The strong recovery of the travel and tourism sector following the
Covid-19 pandemic, increased consumer demand for unique travel
experiences, and the expansion of cruise offerings to new destinations
are driving the cruise market to new heights.
And now, to meet soaring demand, cruise companies are in a race to build new ships.
Fourteen ships have been ordered since January, and there’s a reason why bigger ships are in demand.
With several cruise ports around the world pushing back against
cruise tourism, cruise lines are increasingly looking to make their
ships the destination, said Walter Nadolny, professor emeritus of marine
transportation and global business at the State University of New York
Maritime College and a former environmental officer for both Norwegian
and Carnival.
"They're looking at making the ship itself the experience, as opposed
to going to three or four ports," he said. "Looking at the amenities,
go-karts and ice skating rinks and rock climbing, you name it, they're
turning the ship into the experience and not so much, 'Let's take a
cruise down to Cozumel.'"
The global cruise market is projected to experience substantial
growth over the next several years, with an estimated valuation reaching
US$38.7 billion by 2030.
This represents a compound annual growth rate (CAGR) of 6.7% from
2024 to 2030, up from its valuation of US$24.3 billion in 2023.
The Asia-Pacific region is emerging as a key growth market for the
cruise industry, with increasing demand from travellers in China, Japan,
and Southeast Asia.
The region’s growing middle class, coupled with a rising interest in
luxury travel, is driving demand for both ocean and river cruises.
Additionally, the expansion of cruise ports and the development of
new itineraries in the region are attracting international travellers
seeking new experiences.