Cruise tourism is forecast to reach 106% of 2019 levels in 2023—with 31.5 million passengers sailing. This compares to the January 2023 UNWTO forecast that international tourist arrivals in 2023 will be 80% to 95% of 2019 levels. Multiple pilot projects and collaborative initiatives are underway.
What is the outlook for the cruise ship market?
The global Cruise Ships market was valued at US$ 54380 million in 2022 and is projected to reach US$ 68490 million by 2029, at a CAGR of 3.3% during the forecast period. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
Will the cruise lines recover by 2023?
The Cruise Lines International Association has predicted that passenger volume will surpass pre-pandemic levels with 31.5 million passengers in 2023.
What are the predictions for the cruise industry?
What is the future of cruise industry? The cruise industry continues to be one of the fastest-growing tourism sectors, jumping from 29.7 million in 2019 to a predicted 36 million by 2024, 37.2 million by 2025 and 39.5 million by 2027. He added: "Cruise is expected to recover faster than the larger tourism segment.
Does cruise have a future?
CLIA forecasts passenger numbers will not only meet but exceed pre-pandemic levels by the end of 2023. And according to Cruise Industry News' cruise ship orderbook for ocean-going vessels, nearly 40 new ships are lined up to debut this year alone, with more than 75 vessels on order through 2027.
What is the outlook for cruise lines?
Is cruise industry recovering?
The sector is now recovering. International tourism receipts — the expenditures by international inbound visitors — reached $1 trillion in 2022, and grew 50% in real terms compared with 2021, driven by the rebound in global travel.
Is it a good time to invest in cruise lines?
Many cruise stocks have outpaced the stock market and rewarded investors in 2023. Significant travel growth has helped cruise lines hit revenue records and get closer to profitability. Many of these same stocks also offered dividends and reliably paid them for several years before the pandemic.
Is it good to invest in a Cruise Line?
Investors in search of safe stocks may want to stay away from this industry right now. Nevertheless, cruise lines tend to have a passionate customer base with plenty of repeat passengers. Over the long term, cruise line stocks may be a good value investment provided you are comfortable with some volatility.
Are cruises losing popularity?
While the number of ocean cruise passengers worldwide fell dramatically with the onset of the COVID-19 pandemic, dropping below five million in 2021, the global volume of cruise travelers partially recovered in 2022, totaling just above 20 million.
Will the cruise industry bounce back?
The future of the cruise industry looks bright, thanks to the increasing number of people traveling again. The United Nations World Tourism Organization (UNWTO) anticipates that 2023 tourism numbers will return to pre-pandemic levels in Europe and the Middle East and increase overall.