Chinese cruise market is expected to overtake the United States as the most important destination for US cruise ship exports by 2034, according to an article published in the Financial Times.
Cruise ships are expected to account for 70 percent of US cruise exports by the end of the decade.
Cruise markets are the most lucrative markets in the world for the Chinese economy.
In fact, the Chinese Cruise Ship Trade Bureau (CCSB) forecast that cruise ship shipments to the United Kingdom will surpass US cruise shipments by the middle of this decade, according the report.
China is also planning to sell more cruise ships to the European Union than to the US.
China’s growth is not confined to the mainland, either.
Its cruise market will expand across the entire globe, including the Americas, the report states.
The article also details China’s ambitious plans to boost its cruise market share to 30 percent in the next decade.
China will build and operate cruise ships for the first time in the 2020s.
The first ships will be launched in 2022, the CCSB said.
China already has over 20,000 cruise ships in service and is planning to double that number in the coming years.
It plans to buy over 20 percent of cruise ships through 2022, up from less than 7 percent in 2018.
In total, China plans to purchase more than 1,300 vessels through 2022.
Read more about cruise markets and cruise ships here: Cars, cars, cruise markets, US cruise ships, cruise ship news source VICE News title How Cruise Ship Sales Are Impacting the US Economy article Cruise ships were the biggest source of US gross domestic product in 2020, with sales of more than $2.3 trillion.
US cruise markets are expected reach $4.5 trillion in 2021, with the majority of that coming from the United Arab Emirates.
In 2019, US travel industry revenue surpassed that of Europe and Asia combined, according a report by the International Monetary Fund.
China overtook the United State as the world’s largest cruise market in 2020.
Carrying passengers in the air from Europe to the Middle East and Africa is a lucrative industry for cruise ships.
A total of $6.9 billion in US cruise revenue was generated in 2020 alone.
The US Cruise Ship Market is expected grow to $7.2 trillion by 2021, according to the CCVB report.
Read More about the US cruise market here: US cruise, cruise ships source Vice news title The ‘Black Box’ Report: US Cruise Ships Make the Most Money in the World article US cruise industry revenue is expected rise by more than 100 percent in 2021.
Cruise ship sales will account for more than 70 percent of US cruise export revenue by the mid-2020s.
US cruise market is projected to grow to 80 percent of all cruise exports, up more than 300 percent over 2021.
China, the largest cruise exporter, is expected to account for only 16 percent of the US market.
The rest of the world will account in 2024 for only 20 percent, the IMS said.
The CCSB report also noted that cruise ships are growing at a rate of 5 to 10 percent annually.
This growth is expected in line with cruise ship’s recent success in becoming a profitable market for the country.
What does Cruise Ship Export mean to you?
Cruiseships have become a large part of our lives in the past few years.
In 2018, more than one in five trips were made by cruise ships (PDF).
We travel on the vessels to meet our friends, meet new people and enjoy the beauty of the Caribbean.
Our economy is growing.
And the industry continues to thrive.
In 2019, a record $7 trillion was spent on cruise ships worldwide, according Tofft.
A record $1.2 billion was spent in 2019 on cruise tourism.
We can count on you to travel on our ships and share our love for the Caribbean in the future.
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Find out more about the cruise industry at the links below: Cruisers’ Industry Guide US Cruise Ships – The Business of Cruise Ships US Cruise Market – A Guide to Cruise Ships in the US, Canada, and Mexico