The European Cruises Market is estimated to reach US$ 1.5 Bn in 2022. As per the report, sales are forecast to increase at a robust 15% CAGR, with the market valuation reaching US$ 2.69 Bn by 2032.
The EU has guided cruise providers to take minimum efforts necessary for the safety and security of the cruisers in the post pandemic times. Even the players have adopted various measures to ensure the free flow of cruising market.
Moreover, the cruise companies are coming up with exciting offers and discounts which also contains packaged deals providing an array adventurous activities to achieve complete satisfaction of the travellers. Additionally, new routes and destinations are being added in the itinerary to explore and experience multiple regions of Europe through cruising. Currently, the cruising market is nearly back to its pre-pandemic levels and with these sincere efforts for development of cruising, the European Cruising Market is expected to grow at a rapid rate.
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“Europe being the capital of tourism while government and cruise companies working together to uplift the European cruising as well as making it sustainable will help in the rapid growth of the market” Says an FMI analyst.
Key Takeaways:
- Based on cruise type, Ocean Cruises is predicted to account for a dominant share of Travelers in the market through 2032.
- By booking channel, the online booking segment is anticipated to hold a noteworthy share of nearly ~75%.
- In terms of age group, demand in the age group from 56-65 years and 66-75 years will continue gaining traction through 2032.
- Based on packages, European cruise travelers will continue to opt packaged deals over the normal travel deals.
Impact of COVID-19
Many of the processes that were already taking place in the cruise tourist industry have been accelerated by the epidemic, which may be thought of as a catalyst. When considering the effects from the perspective of the passenger, it is evident that the large negative effects of COVID-19 on people’s financial situations had an impact on their purchasing power and spending habits. The epidemic has increased interest in the all-inclusive element. All-inclusive vacation packages are more popular with travellers since they give them a head start on budget planning. Furthermore, when it comes to cancellation costs and refund practises, passengers look for security.
Who is winning?
Leading players in the Cruising market are focusing on smart promotional strategies, advertisements, and new packaged deals to improve sales in the market.
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Major players present in the European Cruise Market are Princess Cruises, MSC Cruises Company, Silversea Cruises, Holland America Line, Star Clippers, Carnival Cruises, Celebrity Cruises, Carnival Cruise Line, Myths and Mountains, Merapi, Adventure Smith Explorations, BlueFoot, Explore Europe, British Isles Cruise, Virgin Voyages among others.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the European Cruise market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the European Cruises by Cruise Types (Ocean Cruises, River Cruises, Expedition Cruises, Theme Cruises, Others) Booking Channel (Phone Booking, Online Booking & In Person Booking) Tourist Type (Domestic & International) Tour Type (Independent Traveller, Package Traveller and Tour Group) Age Group (15-25 Years, 26-35 Years, 36-45 Years, 46-55 Years, 56-65 years, 66-75 Years) & Region – Forecast to 2017 – 2032.
European Cruise Market by Category
By Cruise Type:
- Ocean Cruises
- River Cruises
- Expedition Cruises
- Theme Cruises
- Others
By Booking Channel:
- Phone Booking
- Online Booking
- In Person Booking
By Tourist Type:
- Domestic
- International
By Age Group:
- 15-25 Years
- 26-35 Years
- 36-45 Years
- 46-55 Years
- 56-65 Years
- 66-75 Years
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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