Leisure voyages continue to be the largest segment, with themed experiences and various onboard activities attracting a wide audience on both sea-going ships and riverboats.
Technological advancements, such as automation, digital services, and real-time tracking, are enhancing the cruise experience. Cruise lines are incorporating digital systems and AI-driven services to improve passenger comfort.
Additionally, digital freight forwarding facilitates faster delivery of goods to cruise ships, further elevating the travel vacation experience.