Cruises - Asia | Statista Market Forecast

By 2024, the Cruises market in Asia is expected to reach a revenue of US$3.56bn.
Moreover, this revenue is projected to grow at an annual rate of 6.13% (CAGR 2024-2029), resulting in a market volume projection of US$4.79bn by 2029.
It is also expected that the number of users in this market will amount to 8.84m users by 2029, with a user penetration of 0.10% in 2024, which is anticipated to increase to 0.19% by 2029.
Additionally, the average revenue per user (ARPU) is expected to be US$790.90.
In terms of revenue distribution, it is estimated that 24% of the total revenue will be generated through online sales by 2029.
When compared globally, United States is expected to generate the highest revenue of US$25bn in 2024, in the Cruises market.
In Japan, the demand for luxury cruises featuring local cuisine and cultural experiences is on the rise.

Definition:

A cruise is a multi-day vacation trip on a cruise ship which crosses the sea or large inland waters while calling at different tourist destinations along a certain route. With this kind of ship journey, it is not the aspect of transport that is in the spotlight but the stay aboard the ship as well as visiting the tourist destinations. The Cruises market encompasses exclusively passenger ticket revenues. Onboard and other revenues are not included.

Additional Information:

The main performance indicators of the Cruises market are revenues, average revenue per user (ARPU), users and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues. Users represent the aggregated number of guests. Each user is only counted once per year.

The booking volume includes all booked travels made by users from the selected region, independent of the departure and arrival. The scope includes domestic and outbound travel.

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Multi-day cruises
Ocean cruises and river cruises

Trips by ferry (including trips with overnight stay)
Trips by ferry mainly for transport purposes

Over the past decade, the Cruises market in Asia has experienced significant growth and development, becoming an increasingly popular choice for travelers in the region.

Customer preferences: Travelers in Asia are increasingly seeking unique and experiential travel opportunities, which has led to a growing interest in cruise vacations. Many customers are drawn to the convenience and luxury that cruises offer, allowing them to visit multiple destinations in a single trip while enjoying various onboard amenities and entertainment options.

Trends in the market: In Japan, there has been a rise in demand for luxury cruises, particularly among affluent travelers looking for high-end experiences. The country's unique blend of traditional culture and modern attractions has made it a popular destination for cruise lines, leading to an increase in cruise offerings in the region.

Local special circumstances: China, as one of the largest cruise markets in Asia, has been experiencing a boom in cruise tourism in recent years. The Chinese government has been investing heavily in developing its cruise industry, building new ports and infrastructure to accommodate the growing number of cruise ships and passengers. This has made cruising more accessible to a larger segment of the population, driving further growth in the market.

Underlying macroeconomic factors: The overall economic growth in Asia, coupled with rising disposable incomes among the middle class, has contributed to the expansion of the cruise market in the region. As more people are able to afford leisure travel, the demand for cruise vacations has increased. Additionally, favorable government policies and investments in tourism infrastructure have helped to support the growth of the cruise industry in Asia.

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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