The global cruise fleet will have the capacity to carry 32.2 million passengers annually by 2032, according to the new Cruise Industry Annual Report.
The report, published since 1987, tracks industry growth and its forecast is based on new ship orders, cruise lines stated building intentions and ship deployment changes and withdrawals over the period of next 20 years from 2012 to 2032.
The short-term forecast, from 2012 to 2016, takes industry capacity up from 18.1 million in 2011 to 21.4 million in 2016, which represents an annual growth of 3.4%. The biggest jump is in 2012 with a 7.4% capacity increase; dropping to 1.6%t in 2013; and up again to 4.7% in 2014; 3 percent in 2015 and at this time to 0.5% in 2016.
From 2016 to 2032 the average annual capacity growth rate is projected to stabilise at 2.5%. In the short term, the report concludes that the slower building pace will allow the industry to better deal with the economic downturn and may over the longer term allow the cruise lines to raise their prices as demand catches up with supply.