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
Global Luxury cruise tourism Market – Research Scope
Global Luxury Cruise Tourism Market, by Cruise Lines
- Traditional Cruise Lines
- Contemporary/Upscale Cruise Lines
- Mainstream Cruise Lines
- Adventure and Exploration Cruise Lines
- Others (Theme Cruise Lines, Premium Cruise Lines etc.)
Global Luxury Cruise Tourism Market, by Cruising Type
- Ocean Cruises
- River Cruises
- Others (Small-ship Cruises and Luxury Yachts)
Global Luxury Cruise Tourism Market, by Amenities
- Bars & Pubs
- Water Sports
- Adventurous Sports
- Snow Rooms
- Cruise Fares
- 4D Movie Theaters
- In-suite Spa Treatment Centers
- Others (Skydiving Simulators etc.)
Global Luxury cruise tourism Market, by Booking Mode
Global Luxury cruise tourism Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.