China Cruise Tourism Market Predicted to Grow at a CAGR of 5.23% in Forecast Period

The China Cruise Tourism Market is expected to grow with a CAGR of 5.23% during the forecast period. Cruise tourism is a new trend in the market and tourists are adopting this tourism widely to spend their leisure time. The global cruise tourism industry is expected to grow at a faster rate, owing to the growth in the number of high-net-worth individuals in both developed and developing countries. These individuals have preference for a luxury lifestyle and they like to spend on leisure travel.

In 2017, there were approximately 2.4 million cruise passengers in China. China cruise tourism is a growing industry with the increasing number of travellers opting for cruise tourism and the presence of international market players such as Royal Caribbean, Carnival Corporation & Plc., and others.

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The overall tourism industry in China is flourishing due to the rise in the disposable income of consumers across the globe. The tourism industry is also growing in China owing to promotional campaigns, tailored travel packs, and others. The government of China is taking various initiatives to boost the China cruise tourism, in order to increase the overall revenue generated through the tourism industry.

Various international homeports are being constructed in the country, such as Hong Kong–Zhuhai–Macao Bridge, in order to decrease the overall travel time and provide tourists a convenient access to the mainland. However, the lack of diversified destinations for the cruise tourism route can hinder the future demand for the China cruise tourism market.

The China cruise tourism market is segmented on the basis of cruise types and seating capacity. Based on the seating capacity, the market has been segmented as less than 1000, 1000-2000, 2000-3000, and 3000 and above. As the Chinese people believe in travelling with the family, the market for the seating capacity range 2000-3000 is increasing.

On the basis of cruise type, the market is segmented as expedition cruise, river cruise, sea cruise, world cruise, and others. The sea cruise segment is expected to witness significant growth in the market, owing to improvements in the cruise tourism industry such as digitized home ports, which help passengers to pass through the customs through self-service channels.

The key players in the China cruise tourism market are Carnival Corporation & Plc, Royal Caribbean, Norwegian Cruise Lines, Bohai Cruise, MSC Cruises, Genting Hong Kong, and others. Various developments and strategies such as joint ventures, partnerships, mergers & acquisitions, and others are adopted by the market players to expand their customer base and generate revenue. For instance, in Nov 2018, Carnival Corporation & Plc, a Miami, FL-based global cruise company announced its joint venture with China State Shipbuilding Corporation, a conglomerate to operate its own fleet, in order to serve Chinese cruise tourists.

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