Artificial Intelligence
Cruise Market Size to Hit USD 22.8 Billion at a CAGR of 11.5% by 2032 | Market.us
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New York, May 01, 2023 (GLOBE NEWSWIRE) — The global Cruise Market size was valued to be worth USD 7.9 billion in 2022. From 2023 to 2032, it is estimated to reach USD 22.8 billion growing at a CAGR of 11.5%. A cruise is a multi-day holiday schedule that is arranged on a cruise ship in a large inland area while visiting a lot of tourist destinations along the way. During this kind of excursion, the rooms on the ship and tourist hotspots get most of the attention. The growing hospitality and tourism sectors driving the global cruises market.
Ships are integrating advanced technology, a wide range of fun activities, and entertaining themes for passengers, including yoga themes, kid themes, mystery themes, and others. Such developments are attracting various populations and becoming extremely popular with the intended demographic, which is driving the cruise industry.
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Key Takeaway:
- By type, in 2022, the Cruise Market was dominated by the Ocean Cruises segment due to its increased travel in large numbers.
- In 2022, North America dominated the market with the highest revenue share of 50%.
- APAC is anticipated to have the highest CAGR among all the regions.
Factors affecting the growth of the Cruise Market Industry
There are several factors that can have an impact on the growth of the Cruise Market industry. Some of these factors include:
- Economic conditions: Strong economic growth frequently leads to more disposable income, which can increase spending on leisure activities including cruising.
- Demographic Trends: As the population ages, demand for cruises tends to increase as older adults have more leisure time and funds to spend on travel.
- Technological Advancements: New technology has made cruising more appealing to consumers, such as faster Wi-Fi and improved entertainment options on board.
- Health Concerns: The COVID-19 pandemic has had a significant effect on the cruise industry, leading to reduced demand and enhanced safety measures. As the crisis ends, the industry should recover, but consumers may continue prioritizing health and safety when making travel decisions.
- Competition: The cruise industry is highly competitive, necessitating companies to innovate and stand out to attract customers. New players in the market may disrupt existing players and cause changes in pricing and offerings.
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Top Trends in Cruise Market
The global cruise market is expanding to meet the increasing demand for luxurious experiences, multigenerational travel, wellness and health, sustainability initiatives, and digital disruption. Cruise lines that can predict these trends and respond appropriately are likely to achieve success in an increasingly competitive cruise market. River cruising has become increasingly popular across Europe and Asia in recent years. River cruises provide an intimate setting, featuring smaller ships and offering access to remote destinations. Sustainability has become a top priority within the cruise industry, with many lines adopting eco-friendly practices such as using renewable energy sources, decreasing single-use plastics usage, and encouraging responsible tourism practices.
Cruise lines are increasingly investing in technology to enhance passenger experiences, from mobile apps and wearable devices to virtual reality headsets and AI-powered assistants. Wellness and health have become major priorities within the cruise industry, with many lines offering onboard fitness facilities, healthy dining options, and wellness-themed activities. Cruise lines are responding to this trend by offering family-oriented amenities like onboard water parks and kids clubs, luxurious and experiential cruises are seeing a revival in the cruise market, with travelers demanding amenities such as private balconies and exclusive dining venues. Many are seeking authentic cultural encounters; cruise lines have responded by providing shore excursions that showcase local customs, traditions, and cuisine.
Market Growth
The cruise industry has seen tremendous growth due to rising disposable incomes, an increased leisure travel preference, and an expansion in cruise destinations. They have also invested heavily in advanced technology, creative experiences, and sustainable business methods which have attracted new consumers. Cruise lines have implemented various initiatives to reduce their environmental impact, such as investing in clean technologies and reducing waste generation. This has resonated well with environmentally conscious consumers, who are increasingly looking for eco-friendly travel options.
Regional Analysis
With a 50.0% revenue share, North America dominated most of the cruise market. mainly because of the broad presence of important global firms and its advanced industry. Growing consumer spending trends, higher levels of disposable income, and expanding tourism are all contributing to a significant rise in market revenue share. With a CAGR of 12.1%, the Asia Pacific region is anticipated to grow at a rapid speed in during the projection period. Due to government efforts to encourage tourism and enhance economic productivity, the cruise industry’s activity has shifted away from North America and Europe and towards Asia-Pacific.
