The cruise industry, which was hard hit by the COVID-19 pandemic, is finally charting a course back to smooth sailing. New data presented by Stocklytics.com shows cruise lines are projected to generate more than $30 billion in revenue and host 29 million passengers in 2024, matching pre-pandemic levels from 2019.
During the pandemic, cruise industry revenue and passenger numbers plunged by almost 90% year-over-year in the early days. While hotels, packaged holidays and vacation rentals rebounded to 2019 performance in 2023, cruising had not yet fully recovered.
According to a survey from Statista Market Insights, last year, the global cruise industry generated $25.1 billion in revenue, $2 billion shy of 2019, and carried 24 million passengers, 5 million fewer than before the pandemic hit.
But 2024 is expected to be a turning point, with cruise revenue jumping nearly 20% year-over-year to $30.1 billion and passenger volumes reaching 29 million.
Now, the cruise market is positioned to be the fastest-growing segment of the tourism industry, according to the survey.
The U.S. will remain the world's largest cruise market in 2024, generating an estimated $15.1 billion in revenue, half the global total. Germany, China and the U.K. are distantly trailing at around $2.5 billion each.
Editor’s Note: This article was generated by AI, based on a press release distributed by Stocklytics.com. It has been fact-checked and reviewed by a TravelAge West editor.
