USD 3.07 trillion
Global Coastal and Maritime Tourism Market Size, Share, Growth Analysis, By Product(Passenger Ticket Services and Onboard & Other Services), By Application(Cruise Tourism, Yacht & Sailing Tourism) - Industry Forecast 2024-2031
Report ID:
SQMIG25F2054 |
Region:
Global |
Published Date: April, 2024
Pages:
223
|
Tables:
62 |
Figures:
75
Global Coastal and Maritime Tourism Market Insights
Global Coastal and Maritime Tourism Market size was valued at around USD 3.07 trillion in 2022 and is poised to grow from USD 3.24 trillion in 2023 to USD 5.06 trillion by 2031, at a CAGR of 5.7% over the forecast period (2024–2031).
The market growth is attributed to the younger population and millennials' growing desire for leisure travel and undiscovered places. Due to the financial crisis that important players were experiencing, the COVID-19 outbreak had a negative effect on the world's coastal and maritime tourism sector. Demand for coastal tourism was impacted by the decrease in both foreign and domestic visitors driven on by the strict lockdown orders.
The favorable government initiatives towards the tourism industry are anticipated to lead to development in the coastal and maritime tourism market. A growth driver for leisure travel is the combination of increasing infrastructure development and rising investment in the tourism industry. The desire for leisure travel is being supported by millennials and Generation Z's increasing use of social media. Additionally, learning about and appreciating various cultures continues to be crucial when deciding where to go.
The increase in holiday rental reservations is assisting the market's expansion. According to Vacasa, a platform for holiday rentals, 63% of American consumers had summer travel plans in April 2022, up from 59% in 2021. The growth of the overall industry is also being supported by the desire for cruise travel. According to Cruise.co.uk, a poll of 1,200 people conducted in February 2022 revealed that 49% of consumers would be open to taking a cruise within the next six months and 13% within the next three. Additionally, the pandemic has boosted internet leisure travel sales.
US Coastal and Maritime Tourism Market is poised to grow at sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Passenger Ticket Services
Fastest Growth
Onboard & Other Services
Growth Rate
5.7% CAGR
Global Coastal and Maritime Tourism Market ($ Bn)
Country Share for Europe Region (%)
Global Coastal and Maritime Tourism Market By Product (%) ($ Bn)
Global Coastal and Maritime Tourism Market By Product (%)
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Global Coastal and Maritime Tourism Market Segmental Analysis
Global Coastal and Maritime Tourism Market is segmented based on product, application and region. Based on product the market is segmented into passenger ticket services and onboard & other services. Based on application the market is segmented into cruise tourism, yacht & sailing tourism, water sports & water activities, others. Based on region the global coastal and maritime tourism market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Coastal and Maritime Tourism Market Analysis by Product
In 2021, the passenger ticket service sector accounted for 73.1% of total revenue. Taxes, fees, and other costs are included in the passenger ticket. collected from tourists by coastal and cruise tourism service companies. The price of the passenger ticket covers the expense of the ship's accommodations, meals, ocean transportation, and other onboard entertainment. Due to the fear of contracting COVID-19 infection, the passenger ticket service segment was greatly impacted during the pandemic. Market participants like Norwegian ship Lines Holdings Ltd. and Carnival Corporation & plc halted guest ship operations during the height of the pandemic, which had a significant effect on the company's performance. The revenue produced from the passenger ticket service segment suffered greatly by the delay in ship and cruise voyage operations.
The onboard & other services industry is projected to expand at a CAGR of 6.6% during the forecast period. The growing interest in leisure activities among millennials and other younger tourists is attributed with driving the segment's growth. For instance, Princess Cruises enhanced its wellness offerings and add-on programmers for passengers in December 2022. The traveler is required to pay extra costs for services like onboarding. This segment includes the fees for internet debit and credit card transactions, retail sales, shore excursions, and beverage sales. Onboard activities accounted for 45% of Carnival Corporation & plc revenue in 2021.
Coastal and Maritime Tourism Market Analysis by Application
The cruise tourist industry contributed 35.9% of total revenue in 2021. The market is growing as a result of an increase in leisure travel and trips taken by millennials and generation Z, as well as an increase in the number of consumers selecting luxury experiences. The growing demand for river cruises with alluring packages is also helping the business.
The segment for water sports and water activities, on the other hand, is anticipated to grow at a CAGR of 7.6% during the forecast timeframe. Consumers' increasing interest in adventure water sports and their rising disposable income are helping the segment develop. At water bodies like creeks, oceans, lakes, coastal regions, and canals, people engage in aquatic sports and activities. Many cruise line owners mix sailing and boating to offer tourist-attractive events, which fuels the segment's expansion.
Global Coastal and Maritime Tourism Market By Product, 2023 (%)
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Global Coastal and Maritime Tourism Market Regional Insights
In 2021, Europe held the majority of the market, with a share of 32.3%. The demand for coastal and maritime tourism in the area is being driven by an increase in foreign visitors as well as an increase in disposable money. The desire for more services and infrastructure in the tourism industry is being driven by the increase in the number of nights spent by foreign visitors. Due to the large number of people employed in the sector, coastal tourism represents the largest industry in the region.
