The modern cruise industry is now 40 years old and, although its impressive recent growth curve shows no sign of having peaked, there are key indications of a change of focus away from its prime source market (North America) and leading destination (the Caribbean).
Worldwide passenger numbers topped 16m in 2007 and cruise lines are committing record levels of investment in new ships but there is a clear recognition by the major players that, if their ambitious longterm expansion plans are to be realised, they need to grow alternative source markets and develop new destinations - and that they need to do it right now.
Only by taking a global view of the industry can a perspective be gained on whether this current shift of emphasis towards Europe and Asia and away from North America is a temporary deployment policy change or evidence of a permanent shift in the balance of power within cruising.
This report takes just that comprehensive view, covering all aspects of the industry to deliver its verdict on how it will be structured come 2020.
It looks at:
- The European brand acquisitions and start-ups along with fleet deployment decisions which are set to reduce the cruise line's dependence on North America for sourcing passengers and the Caribbean for attracting them.
- The potential for Asia - and China in particular - to become both a major source market and also a leading cruise destination.
- The re-emergence of the Luxury cruise sector as a profitable, expansive element within the industry and also the development of a new way of delivering the product - ie. a Luxury brand within a Contemporary or Premium class ship.
- The steps taken by the cruise lines to offset the rising cost of fuel and how they could impact on future profitability and also on the design of new ships.
- The environmental challenges facing cruise companies and the importance of winning the battle for governmental and consumer hearts and minds to avoid onerous legislation or a public backlash - and the key role that economic impact studies play in this.
This report will also investigate current and projected developement within the various industry sectors including:
- Ports, which are looking to become cruise destinations or to increase their existing cruise traffic often by forming networks both of other businesses and local interests which would also benefit from cruise tourism and also of neighbouring ports (eg Cruise Baltic) so as to offer a complete product to prospective cruise lines.
- Shipbuilders, which remain concentrated within Europe and which continue to look for improved productivity and profitability despite their full orderbooks and lack of credible competition in this sector from Asia.
- Cruise specialist retailers, which are increasingly dominated by homeworking franchises which are struggling to deliver the high ratio of first-time cruisers required by the cruise lines to ensure their increasing capacity is filled.
- River cruising, which continues to grow in Europe with new, larger and more sophisticated vessels increasing its appeal while, in North America, key ownership changes to the major players are set to redefine the product there.
- Superyachts, which continue to be built in ever-increasing numbers of ever-increasing size but which have yet to make the cross-over into the mainstream cruise sector - at least in the consumer and retailer mindsets.
Plus there will be:
- An interpretation of the recent financial performances of the leading cruise companies and the implication for their future development.
- A detailed analysis of each brand in every sector of the market, highlighting current and future marketing, fleet expansion and deployment plans.
- A region by region breakdown of significant cruise port and destination developments current and projected.
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