Cruises - Azerbaijan | Statista Market Forecast

By 2024, revenue in the Cruises market in Azerbaijan is forecasted to reach US$7.49m, with an anticipated annual growth rate of 3.21% (CAGR 2024-2029).
This growth is expected to result in a projected market volume of US$8.78m by 2029.
Additionally, the number of users within this market is expected to amount to 13.32k users by 2029, with user penetration increasing from 0.12% in 2024 to 0.12% by 2029.
The average revenue per user (ARPU) is expected to amount to US$613.60.
In terms of online sales, 26% of the total revenue in this market is expected to be generated through online channels by 2029.
Compared to other countries, United States is expected to generate the most revenue in the Cruises market, with a projected revenue of US$25bn in 2024.
Despite being a landlocked country, Azerbaijan's growing economy and booming tourism sector have led to an increase in cruise ship visits to the nearby Caspian Sea.

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

The Cruises market in Azerbaijan has been experiencing a steady growth in recent years, reflecting a global trend towards increased interest in cruise travel.

Customer preferences: Customers in Azerbaijan are showing a growing interest in cruise vacations due to the unique travel experiences they offer. The convenience of visiting multiple destinations in a single trip, combined with the luxury amenities and entertainment options available on cruise ships, appeals to a wide range of travelers. Additionally, the all-inclusive nature of many cruise packages makes them an attractive option for those looking for a hassle-free vacation.

Trends in the market: In Azerbaijan, there is a noticeable trend towards smaller, more intimate cruise experiences. This shift may be driven by a desire for more personalized service and authentic cultural interactions. As a result, boutique cruise lines and expedition cruises that focus on exploration and immersion in local cultures are gaining popularity among Azerbaijani travelers. Furthermore, themed cruises catering to specific interests such as gastronomy, wellness, or adventure are also becoming more prevalent in the market.

Local special circumstances: Azerbaijan's unique geographical location on the Caspian Sea presents opportunities for the development of domestic cruise tourism. The country's picturesque coastline and historic ports offer potential for the growth of local cruise offerings, catering to both domestic and international tourists. Additionally, the government's efforts to promote tourism and improve infrastructure, including port facilities, are contributing to the expansion of the cruise market in Azerbaijan.

Underlying macroeconomic factors: The overall economic stability and increasing disposable income levels in Azerbaijan are supporting the growth of the cruise market. As more Azerbaijani consumers have the financial means to afford luxury travel experiences, the demand for cruises is expected to continue rising. Additionally, the government's focus on diversifying the tourism sector and attracting foreign investment is likely to further boost the development of the cruise market in the country.

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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