Cruises - EU-27 | Statista Market Forecast

By 2024, the projected revenue for the Cruises market in the EU-27 is expected to reach US$6.53bn.
The revenue is also anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 2.56%, culminating in a projected market volume of US$7.41bn by 2029.
The number of users in the Cruises market is expected to amount to 6.51m users by 2029.
In 2024, the user penetration rate is estimated to be 1.21%, and it is projected to increase to 1.47% by 2029.
The ARPU is predicted to be US$1.21k.
By 2029, 28% of the total revenue in the Cruises market is expected to be generated through online sales.
Moreover, in comparison 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.
Spain's cruise industry is rebounding post-pandemic with a focus on sustainability and cultural experiences.

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 EU-27 has been experiencing significant growth and development in recent years.

Customer preferences: Passengers in the EU-27 have shown a strong preference for cruises that offer unique and immersive experiences, such as themed cruises, cultural excursions, and adventure activities. There is also a growing demand for sustainable and eco-friendly cruise options, reflecting a broader trend towards responsible tourism.

Trends in the market: One notable trend in the EU-27 Cruises market is the increasing popularity of river cruises. These cruises offer passengers the opportunity to explore picturesque waterways and visit charming towns and cities along the route. River cruises are particularly appealing to travelers looking for a more intimate and relaxed cruising experience compared to traditional ocean cruises.

Local special circumstances: The EU-27 region is home to a diverse range of cultures, landscapes, and historical sites, making it a highly attractive destination for cruise travelers. From the sun-soaked Mediterranean coasts to the rugged beauty of the Norwegian fjords, there is no shortage of captivating destinations to explore in Europe. This rich tapestry of offerings ensures that the Cruises market in the EU-27 remains vibrant and dynamic.

Underlying macroeconomic factors: The growth of the Cruises market in the EU-27 can also be attributed to favorable macroeconomic conditions, such as rising disposable incomes, low unemployment rates, and increased consumer confidence. As more Europeans have the financial means to travel, the demand for cruises as a convenient and all-inclusive vacation option has continued to rise. Additionally, the EU's focus on promoting tourism and improving transportation infrastructure has further supported the expansion of the Cruises market in the region.

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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