For instance, in an aim to boost cruise tourism, the Indian government announced on August 19th, 2020 the rates will be decreased to 70.0%. With a share of around 25.0% in worldwide sales, Europe came in second place in 2021 and therefore is projected to expand at an impressive CAGR. The expansion of the business has been linked to a growth in demand for sustainable tourism, which in turn makes local communities more accessible to small and medium-sized tour operators.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 7.9 billion |
| Market Size (2032) | USD 22.8 billion |
| CAGR (from 2023 to 2032) | 11.5% |
| North America Revenue Share | 50.0% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
- Consumer Demand: As more travelers look for unique vacation experiences, demand for cruise lines has increased significantly in recent years. Due to cruise line’s efforts to meet demand by growing their fleets and introducing additional routes, the sector has sustained growth.
- Innovation: Cruise lines continuously innovate and add new amenities and features to attract passengers. This ranges from entertainment choices to advanced technology and innovative dining experiences.
- Growth of Cruise Line Offerings: To appeal to a variety of travelers, cruise companies are expanding their offerings to include niche markets like adventure cruises, river cruises, and small-ship cruising.
Market Restraints
Earthquakes and hurricanes can alter cruise itineraries and influence passenger safety. The demand for cruises and the preparation of itineraries are also impacted by terrorism or political instability. Because of the high cost of construction and maintenance, there are fewer market participants, less competition, and less pricing flexibility. Also, the need for cruise lines to invest in more expensive, cleaner technology to lessen their environmental impact contributes to increasing operational costs, which in turn diminish profit margins.
Contagious disease outbreaks like COVID-19 can harm the reputation of the cruise industry and decrease customer trust in sailing. This can lead to a decline in demand and income for cruise lines. Cruising is primarily a seasonal activity, with summer vacations being the most popular time to go. Profitability for cruise businesses is impacted by off-peak revenue and reduced occupancy rates. Bad media coverage, such as stories of passenger injuries or crimes, reduces the overall number of reservations and affects customer confidence in cruising.
Market Opportunities
The global shipping sector offers a variety of opportunities for growth and development, including emerging economies, eco-friendly travel, technical advances, specialized cruises, upselling opportunities, and partnerships. The cruise business has tremendous potential development in emerging fields like South America and Asia. These territories are contributing to a rise in travel demand, providing cruise firms with a broad customer base. New technologies like artificial intelligence, virtual reality, and the Internet of Things have the potential to improve cruise line efficiency levels even while improving passenger experiences on board.
Specialist cruises, such as wellness cruises, adventure cruises, and culinary cruises can appeal to niche markets and give cruise lines a chance to stand out from competitors. Offering onboard services and facilities like spa treatments, shore excursions, and specialty dining options may help cruise companies make more money. Cruise lines may be able to increase their market reach and provide clients with greater all-inclusive travel experiences through partnerships and collaborations with other travel businesses like airlines and hotels.
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Report Segmentation of the Cruise Market
Type Insight
The cruise market is divided into ocean cruises and river cruises based on type. With an expected total revenue of 80%, the Oceans Cruises category is the most profitable of these in the worldwide cruise business. Strong competitors can offer services in the ocean cruises category for numerous transcontinental trips to account for the larger market revenue share. Additionally, a large number of customers prefer ocean cruises to other types of cruises because of the attractive packages, amenities, and entertainment choices. Large ocean cruise ships, which have greater space than the others, can support these activities. The CAGR for the worldwide river cruise industry is predicted to be 13.3%, making it the market with the fastest growth. The increasing size of river cruises compared to ocean cruises, which often dock along coastal regions, can be attributed to their rising popularity among tourists.
Recent Development of the Cruise Market
- In 2021, many cruise lines began their operations again after being suspended due to the COVID-19 pandemic. Some lines, such as Royal Caribbean and Celebrity Cruises, require all passengers to be fully vaccinated before embarking on their voyages.
