LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global cruise tourism market to grow at a CAGR of close to 6% during the forecast period, according to their latest market research report.
The growing consumer adoption of repositioning cruising is one of the major trends being witnessed in the global cruise tourism market 2018-2022. Repositioning cruising refers to moving the ship from one sailing destination to another. Repositioning cruising is growing popular, owing to tourers inclination toward exploring different destinations by availing best cruise deals. The availability of cost-effective one-way flights (for tourers to return to their places), the inclusion of exotic itineraries, and cost advantages associated with repositioning cruising compared with regular sailings are the factors triggering the growth of repositioning cruising. A substantial increase in the number of repositioning cruises is estimated to propel the global cruise tourism market during the forecast period.
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According to Technavio analysts, one of the key factors contributing to the growth of the global cruise tourism market is the strong global economic recovery and increasing HNWIs:
Global cruise tourism market: Strong global economic recovery and increasing HNWIs
The global economy is recording a strong and broad-based recovery and is expected to grow at a faster rate in 2018. The economic recovery is not only driven by an increase in domestic consumption and trade, but also with an uptick in investments, which was lagging for many years after the global economic recession in 2008. In recent years, developed and developing economies have registered strong growth in disposable incomes. Both developing and developed countries are registering growth in high-net-worth individuals (HNW1s) population, and a gradual increase in the preference of luxury lifestyle and spending over leisure travel. The increased income levels of individuals and their families are owing to the increase in the number of working women. This increased income level has raised consumer spending and expenditure on the luxury lifestyle.
According to a senior analyst at Technavio, “Apart from strong global recovery and increasing HNWIs, other factors boosting the growth of the global cruise tourism market are the increase in onboard facilities and offerings and the inclusion of new ships for cruising.”
Global cruise tourism market: Segmentation analysis
The global cruise tourism market research report provides market segmentation by application (ocean cruising and river cruising), by product (passenger ticket and onboard facilities), and by region (the Americas, EMEA, and APAC). It also provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2017, accounting for close to 54% share, followed by the EMEA and APAC respectively. Although APAC held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period.
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