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Increasing popularity of luxury cruise tourism across the globe is a key factor expected to drive global market growth during the forecast period
PUNE, MAHARASHTRA, INDIA, January 25, 2023 /einpresswire.com / -- The global luxury cruise tours market size was USD XX million in 2021 and is expected to register a steady revenue CAGR of XX% during the forecast period. Key factors such as rising number of amenities, themes, and innovative services, growing acceptance of luxury cruises, and rising disposable income are expected to drive global market revenue growth during the forecast period.
A luxury cruise is characterized by a refined onboard atmosphere with more fare inclusions, spacious accommodations, upscale dining, higher space-to-passenger and crew-to-passenger ratios, and personalized services at a wide variety of exotic destinations. These luxury cruise ships have lavish public areas and offer various amenities such as posh dining, bars and lounges, entertainment, shopping, casinos, free shore excursions, and exclusive events. Crystal serenity, Le Laperouse, Scenic Eclipse, Seabourn Ovation, Seven Seas Explorer, Silver Muse, and Symphony of the Seas are some of the most popular luxury cruises across the globe. Over years, luxury cruise tours have significantly increased due to increasing overall tourism, rising urge to explore various destinations among high net-worth individuals and elite-class citizens. The duration of itineraries may range from 6 months to a year and are also popular among newly married couples as their honeymoon destination and business giants.
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Rising number of companies manufacturing luxury cruises and various amenities such as spa treatments, increasing knowledge about different destinations and packages among millennials and generation X due to rising exposure to internet, and increasing R&D investments are also expected to drive global market revenue growth between 2022 and 2027.
However, factors such as high cost of luxury cruise tours and low budget issues among many individuals across the globe are expected to hamper overall market growth during the forecast period.
Onboard Facilities Segment To Register Rapid Revenue CAGR:
The onboard facilities segment is expected to register rapid revenue CAGR during the forecast period owing to rapid advancements in luxury cruises, increasing number of amenities, themes, and innovative services, and high usage of basic yet luxurious services such as spas, pools, theatres, restaurants, and bars.
Ocean Segment to Account for Largest Revenue Share:
The ocean segment is expected to account for largest revenue share over the forecast period. This can be attributed to increasing cruise tourism across the globe, rising inclination towards ocean cruisers to occupy more passengers and offers better amenities due to availability of larger area as compared to rivers and lake cruises, and rising number of tourists travelling in luxury ocean cruisers at popular destinations across the globe.
North America to Lead In Terms of Revenue Share:
North America is expected to lead in terms of revenue share over the forecast period owing to increasing luxury cruise tours across the region, rising number of tourists travelling to popular destinations, availability of various types of luxurious cruises, high disposable income, and rising investments for including more amenities in existing ships.
Luxury Cruise Tours Industry Recent Developments:
.In September 2021, IRCTC announced the start of India's first indigenous cruise liner from 18th September. The IRCTC added that the guests can have an experience to sail to some of the best Indian and international destinations such as Goa, Lakshadweep, Sri Lanka, Kochi and Diu.
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Luxury Cruise Tours Market By Company:
.The Anschutz Corporation
.Norwegian Cruise line
.Carnival Cruise Line
.American Cruise Lines
.Genting Hong Kong
The global luxury cruise tours market has been segmented based on type, application, and region:
Luxury Cruise Tours Market Segment by Type:
Luxury Cruise Tours Market Segment by Application:
Luxury Cruise Tours Market Segment by Region:
.North America (USA, Canada)
.Europe (Germany, France, UK, Italy, Russia)
.Asia Pacific (China, Japan, South Korea, India, Australia, Taiwan, Indonesia, Thailand, Malaysia, Philippines, Vietnam)
.Latin America (Brazil, Argentina)
.Middle East & Africa (Turkey, Saudi Arabia, U.A.E)
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Key Reasons to Purchase:
.Estimates 2022 to 2027 luxury cruise tours market current market trends and development trends
.Market dynamics along with growth opportunities of the market in the years to come
.Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
.Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the luxury cruise tours market
.Competitive landscape involving market share of the major players, new strategies and projects adopted by players in the last five years
.Comprehensive company profiles covering product offerings, key financial information, SWOT analysis and strategies employed by major market players
.Brief about impact of COVID-19 on the global luxury cruise tours market
Key Questions Addressed:
.What revenue CAGR is the global market expected to register during the forecast period?
.Which key players are leading in the global luxury cruise tours market?
.What is the expected market size of the global luxury cruise tours market between 2022 and 2027?
.What factors are expected to open new growth avenues and opportunities for existing and emerging market players?
.What are some of the key challenges that the global market is expected to face during the forecast period?
.Which region is expected to account for largest revenue share over the forecast period?
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