- Despite the pandemic, several new ships were launched in 2021. Royal Caribbean’s Odyssey of the Seas, Carnival Cruise Line’s Mardi Gras, and MSC Cruises’ Virtuosa.
For more insights on the historical and Forecast market data from 2016 to 2032 – download a sample report at https://market.us/report/cruise-market/request-sample/
Market Segmentation
Based on Type
- Ocean Cruises
- River Cruises
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
The cruise market is highly competitive, with numerous players operating globally. The competitive landscape of the cruise market is constantly shifting, with players competing on factors such as itinerary offerings, pricing, onboard amenities, and sustainability practices. Furthermore, new entrants such as Virgin Voyages and Ritz-Carlton Yacht Collection are entering this space to offer unique experiences to attract a younger demographic of passengers. Some of the major players include:
- Carnival Corporation & Plc
- Royal Caribbean Group
- MSC Cruises S.A.
- Norwegian Cruise Line Holdings Ltd.
- Disney Cruise Line
- Genting Hong Kong Limited
- Fred. Olsen Cruise Lines
- Other Market Players
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- Autonomous vehicles market size is expected to be worth around USD 3,444.1 Bn by 2032 from USD 140.8 Bn billion in 2022, growing at a CAGR of 38.8% during the forecast period from 2023 to 2032.
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AutoCanada Inc. (“AutoCanada” or the “Company”) (TSX: ACQ), a multi-location North American automobile dealership group, announced key promotions and additions to its leadership team.
Jeff Thorpe, who joined the Company as President, Canadian Operations in April 2022, will have responsibility for all operations in North America as President, North American Operations. Brian Feldman, who joined as Senior Vice President, Canadian Operations and Disruptive Technologies in April 2022, has been appointed as Chief Operating Officer of the Company.
“Jeff and Brian have proven themselves over the last year and have been instrumental in driving our strong performance through their focus on operational initiatives in Canada. We are very pleased to provide Jeff with the increased responsibility of oversight over our U.S. operations, in addition to Canadian operations, and to appoint Brian as the Chief Operating Officer of the Company,” said Paul Antony, Executive Chairman of the Company.
In addition, Drew Forret will be appointed as Chief Administrative and Transformation Officer and Michael Fera will join as Vice President, Financial Planning and Analysis, each effective in the fourth quarter of 2023. These new roles will support the Company’s renewed focus on fiscal discipline.
“We are very excited to welcome Drew and Michael to the AutoCanada team. Drew and Michael’s significant and proven experience in driving high-performance business cultures with scalable best practices and fiscal discipline will be invaluable for AutoCanada as we continue on the next leg of our journey,” said Mr. Antony.
Drew has over 20 years of experience focusing on the leadership and scaling of growth-based organizations. He most recently held the position of Chief Operating Officer and Chief Financial Officer of Voices, a platform that connects businesses with professional voice talent. Prior to Voices, Drew was the Chief Operating Officer and Chief Financial Officer of CarProof, a provider of vehicle history reports, and President of Activplant, an originator of manufacturing intelligence software. Michael has over a decade of experience in financial planning and analysis. He joins us from Tim Hortons, Canada’s leading quick-service restaurant chain, where he served as Head of Finance for the Canadian business. In addition, Michael held several operational roles spanning development, franchising, non-traditional business and real estate during his tenure with Tim Hortons.
Artificial Intelligence
Huawei’s Brand-New Digital and Intelligent Foundation Upgrades Aviation and Rail Industries
SHANGHAI, Sept. 25, 2023 /PRNewswire/ — In parallel with HUAWEI CONNECT 2023, Huawei’s Aviation & Rail BU held three global summits specifically oriented to the BU’s niche.
Using an upgraded digital and intelligent foundation, Huawei dives deep into a wide variety of industry scenarios and expedites the intelligent development of aviation and rail through multi-dimensional awareness, ubiquitous connectivity, and open platforms.
