The global cruise ship market is expected to grow significantly, reaching US$16.7 billion by 2031, up from US$8 billion in 2021, driven by the increasing demand for luxury travel, improved amenities, and technological advancements. 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 luxury amenities like spas, gyms, casinos, and shopping centers. These ships, some as long as 1,187 feet (~362 m) with a capacity of up to 8,500 passengers, appeal to a wide range of travelers. The world's largest cruise ship, Harmony of the Seas by RCI-Royal Caribbean International, sets the standard with its 226,963-tonnage, 1,188.1-foot length, and 6,780 passenger cabins.
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 cruises continue to be the largest segment, with themed experiences and various onboard activities attracting a wide audience.
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 is facilitating faster delivery of goods to cruise ships, further elevating the guest experience.