Key regions: Indonesia, Singapore, United States, India, Vietnam
The Cruises market in APAC is experiencing significant growth and development, driven by various factors influencing consumer behavior and market dynamics in the region.
Customer preferences: Customers in APAC are increasingly seeking unique and immersive cruise experiences, leading to a rise in demand for themed cruises, luxury cruises, and expedition cruises. The desire for personalized services, cultural enrichment, and authentic local experiences are shaping customer preferences in the region.
Trends in the market: In Japan, there is a growing trend towards domestic cruises, with more Japanese travelers opting to explore the scenic coastlines and cultural heritage sites within the country. The cruise market in China is witnessing a surge in popularity among the younger generation, who are attracted to themed cruises and onboard entertainment options. Southeast Asian countries like Singapore and Malaysia are becoming key cruise hubs, with a rise in port infrastructure development and an increase in cruise ship deployments.
Local special circumstances: Australia, as a major player in the APAC cruise market, is known for its diverse itineraries that showcase the country's natural beauty and wildlife. The market in India is showing potential for growth, driven by a rising middle-class population with disposable income and a growing interest in leisure travel. South Korea is emerging as a popular cruise destination, offering a mix of modern amenities and traditional cultural experiences onboard.
Underlying macroeconomic factors: The economic growth in APAC countries, coupled with increasing disposable incomes and a growing middle-class population, is fueling the demand for cruise travel in the region. Government initiatives to promote tourism, investments in port infrastructure, and collaborations with international cruise lines are further boosting the development of the Cruises market in APAC.
Data coverage:
The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of cruises.Modeling approach:
Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, the Global Consumer Survey, third-party studies and reports, data from industry associations (e.g., UNWTO), and price data of major players in respective markets. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as country-related GDP, demographic data (e.g., population), tourism spending, consumer spending, internet penetration, and device penetration. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, and exponential trend smoothing methods are applied. A k-means cluster analysis allows for the estimation of similar countries. The main drivers are tourism GDP per capita and respective price indices.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.
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