Cruises - Cyprus | Statista Market Forecast

Cruises - Cyprus

Cyprus

Highlights

in Cyprus, a country renowned for its Mediterranean charm, is expected to witness a rise in revenue for the Cruises market.
By 2024, the projected revenue for this market is estimated to reach US$18.63m, with an anticipated annual growth rate (CAGR 2024-2029) of 2.89%.
This growth trajectory is expected to result in a projected market volume of US$21.48m by 2029.
In terms of user base, the Cruises market is expected to have 32.10k users users by 2029, with a predicted user penetration of 1.78% in 2024 and a projected increase to 2.46% by 2029.
The average revenue per user (ARPU) is expected to be US$826.10.
Furthermore, it is projected that 27% of the total revenue in the Cruises market will be generated through online sales by 2029.
In comparison to other countries globally, United States is expected to generate the most revenue, with an estimated revenue of US$25bn in 2024.
Cyprus is positioning itself as a luxury cruise destination, with its picturesque coastline and historic ports attracting high-end cruise lines.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Cruises market in Cyprus has been experiencing a significant growth in recent years, attracting both local residents and international tourists to explore the beautiful Mediterranean Sea.

Customer preferences: Cruise passengers in Cyprus are increasingly seeking unique and personalized experiences during their trips. They are looking for cruises that offer cultural immersion, authentic local cuisine, and opportunities for adventure and relaxation. Additionally, there is a growing interest in eco-friendly cruises that prioritize sustainability and environmental conservation.

Trends in the market: One noticeable trend in the Cyprus Cruises market is the rise of small ship cruises that focus on providing intimate and luxury experiences to passengers. These cruises often visit smaller ports and off-the-beaten-path destinations, allowing travelers to discover hidden gems along the Cypriot coastline. Another trend is the incorporation of wellness and health-focused activities on cruise itineraries, catering to passengers' increasing desire for holistic travel experiences.

Local special circumstances: Cyprus's strategic location in the Eastern Mediterranean makes it a popular cruise destination, with its rich history, stunning landscapes, and vibrant culture attracting visitors from around the world. The island's warm climate and crystal-clear waters also make it an ideal setting for cruise activities such as swimming, snorkeling, and water sports. Furthermore, Cyprus's diverse culinary scene, influenced by Greek, Turkish, and Middle Eastern cuisines, offers cruise passengers a unique gastronomic experience.

Underlying macroeconomic factors: The growth of the Cruises market in Cyprus can be attributed to several macroeconomic factors, including the country's efforts to promote tourism as a key driver of economic development. The government's investments in infrastructure, such as port facilities and tourist attractions, have enhanced Cyprus's appeal as a cruise destination. Additionally, the increasing disposable income of consumers both locally and globally has contributed to the rising demand for cruise vacations in Cyprus.

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.