Cruise ships are the large luxury passenger ship used mostly for vacationing. As per Cruise Lines International Association (CLIA), around 30 million people cruised globally in 2019 and the expected number for 2020 was around 32 million. It is the fastest-growing segment in the leisure travel market with capacity utilization over 100%. The cruise industry was around $126 billion in 2016 which reached around $150 billion in 2019. Some of the major factors for the growth of the global cruise industry include increasing attraction of generation ‘Z’ and millennial toward the cruise industry which comprises the largest population bases in the US. Moreover, the increasing popularity of Cruise in the emerging economies such as China, and India, increasing global disposable income and the introduction of two and three-day micro cruises are also augmenting the industry. 

In January 2020, there were around 280 cruise lines ships operated by 55 cruise companies and 19 cruises were scheduled to be launched in 2020. The cruise companies are moving toward more sustainable operations by reducing carbon footprints in the sea. For instance, due to increasing pollution from ships in the sea, in April 2018 the International Maritime Organization adopted the strategy to reduce the carbon footprint from ships by 50% by 2050 as compared to 2008. As per new emission standards, sulfur in the fuel is limited to 0.5% from January 2020. 

However, the cruise industry experienced a major set-back due to the COVID-19 pandemic. The first major coronavirus spread on a cruise ship was witnessed on the Diamond Princess Cruise ship of Princess Cruise Lines, Ltd., in Yokohama, Japan in the first week of February 2020. Under a month, 712 confirmed cases and 12 fatalities were reported due to COVID-19 on that cruise. After this, cases related to COVID-19 were also witnessed in the World Dream cruise of Genting Hong Kong, and Westerdam, Ruby Princess, & Grand Princess Cruise of Carnival Corp. Due to this, nations started to restrict the entry of cruise or quarantine them as per protocols. 

The global cruise industry report is segmented into cruise line and cruse manufacturer. Cruise line segment is the most affected segment due to the pandemic as most of the cruise line has stopped their operations as governments are advising to their citizen to not travel on a cruise till the pandemic ends. The effect of COVID-19 on the cruise industry can be observed in all the regions including North America, Europe, Asia-Pacific, and Rest of the World. The US is the largest source of passengers for the cruise industry all across the globe. As the US is the most affected country due to coronavirus, the CDC has issued a Level 3 warning to defer cruise travel globally. 

Key companies of the Cruise industry affected due to COVID-19 pandemic include Carnival Corp. & PLC, Norwegian Cruise Line Holdings Ltd., Royal Caribbean Cruises Ltd., Fincantieri S.p.A., Genting Hong Kong Ltd., STX Offshore & Shipbuilding Co., Ltd., the Meyer Werft GmbH & Co. KG, TUI Cruises GmbH and others. The most recent incident of cruise getting infected due to COVID-19 was witnessed at Greg Mortimer cruise ship. In April’s first week, around 128 people out of 217 people were found positive due to COVID-19 at Greg Mortimer. However, most of the people on the cruise have no fever and are asymptomatic. 

Research Methodology

OMR global recently published a report addressing the impact of COVID-19 on the global cruise industry. The study is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data. Different approaches have been worked on to derive the market value and market growth rate. In the report, the analysis of the country is provided by analyzing various regional players, laws and policies, consumer behavior and macro-economic factors. The report includes analysis of different regions and countries and the effect of COVID-19 on the cruise industry of each respective region. Besides, an expected recovery timeline of the industry will also be included with the best- and worst-case scenario which will aid clients to take their future steps in the decision-making process.

Sources Include

• Financial reports of companies involved in the market
• Whitepapers, research-papers, and news blogs
• Company websites and their product catalog
• Government Organizations Reports

The report provides an in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.

The Report Covers

• Comprehensive research methodology of the global cruise industry.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the global cruise industry.
• Insights about market determinants which are stimulating the global cruise industry.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.