The market in Asia Pacific is anticipated to grow at the fastest rate, 6.8%, during the anticipated time frame. Younger customers in the area are becoming more interested in coastal and maritime travel. Rapid urbanization, an increase in discretionary income, and a rise in the popularity of leisure travel among younger consumers all point to market growth. Additionally, the market is expanding due to the increased adoption of technology across a number of industries, including marine and transit.
Global Coastal and Maritime Tourism Market By Region , 2024-2031
- Largest
- Fastest
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Global Coastal and Maritime Tourism Market Dynamics
Coastal and Maritime Tourism Market Drivers
Scenic Beauty to Bolster Tourism Market
- The natural beauty of coastal regions, beaches, and ports is one of the primary drivers of the coastal and maritime tourism market. People are attracted to the picturesque scenery and the opportunity to experience a different environment.
Coastal and Maritime Tourism Market Restraints
Weather Fluctuations to Hinder Market Growth
- Coastal and maritime tourism is heavily dependent on weather and environmental factors, such as water temperature, wind, and rainfall. Changes in weather patterns can have a significant impact on the tourism industry, leading to cancellations and reduced demand.
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Global Coastal and Maritime Tourism Market Competitive Landscape
To gain a competitive edge, businesses have been implementing a variety of growth strategies, including mergers and acquisitions, partnerships, and the introduction of new onboard services on fleets. For instance, Xponential Fitness Inc., a franchisor of fitness companies, signed a five-year licensing deal with Princess Cruise in September 2022. Xponential Fitness Inc. will give its fitness programmers on the Princess Cruise Fleet as a result of the partnership.
Top Player’s Company Profiles
- Norwegian Cruise Line Holdings Ltd.
- TUI Group
- Princess Cruises
- Viking Cruises
- Costa Crociere
- American Cruise Lines
- Hurtigruten
- Silversea Cruises
- Crystal Cruises
- Seabourn Cruise Line
- Regent Seven Seas Cruises
- P&O Cruises
- Celestyal Cruises
- Disney Cruise Line
- Lindblad Expeditions
- Ponant
- Azamara Club Cruises
Coastal and Maritime Tourism Market Recent Developments
- In January 2022, the Norwegian Cruise Line announced the launch of its newest ship, the Norwegian Prima, which will debut in August 2022 and feature a range of innovative amenities and experiences.
- In February 2022, the Costa Toscana, the newest addition to the Costa Cruises fleet, was delivered to the company's parent company, Carnival Corporation & plc.
- In February 2024, the Saudi Red Sea Authority partnered with the Heritage Commission to enhance coastal and heritage tourism, aligning with Saudi Vision 2030 goals.
Global Coastal and Maritime Tourism Key Market Trends
- Sustainable tourism is becoming a more significant trend in the coastal and maritime tourism market, with consumers increasingly looking for eco-friendly travel options. Cruise lines and other companies are adopting more sustainable practices to reduce their environmental impact, such as using renewable energy sources and reducing single-use plastics.
- Digitalization is transforming the coastal and maritime tourism market, with companies using technology to enhance the customer experience. For example, cruise lines are introducing wearable devices for passengers to use onboard, allowing them to access information and services more easily.
- Cruise ships are getting larger, with companies introducing more massive vessels that can carry thousands of passengers. This trend is driven by consumer demand for more onboard amenities and experiences.
- Health and wellness are increasingly important considerations for consumers in the coastal and maritime tourism market. Cruise lines and other companies are offering more wellness-focused experiences, such as yoga and meditation classes, spa treatments, and healthy dining options.
Global Coastal and Maritime Tourism Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, we found that the Coastal and Maritime Tourism market is the market growth that is attributed to the younger population and millennials' growing desire for leisure travel and undiscovered places. Due to the financial crisis that important players were experiencing, the COVID-19 outbreak had a negative effect on the world's coastal and maritime tourism sector. Demand for coastal tourism was impacted by the decrease in both foreign and domestic visitors driven on by the strict lockdown orders. Coastal and maritime tourism is heavily dependent on weather and environmental factors, such as water temperature, wind, and rainfall. Changes in weather patterns can have a significant impact on the tourism industry, leading to cancellations and reduced demand. Health and wellness are increasingly important considerations for consumers in the coastal and maritime tourism market. Cruise lines and other companies are offering more wellness-focused experiences, such as yoga and meditation classes, spa treatments, and healthy dining options.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 3.07 trillion |
| Market size value in 2031 | USD 5.06 trillion |
| Growth Rate | 5.7% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Trillion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Coastal and Maritime Tourism Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Coastal and Maritime Tourism Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Coastal and Maritime Tourism Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Coastal and Maritime Tourism Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Coastal and Maritime Tourism Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Coastal and Maritime Tourism Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Coastal and Maritime Tourism Market Report Snapshots
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