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

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.