Cruises - Bolivia | Statista Market Forecast

By 2024, the projected revenue in the Cruises market in Bolivia is expected to reach US$4.28m.
Furthermore, the market is estimated to grow annually at a rate of 7.06% from 2024 to 2029, resulting in a projected market volume of US$6.02m by 2029.
The number of users in the Cruises market is anticipated to increase to 12.23k users by 2029.
In 2024, the user penetration rate in Bolivia is estimated to be 0.05%, which is expected to increase to 0.09% by 2029.
The average revenue per user (ARPU) is projected to be US$683.80.
Moreover, online sales are expected to contribute 32% of the total revenue in the Cruises market by 2029.
It is worth noting that in a global comparison, United States is expected to generate the most revenue, with a projected revenue of US$25bn in 2024.
Despite Bolivia being a landlocked country, the demand for luxury river cruises on the Amazon and Madeira rivers 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

The Cruises market in Bolivia has been experiencing a notable growth in recent years, reflecting the global trend of increasing interest in cruise travel.

Customer preferences: Bolivian customers are showing a growing preference for cruise vacations, attracted by the convenience of all-inclusive packages and the opportunity to visit multiple destinations in one trip. The desire for unique and experiential travel experiences is also driving the demand for cruises among Bolivian travelers.

Trends in the market: One of the key trends in the Cruises market in Bolivia is the rise of expedition cruises to remote and exotic destinations. Bolivian travelers are increasingly seeking off-the-beaten-path experiences, leading to a surge in bookings for cruises to destinations such as Antarctica, the Galapagos Islands, and the Arctic. Additionally, themed cruises focusing on wellness, adventure, or culinary experiences are gaining popularity among Bolivian consumers.

Local special circumstances: Despite being a landlocked country, Bolivia's growing middle class and increasing disposable income levels are contributing to the expansion of the Cruises market. Bolivian travelers are willing to travel to coastal countries to embark on cruise vacations, showcasing a strong interest in exploring the world by sea. The country's unique geography, with diverse landscapes ranging from the Andes Mountains to the Amazon rainforest, also plays a role in shaping the travel preferences of Bolivian cruise passengers.

Underlying macroeconomic factors: The improving economic conditions in Bolivia, coupled with a stable political environment, are supporting the growth of the Cruises market in the country. As more Bolivians enter the middle-income bracket, they are looking for new and exciting travel experiences, with cruises offering a convenient and luxurious way to explore different parts of the world. The government's efforts to promote tourism and improve infrastructure are further bolstering the development of the cruise industry in Bolivia.

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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