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Executive Summary
The cruise market is largely dominated by two multinational corporations: Carnival Corporation and Royal Caribbean. Genting Hong Kong is considered the third largest cruise company, through the cruise lines Star Cruises and the 50% joint ownership of Norwegian Cruise Lines. Together, these three companies account for the ten largest cruise bands, alongside the privately-owned MSC Cruises, in terms of capacity.The largest cruise market in 2011 was the US, followed by the UK and Germany. Recently, the European cruise market has been outpacing the North American market in terms of growth in the number of cruise passengers, with Germany representing the fastest growing market in the world.Cruising tends to be more popular among consumers aged 55 to 64. Between 2011 and 2015, the numbers of this prime age group is projected to fall slightly. However, considerable increases are projected for those aged between 65 and 74. This could provide significant demand for cruise operators, should they attempt to remove the barriers — mainly concerning travel insurance — as this age group often encounters foreign travel. For premium, adventure or eco cruises, future demand is expected to be strong, with these cruises generally attracting younger, more affluent cruisers.A prevalent trend in the cruise is market is for larger ships. By increasing capacity, cruise lines are able to reduce costs on a per passenger basis, and can encourage increased spending onboard, rather than on shore, by offering a greater range of amenities and services. Royal Caribbean currently owns the largest ships, operating two 225,250-tonne sister ships, capable of carrying up to 5,400 passengers. These massive ships could discourage some consumers, as it is unlikely that such a cruise could provide much of a personal holiday experience and, for the more destination-focused cruisers, restricts the ship from entering certain ports.Cruise companies are also subject to a variety of environmental regulations, particularly the new global sulphur oxide emission limit introduced at the beginning of 2012. There are also an increasing number of emission control zones (ECAs), which protect certain environments through even stricter sulphur, nitrous and particulate matter (PM) emission restrictions.In UK, there is a growing a trend toward cruises that embark from UK ports, at the expense of fly-cruise holidays. These cruises tend to be cheaper, mainly due to the lack of air travel costs, but are restrictive in terms of destinations. Demand for longer cruises is also a growing trend within the UK, with the 8 to 14-night cruises accounting for the fastest growing segment of the market, in terms of cruise duration.From 2012 to 2016, more than 20 new cruise liners will enter the global fleet, with the vast majority of these able to carry over 3,000 passengers. Although the cruise market continues to experience strong growth, there is the risk of over saturation, which could lead to high levels of discounting in order to increase demand.The cruise market has continued to grow year-on-year throughout the recession and the continuing economic instability, and has generally outperformed the rest of the holiday sector. This growth is expected to continue, at least in the short term, particularly as the major markets, such as the US and the UK, begin to recover from the economic downturn.
Table of ContentsForeword
Executive Summary
Introduction
THE TOPIC
OBJECTIVES
METHODOLOGY
Company Information
Research
DEFINITION
Strategy Overview
MARKET DYNAMICS AND SEGMENTATION
Market Issues
Market Status
DISTRIBUTION
COMPETITIVE STRUCTURE
Leading Companies
ADVERTISING
THE CONSUMER
MARKET FORECASTS
KEY POINTS
Demographics and the UK's Cruise Business
SOCIO-ECONOMIC FACTORS
POTENTIAL AND PROBLEMS
KEY POINTS
Economics, Incomes and UK Demand
INTRODUCTION
HOUSEHOLD INCOME
CONSUMER PRICE INDEX
STRAIN ON UK INCOMES
HOLIDAY SPENDING
KEY POINTS
Cruising and the Environment
ENVIRONEMTAL REGULATION
The International Convention for the Prevention of Pollution from Ships
Emission Control Areas
Energy Efficiency
OUTBREAKS OF ILLNESS
KEY POINTS
Promotion in the UK
INTRODUCTION
MAIN MEDIA ADVERTISING
KEY POINTS
An International Perspective
THE US: THE CRUISE LEADER
EUROPE
ASIA
KEY POINTS
PEST Analysis
POLITICAL
Prevention of Air Pollution from Ships
ECONOMIC
SOCIAL
TECHNOLOGICAL
Liquefied Natural Gas
Exhaust Gas Cleaning Systems
KEY POINTS
Consumer Dynamics
Overview
HOLIDAY SPENDING IN
Majority Unlikely to Increase Holiday Expenditure in
Almost Half Plan to Cut Holiday Spending in
Few Unlikely to Increase Holiday Expenditure
TRENDS IN CRUISING
Proportion of Cruisers Falls Slightly
Rising Number of Family Cruisers
Rising Propensity for Cruising
Younger Cruisers an Important Market
Return Cruisers
Key Points
Company Profiles
CRUISE COMPANIES: GLOBAL LEADERS
Carnival Corporation
Royal Caribbean Cruises
Genting Hong Kong
CRUSE COMPANIES: SMALL AND NICHE LINES
All Leisure Group
Apollo Global Management
Crystal Cruises
Disney Cruise Line
Louis Cruises
MSC Cruises
Fred. Olsen Cruise Lines
Regent Seven Seas Cruises
Silversea Cruises
TRAVEL AGENCIES AND HOLIDAY COMPANIES
Barrhead Travel Service
R.E. Bath Travel Service
The Cruise Line
Noble Caledonia
Thomas Cook
KEY POINTS
The Future
THE ENVIRONMENT
MARPOL and the Cruise Industry
Heavy Fuel in Antarctica
Ballast Water Management Convention
LARGER SHIPS
AROUND THE WORLD
Further Sources
Associations
Publications
General Sources
Government Publications
Other Sources
Cruise Companies
Holiday Companies and Travel Agents
Key Note Sources
Key Note Ltd
Understanding TGI Data
Number, Profile, Penetration
Social Grade
Standard Region
Key Note Research
The Key Note Range of Reports
To order this report:Maritime Passenger Transport Industry: Cruise Market 2012
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Nicolas Bombourg
Reportlinker
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