Coastal And Maritime Tourism Market Size, Share & Trends Analysis Report, By Product (Passenger Ticket Service), By Application, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global coastal and maritime tourism market size was estimated at USD 2.9 trillion in 2021 and is expected to expand at a CAGR of 5.7% from 2022 to 2030, according to Grand View Research, Inc. The market growth is attributed to the rising demand for leisure trips and unexplored destinations by millennials and the younger generation. The COVID-19 outbreak negatively impacted the global coastal & maritime tourism industry owing to the financial downturn witnessed by key players. The decline in the number of domestic as well as international travelers due to strict lockdown orders also impacted the demand for coastal tourism.

The coastal & maritime tourism market is expected to showcase growth owing to favorable government initiatives toward the tourism sector. Rising investment in the tourism sector coupled with growth in infrastructure development is acting as a growth factor for leisure travel. Growing penetration of social media among gen-z and millennials is supporting the demand for leisure travel. In addition, gaining knowledge and understanding of different cultures remains an important factor while choosing destinations.

The rise in booking for vacation rentals is also supporting the growth of the market. As per Vacasa, a vacation rental platform, in April 2022, 63% of consumers in the U.S. planned for trips during the summer time, which has increased from 59% in 2021. The demand for cruise travel is also supporting the growth of the overall market. As per Cruise.co.uk, in February 2022, a survey of 1,200 respondents stated that 49% of consumers are willing to travel by cruise in the next six months and 13% within three months. The pandemic has also increased leisure travel sales through online channels.

Product Type Insights

The passenger ticket service segment accounted for 73.1% of the global revenue share in 2021. Passenger ticket includes fees, charges, and taxes

collected by coastal and cruise tourism providers from tourists. The passenger ticket includes the cost of ship accommodation, meals, ocean transport, and other onboard entertainment. The passenger ticket service segment was significantly affected during the pandemic owing to the scare of contracting COVID-19 infection.

Market players such as Norwegian Cruise Lines Holdings Ltd., and Carnival Corporation & plc paused guest cruise operations during the peak of the pandemic leading to a material impact on the business. The delay in restart dates of ships and cruise voyage operations significantly affected the revenue generated from the passenger ticket service segment.

The onboard & other services segment is expected to expand at a CAGR of 6.6% over the forecast period. The segment’s growth is attributed to rising interest in leisure experiences from younger tourists and millennials. For instance, in December 2022, Princess Cruises enhanced its add-on packages and wellness offerings to consumers. Onboarding and other services require the passenger to pay extra for services. The segment includes the cost of beverage sales, shore excursions, retail sales, communication costs & internet debit and credit card fees. In 2021, Carnival Corporation & plc earned 45% of its revenue through onboard services.

Application Insights

The cruise tourism segment accounted for 35.9% of the global revenue share in 2021. The rise in the number of voyages and leisure trips taken by millennials and generation Z, coupled with the rise in the number of consumers opting for luxury experiences, is contributing to the market growth. In addition, the growing popularity of river cruises with attractive packages is also supporting the market growth. According to the Cruise Lines International Association (CLIA), the number of cruise travelers increased from 17.8 million in 2009 to 30 million in 2019.

Market players such as Royal Caribbean Group, Carnival Cruise, and Norwegian Cruise Line Holdings Ltd. are coming up with innovative onboard experiences such as floating mega resorts and attractions such as dining venues, live entertainment, and fitness centers. Cruise lines operating in the market are also providing gourmet dining and live entertainment services. Virgin Cruises Intermediate Limited, a U.S.-based cruise ship provider, has a tattoo parlor called Squid Ink and offers Drag Queen Brunch services to attract Gen Z and millennials.

On the other hand, the water sports and water activities segment is expected to register a CAGR of 7.6% over the forecast period. The growing trend of adventure water sports among consumers, coupled with the increase in disposable income, is favoring the growth of the segment. Water sports & activities are undertaken at water bodies such as creeks, oceans, lakes, coastal areas, and canals. To attract tourists, several cruise line holders combine sailing and boating to provide boat-centered events, thereby driving the growth of the segment.

Regional Insights

Europe dominated the market and accounted for a share of 32.3% in 2021. The rise in the number of inbound tourists coupled with growth in disposable income is driving the demand for coastal & maritime tourism in the region. The rise in the number of nights spent by inbound tourists is driving the demand for additional services and infrastructure in the tourism sector. Coastal tourism accounts for the largest sector in the region owing to the large number of people employed in the sector.

Cruise tourism in the region is driven by the rise in the number of travelers opting for cruise holidays and leisure trips. In July 2022, Regent Seven Seas Cruises announced the launch of the “European Indulgence” offer for a cruise to Northern Europe and the Mediterranean. The offer includes a one-night post-cruise hotel package and shipboard credit per suite. The credit can be used for spa experiences and shore excursions.

Asia Pacific market is expected to showcase the fastest growth rate of 6.8% during the forecast period. Coastal & maritime tourism is becoming popular among younger consumers in the region. The market is expected to grow owing to rapid urbanization, the rise in disposable income, and the growing trend of leisure travel among younger customers. Furthermore, the rise in the adoption of technology in several sectors such as marine and transportation is supporting the growth of the market.

As per Regent Seven Seas Cruises, immersive guest experiences, and exciting offerings offered by cruise operators are driving the rise in the number of Asian consumers opting for leisure cruise trips. According to Cruise Lines International Association (CLIA), the arrival of new ships from players such as MSC Cruises, Royal Caribbean Group, and Costa Cruises in the region is expected to increase the popularity of cruise ship expeditions in Asia.

Key Companies & Market Share Insights

Companies have been adopting several expansion strategies such as mergers & acquisitions, partnerships, and the launching of new onboard services on fleets to gain a competitive advantage. For instance, in September 2022, Xponential Fitness Inc., a franchisor of fitness brands, entered into a five-year licensing agreement with Princess Cruise. Through the partnership, Xponential Fitness Inc. will provide its fitness offerings on the Princess Cruise Fleet. Some prominent players in the coastal & maritime tourism market include:

• Carnival Corporation & plc

• Royal Caribbean Group

• Norwegian Cruise Line Holdings Ltd.

• MSC Cruises S.A.

• Genting Hong Kong Limited

• Disney

• Dream Yacht Charter

• Wynn Resorts, Limited

Coastal And Maritime Tourism Market Report Scope

Global Coastal And Maritime Tourism Market Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global coastal & maritime tourism market report based on product, application, and region:

• Product Outlook (Revenue, USD Billion, 2017 - 2030)

  • Passenger Ticket Services

  • Onboard & Other Services

• Application Outlook (Revenue, USD Billion, 2017 - 2030)

  • Cruise Tourism

  • Yacht & Sailing Tourism

  • Water Sports & Water Activities

  • Others

• Regional Outlook (Revenue, USD Billion, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K

    • Germany

    • France

  • Asia Pacific

    • China

    • Japan

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa

    • South Africa