The Luxury Cruise Market Expands
Credit: CovetED Magazine
Luxury cruise lines have long enticed travelers who are seeking a superior experience by offering elegant designs and upscale voyages. Capacity is the luxury market is projected to double in 9 years, with new ships from Viking Ocean Cruises, Compagnie du Ponant, Regent Seven Seas Cruises, Silversea Cruises and Crystal Cruises driving the luxury cruise market to new heights. An estimated 73 dedicated five-star ships are set to carry over 1 million passengers by 2027, with capacity projected to double by then.
Luxury Market Capacity in 2018 – 544,900 guests
Luxury Market Capacity in 2027 – 1,095,286 guests
Viking has an agreement with Italian shipbuilder Fincantieri for the construction of six more vessels to arrive between 2024 and 2027. This is in addition to six vessels that Fincantieri is already building for the company. Viking currently owns 26 percent of the luxury market with five ships and 4,650 berths, leading Silversea, Regent and Seabourn in potential passenger capacity, at just under 500,000 guests annually.
A world leader in luxury expeditions and the only French cruise line and five-star expedition specialist, Compagnie du Ponant plans to grow its fleet to 12 ships by 2021. Ponant’s expansion includes construction of a fifth and sixth vessel in the Explorer series and two new yacht-like ships which will launch in 2020.
Perfecting luxury is a never-ending quest for Regent Seven Seas Cruises. Regent Seven Seas Splendor will bring her special brand of perfection to iconic ports when she enters service in 2020 and will become the fifth cruise ship in Regent’s fleet.
Silversea Cruises has a fleet of nine ships with a new ship scheduled for delivery in 2020. The new ship will have a capacity of 596 passengers in all-suite accommodations and will expand Silversea’s fleet to 10 ships.
Crystal Cruises, the world’s most luxurious cruise line, has a major expansion plan that will see the addition of three new ships. Set to debut in 2020, Crystal Endeavor will be the largest and most spacious ship featuring Crystal’s celebrated service and hospitality.
This sector of the industry can look forward to a fascinating future as they introduce new ships and enjoy healthy growth.