Each TMR Outlook performs two roles. While we gauge the current year’s performance, we also provide a forward-looking perspective. In the previous Travel Market Report River Cruise Outlook, we had said that while 2022 was a year of recovery, 2023 would be a year of growth. That growth can be seen in this year’s report. The good news is that the outlook is bullish and sustained, with cruise lines such as Ama Waterways and Viking opening bookings for their 2025-2026 season.
While the outlook for the cruise industry is positive — the market size is expected to hit $22.8 billion at a CAGR of 11.5% by 2032 — river cruises, too, are expected to see a phenomenal growth of a CAGR of 13.3% worldwide, making it the market with the fastest growth. This expansion can be attributed to several factors.
With smaller ships, river cruises are more intimate affairs. They give access to remote destinations, even within mainstream choices such as Europe. Luxury is also in the view that a river cruise provides. Because river ships have no inside cabins, all passengers are guaranteed a window or balcony to watch the scenery outside.
Last year’s water level concerns in Europe did not crop up this year, but various companies have also opted for different measures to tackle this in the future — from insurance to the swapping of ships.
River cruising is also attracting a younger crowd. There has been a demand for the inclusion of activities that would appeal to a younger demographic.
Another indicator of how good 2024 is likely to be is that bookings for new ships have picked up in 2023 and continue to be high.
Each TMR Outlook performs two roles. While we gauge the current year’s performance, we also provide a forward-looking perspective. In the previous Travel Market Report River Cruise Outlook, we had said that while 2022 was a year of recovery, 2023 would be a year of growth. That growth can be seen in this year’s report. The good news is that the outlook is bullish and sustained, with cruise lines such as Ama Waterways and Viking opening bookings for their 2025-2026 season.
While the outlook for the cruise industry is positive — the market size is expected to hit $22.8 billion at a CAGR of 11.5% by 2032 — river cruises, too, are expected to see a phenomenal growth of a CAGR of 13.3% worldwide, making it the market with the fastest growth. This expansion can be attributed to several factors.
With smaller ships, river cruises are more intimate affairs. They give access to remote destinations, even within mainstream choices such as Europe. Luxury is also in the view that a river cruise provides. Because river ships have no inside cabins, all passengers are guaranteed a window or balcony to watch the scenery outside.
Last year’s water level concerns in Europe did not crop up this year, but various companies have also opted for different measures to tackle this in the future — from insurance to the swapping of ships.
River cruising is also attracting a younger crowd. There has been a demand for the inclusion of activities that would appeal to a younger demographic.
Another indicator of how good 2024 is likely to be is that bookings for new ships have picked up in 2023 and continue to be high.
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