Coastal And Maritime Tourism Market Growth & Trends
The global coastal and maritime tourism market size is expected to reach USD 5.0 trillion by 2030 and is expected to expand at a CAGR of 5.7% from 2022 to 2030. according to a new report by Grand View Research, Inc. Factors such as the increasing availability of affordable travel options, and the growing trend for leisure travel are driving the demand for the coastal & maritime tourism market. The rise of the middle-class populace coupled with the growth of the global economy in several countries has also made coastal tourism accessible to more people.
The COVID-19 pandemic severely impacted the tourism sector owing to the closing down of businesses and a reduction in the number of international travelers. Several destinations that rely heavily on tourism have had to impose strict measures to prevent the spread of the virus, such as limiting the number of visitors and closing tourist attractions. Additionally, the pandemic has raised concerns about the safety and cleanliness of tourist destinations, leading to a decrease in the number of tourists visiting coastal regions.
Technological innovation in the tourism sector is anticipated to drive the demand for the coastal and maritime tourism market. In the cruise industry, the use of cruise applications, wearable devices, and aerial work platforms can guarantee safety and improve the operational efficiency of the cruise ship. For example, Kardie Equipment, a provider of heavy-based equipment based in Texas, offers an aerial work platform (AWP) that guarantees the safety of people lifting heavy items.
Further, several cruise line companies are utilizing the use of wearable devices for cruise identification and access to consumers’ accommodation on the ship. Carnival Corporation offers “Ocean Medallion” which enables users to order food, drink, and other items. Royal Caribbean Group has a wearable device called “WOWbands” which can open room doors through radio frequency. In addition, companies operating in the industry are offering applications for onboard experiences. The application includes a daily planner for making dinner reservations and reviewing expenses.
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Report Attribute Details Market size value in 2022 — USD 3.0 trillion Revenue forecast in 2030 — USD 5.0 trillion Growth rate — CAGR of 5.7 % from 2022 to 2030 Base year for estimation — 2021 Historical data — 2017–2020 Forecast period — 2022–2030
Coastal And Maritime Tourism Market Report Highlights
Based on product, the passenger ticket service segment accounted for 73.1% of the global revenue share in 2021, and the onboard & other services segment is expected to grow at a CAGR of 6.6% over the forecast period
Based on application, the water sports & water activities segment is anticipated to showcase a CAGR of 7.6% during the forecast period. The growing trend of adventure water sports among consumers, coupled with the increase in disposable income, is favoring the growth of the segment
Europe dominated the market and accounted for a 32.3% share of global revenue in 2021. Favorable government initiatives coupled with the rise in domestic tourism in the region are anticipated to drive the demand for the coastal and maritime tourism market. In August 2021, the government announced the launch of “England’s Coast Path National Trail”. The coast has a signposted trail of 3,000 miles. The coast can help in marketing coastal tourism in the U.K.
Companies have been expanding their product and service portfolios by including new and innovative services to extend their consumer base.In July 2022, Royal Caribbean Group acquired Endeavor, an ultra-luxury cruise ship. Through the acquisition, the company can expand its line of ultra-luxury cruise services
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