Source: adapted from Cruise Industry News. Share of worldwide deployed capacity.
The cruise line market is oligopolistic in its ownership but diversified in the offering of services. It competes fundamentally for the discretionary spending of tourists by offering various brands. Two main cruise lines account for 62% of the market: Carnival and Royal Caribbean. Each owns a portfolio of lines catering to a specific market in terms of cost and experience. Thus, the industry offers product diversity through a market segmentation of cruise offerings, even if ownership is highly concentrated. In 2026, the Big-4 groups (Carnival, Royal Caribbean, MSC, and Norwegian Cruise Line (NCL)) own 228 ships with 629,433 berths, representing a deployed capacity of 30.30 million passengers, or 78.9% share of the total deployed fleet. Disney Cruises, with a 2.9% share of the deployed capacity, tops the list of the other cruise lines, while the comparatively recently established Virgin Voyages holds a notable 1.4% of the deployed market capacity.
Carnival Corporation & plc. The world’s largest cruise operator was founded in 1972 and is headquartered in Miami. In addition to Carnival Cruise Lines, it owns Holland America Line, Princess Cruises, Seabourn Cruise Line, and Seabourn. The fleet of these cruise lines sails year-round in the Caribbean, Mexico, and Panama. The seasonal routes operate in Alaska, Hawaii, the Panama Canal, and the Canadian waters. Costa Cruises, AIDA Cruises, Cunard Line, and P&O Cruises (UK) offer cruises in Europe and the UK, and P&O Cruises Australia is the market leader in Australia/New Zealand.
Royal Caribbean Cruise Lines. The world’s second-largest cruise line was founded in 1969. It is a major brand with new types of ships, large tonnage, and diverse facilities. It owns cruise ship brands such as Royal Caribbean International (RCI), Celebrity Cruises. TUI Cruises, Silversea and Hapag-Lloyd. Royal Caribbean International operates the world’s largest super-luxury cruise ships (Oasis class vessels).