China West Airport Group (CWAG) chose Huawei to jointly develop a comprehensive intelligent transformation strategy.
According to Lin Bin, CWAG’s Deputy General Manager, his company has created 35 intelligent solutions for security, operations, services, and other scenarios using Huawei’s high-performance computing power and open intelligent platforms, as well as advanced algorithms for the industry.
For airport operations, digital and intelligent ground handling solutions forecast the real-time status of flights, passengers, and resources, as well as promptly generating warnings. They also intelligently dispatch ground handlers as needed. The solutions increase ground support efficiency by 20% and shorten the time support takes by 17%. In addition, smart airport operation solutions have introduced the optimal flight plan result model to achieve best supply-demand matching and AI-assisted operation command.
Ever-evolving technologies have brought both challenges and opportunities to enterprise digital transformation and intelligent upgrade. Li Junfeng, Vice President of Huawei and CEO of Huawei’s Aviation & Rail BU, delivered an opening speech at the global railway summit. He explained that as GSM-R gradually exits the market, the railway industry requires a next-generation mobile communications system to ensure efficiency and benefits, as well as maintain high-quality development. In response, Huawei is thinking about how it can leverage AI to better serve the railway industry, and have built practices and made remarkable achievements during its journey.
Huawei teamed up with Huitie Technology to develop the Smart Railway TFDS Solution, which uses the Pangu Railway Model with 3 billion parameters. The solution covers all TFDS scenarios and effectively identifies over 430 types of faults on 67 vehicle models with a comprehensive fault identification rate exceeding 99.3%. It ensures near-zero missed inspections for critical faults and triples the operational efficiency.”
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Artificial Intelligence
Hexagon’s Sixth Sense Announces Nine Startups to Transform Manufacturing Sustainability and Digital Reality
Selected innovators leading the charge in reshaping manufacturing for a sustainable future
COBHAM, England, Sept. 25, 2023 /PRNewswire/ — Today, Hexagon’s Manufacturing Intelligence division announced the nine manufacturing startups chosen for its third Sixth Sense cohort. The selected companies were chosen from a highly competitive pool of hundreds of applicants, distinguishing themselves with groundbreaking solutions addressing critical manufacturing challenges, with a focus on sustainability and digital reality.
The selected startups, which hail from seven countries, bring unique approaches to some of today’s most critical manufacturing challenges, such as improving product sustainability, eliminating waste, capturing real-time data, automating design, and incorporating cobots into production lines. As part of the Sixth Sense program, they will gain access to Hexagon’s invaluable market insights, accumulated over decades of collaboration with industry-leading technology giants, which will accelerate their journey to commercial success.
Hexagon, the industrial software leader that plays a pivotal role in manufacturing 90% of aircraft, 75% of smartphones, and 95% of all automobiles worldwide, launched Sixth Sense in January 2022. This initiative is designed to nurture startups within the manufacturing industry by supporting them with Hexagon’s extensive resources.
