Coastal and Maritime Tourism Market Report 2024

The coastal and maritime tourism market size has grown strongly in recent years. It will grow from $2.8 trillion in 2023 to $3.01 trillion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth during the historic period can be attributed to several factors such as government initiatives supporting tourism, development of coastal infrastructure, rising demand for cruise travel, increased leisure travel sales through online channels, and overall growth in the cruise industry.

The coastal and maritime tourism market size is expected to see strong growth in the next few years. It will grow to $4.03 trillion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The projected growth during the forecast period can be attributed to several factors such as increased investment in the tourism industry, higher holiday rental reservations, growing demand for leisure trips, rising disposable income, and greater interest in vacations and travel. Key trends expected to influence this growth include technological innovation, a focus on sustainability and responsible tourism, the rise of luxury and experiential travel, digital transformation, and an increase in adventure and water sports tourism.

The growing popularity of leisure trips is expected to drive the expansion of the coastal and maritime tourism market. Leisure trips are undertaken primarily for relaxation, enjoyment, and personal enrichment rather than for work or business. The rise in leisure travel is attributed to increasing disposable incomes, a greater emphasis on work-life balance, and a growing desire for unique experiences and relaxation. This trend enhances coastal and maritime tourism by increasing demand for local accommodations, dining, recreational activities, and cultural experiences, thus driving economic growth in coastal regions. For example, in May 2023, the Office for National Statistics, a UK-based government agency, reported that the UK saw 31.2 million visits from overseas residents in 2022, a significant increase from 24.9 million visits in 2021. Therefore, the increasing demand for leisure trips is fueling growth in the coastal and maritime tourism market.

Key players in the coastal and maritime tourism market are focusing on innovative solutions, such as cruise reservation platforms, to streamline the booking process and enhance customer experiences. These platforms simplify the booking process for cruise vacations that include coastal destinations, thereby boosting tourist numbers and supporting local economies. For instance, in November 2023, Royal Caribbean, a US-based shipping line company, partnered with IBS Software, a Singapore-based technology firm, to launch the iTravelCruise platform. This web-based cruise reservation platform is designed to streamline bookings, offer personalized travel experiences, and improve operational efficiency. Such technologies enhance the cruise experience and help companies meet growing consumer expectations for digital convenience and connectivity.

In September 2022, Xponential Fitness Inc., a US-based franchisor of boutique fitness brands, formed a partnership with Princess Cruises. This collaboration allows Princess Cruises to integrate various Xponential Fitness brands, including Club Pilates, Pure Barre, and YogaSix, into its onboard amenities. This expansion offers guests unique fitness experiences at sea, catering to health-conscious travelers and improving overall guest satisfaction. Princess Cruises, a US-based company, provides a range of cruise itineraries, including world cruises.

Major companies operating in the coastal and maritime tourism market are The Walt Disney Company, TUI AG, MSC Cruises S.A., Carnival Corporation & plc, Royal Caribbean Group, Princess Cruise Lines Ltd., Wynn Resorts Limited, Costa Crociere S.p.A., Norwegian Cruise Line Holdings Ltd., Viking Cruises Ltd., Seabourn Cruise Line Limited, Abercrombie & Kent USA LLC, Lindblad Expeditions, Hurtigruten Group AS, Seven Seas Cruises Ltd., Compagnie du Ponant, Riviera Tours Ltd., Crystal Cruises Inc., Dream Yacht Group, American Cruise Lines Inc., Azamara Club Cruises, Celestyal Cruises Centre Limited, Silversea Cruise Holding Ltd., Magical Cruise Company Limited, Sienna Charles LLC.

Europe was the largest region in the coastal and maritime tourism market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the coastal and maritime tourism market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the coastal and maritime tourism market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Coastal and maritime tourism involves recreational activities and travel focused on coastal areas and the ocean. This sector includes a wide range of experiences, such as beach vacations, water sports, cruises, and visits to coastal towns and attractions. As a significant segment of the global tourism industry, coastal and maritime tourism plays a crucial role in economic development in coastal regions.

The primary categories in the coastal and maritime tourism market are passenger ticket services and onboard and other services. Passenger ticket services cover the sale and management of tickets for transportation to coastal and maritime destinations. This market includes various travel types, such as solo travel, family travel, couples travel, and group tours. Key applications within this sector encompass cruise tourism, yacht and sailing tourism, water sports and water activities, among others.

The coastal and maritime tourism market research report is one of a series of new reports that provides coastal and maritime tourism market statistics, including the coastal and maritime tourism industry global market size, regional shares, competitors with coastal and maritime tourism market share, detailed coastal and maritime tourism market segments, market trends, and opportunities, and any further data you may need to thrive in the coastal and maritime tourism industry. These coastal and maritime tourism market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The coastal and maritime tourism market includes revenues earned by entities by providing services such as fishing and marine wildlife tours, spa and wellness services, and event hosting services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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