The cruise line industry has been a significant player in the global tourism industry for many years. It has grown exponentially over the past decade and has become a popular vacation choice for travelers worldwide. In this article, we will explore just how big the cruise line industry truly is.
The Size of the Cruise Line Industry
According to Statista, the global cruise industry was valued at $45.6 billion in 2019. The industry has witnessed steady growth over the years, with an average annual growth rate of 6.63% from 2009 to 2019.
Market Share by Region
North America is currently the largest market for cruises, accounting for approximately 55% of all cruise passengers worldwide. Europe follows North America with a market share of around 30%. The Asia-Pacific region accounts for the remaining 15%.
Number of Passengers
In 2019, there were approximately 30 million cruise passengers worldwide. This number is expected to increase to nearly 40 million by 2027, according to Cruise Lines International Association (CLIA).
Major Cruise Lines
The top three major players in the cruise line industry are Carnival Corporation & plc, Royal Caribbean Cruises Ltd., and Norwegian Cruise Line Holdings Ltd.
Carnival Corporation & plc operates nine different brands and is responsible for over half of all global cruise passengers. Royal Caribbean Cruises Ltd., which operates six different brands, holds a market share of around 23%. Norwegian Cruise Line Holdings Ltd., which operates three different brands, holds a market share of approximately 8%.
Reasons Behind Its Growth
There are several reasons why the cruise line industry continues to experience growth year after year:
- Increasing Affordability: With more competition in recent years, prices have become more affordable for the average consumer, making cruises a more accessible vacation option.
- Unique Experiences: Cruises offer unique experiences that cannot be found with other vacation options, such as visiting multiple destinations in one trip or enjoying onboard amenities like casinos and theaters.
- Targeted Marketing: Cruise lines have been successful in Targeting specific demographics, such as families and retirees, through advertising and promotions.
Conclusion
The cruise line industry is a significant player in the global tourism industry, with steady growth over the years. North America remains the largest market for cruises, and Carnival Corporation & plc is currently the world’s largest cruise line operator. With unique experiences and increasing affordability, it’s no surprise that the cruise line industry continues to thrive.