The nine startups are:
Acerta Analytics, Canada: Acerta Analytics provides advanced analytics solutions that leverage machine learning and artificial intelligence (ML/AI) to turn complex product data into actionable insights. The solution enables automakers and suppliers of complex vehicle parts to improve quality in manufacturing processes and supports early defect detection.Circularise, Netherlands: Circularise offers digital product passports for end-to-end traceability and secure data exchange in industrial supply chains. Its technology helps companies achieve transparency and sustainability by tracking the lifecycle of products and materials.Dessia, France: Dessia offers a platform featuring virtual “bots” that serve as companions to assist engineers in designing mechanical systems. These virtual assistants provide support and insights throughout the design process.Flexxbotics, Boston, US: Flexxbotics specialises in enabling high-mix automation-intensive manufacturers to create flexible next-generation machining environments. It utilises breakthrough FlexxCORE™ technology to seamlessly connect and coordinate collaborative robots with existing automation equipment, IT systems, and personnel to deliver autonomous process control.Launchpad, Los Angeles, US: Launchpad utilises AI and advanced simulation technologies to automate aspects of the design, procurement, and manufacturing process. Its focus is on concepts like mass customization, micro-factories, and software-defined robotics to create shorter supply chains, reduce waste, and deliver new features faster in the manufacturing industry.Rafinex, Luxembourg: Rafinex’s stochastic AI topology optimization for safe, lightweight designs. This technology actively manages uncertainty and risks of real-life variability to create uniquely robust designs that remain safe even in off-design load conditions for application in safety-critical performance sectors such as aerospace, automotive, and tooling.RV Magnetics, Slovakia: RV Magnetics has developed the world’s smallest passive sensor based on MicroWire technology. This sensor combines unique capabilities from electromechanics, electronics, chemistry, physics, applied magnetism, and industrial design, offering diverse applications.ToffeeAM, London, UK: ToffeeAM provides state-of-the-art multi-physics generative design software for engineering. Its mission is to empower engineers to optimise engineering components and systems efficiently, enabling them to go further and faster in design processes.Zaptic, Manchester, UK: Zaptic provides job instruction and collaboration tools for frontline teams, along with a no-code toolkit designed to accelerate the digital transformation of daily operations. The solutions help organizations streamline processes and improve communication among frontline workers.These startups will embark on an intensive 16-week journey as part of the Sixth Sense program, collaborating closely with Hexagon to refine their offerings. Ultimately, up to three winners will be selected from the cohort, granting them access to Hexagon’s extensive resources for global expansion, including potential funding, worldwide office space, and Hexagon’s comprehensive suite of products and services. Additionally, they will be showcased on Hexagon’s open digital reality platform for manufacturing, Nexus, providing them access to world-class companies.
“For this third cohort, we’ve been on the hunt for new innovations that enable manufacturing leaders to lead the net-zero transition – especially with sustainable product design – and we’re thrilled with the caliber of the startups we’ve found to participate,” said Josh Weiss, president of Hexagon’s Manufacturing Intelligence division. “Sixth Sense is designed to pinpoint emerging opportunities for greater innovation, and we’re thrilled to give these companies that are poised for high-growth access to resources and customers that they typically wouldn’t have at this stage in their lifecycle.”
“Hexagon’s commitment to nurturing innovation and driving sustainable manufacturing practices continues to shine through,” said Milan Kocić, head of Sixth Sense, Hexagon. “Each of these startups has demonstrated their capacity to address pressing manufacturing challenges with creativity and determination. Much like our previous cohorts have addressed critical industry challenges, we believe these innovators will play a crucial role in shaping a sustainable future for the manufacturing industry.”
About Sixth SenseHexagon technologies are used to manufacture 90% of aircraft, 75% of smartphones, and 95% of every automobile produced worldwide. It has the scale, the network, and the ambition to make a difference. As we enter the era of Industry 4.0, Sixth Sense was launched to discover smart and efficient solutions that will boost performance and benefit people and the planet. By inviting the next generation of innovators to the table, Hexagon aims to share its resources and make connections that accelerate progress – pushing the boundaries of design, manufacturing, and engineering and starting to imagine a better future for the benefit of everyone. To follow Sixth Sense, and learn about the ecosystem and opportunities for participation, visit https://sixthsense.hexagon.com/.
About HexagonHexagon is the global leader in digital reality solutions, combining sensor, software and autonomous technologies. We are putting data to work to boost efficiency, productivity, quality and safety across industrial, manufacturing, infrastructure, public sector, and mobility applications.
Our technologies are shaping production and people related ecosystems to become increasingly connected and autonomous – ensuring a scalable, sustainable future. Hexagon’s Manufacturing Intelligence division provides solutions that use data from design and engineering, production and metrology to make manufacturing smarter. For more information, visit hexagon.com/mi.
Hexagon (Nasdaq Stockholm: HEXA B) has approximately 24,000 employees in 50 countries and net sales of approximately 5.2bn EUR. Learn more at hexagon.com and follow us @HexagonAB.
View original content:https://www.prnewswire.co.uk/news-releases/hexagons-sixth-sense-announces-nine-startups-to-transform-manufacturing-sustainability-and-digital-reality-301936427.html
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