Cruises - Europe | Statista Market Forecast

The revenue in the Cruises market is predicted to attain US$10.14bn by 2024, with an anticipated annual growth rate (CAGR 2024-2029) of 2.48%.
This growth is expected to result in a projected market volume of US$11.47bn by 2029 in Europe.
The number of users in the Cruises market is expected to reach 10.18m users by 2029.
In 2024, the user penetration is 0.97%, and it is expected to increase to 1.21% by 2029.
The average revenue per user (ARPU) is expected to be US$1.24k.
By 2029, online sales are expected to generate 28% of total revenue in the Cruises market.
It is worth noting that in comparison to other countries globally, United States is expected to generate the majority of the revenue, with US$25bn in 2024.
Greece's cruise market is booming with a focus on island hopping 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 Europe has been experiencing a surge in popularity in recent years, with more travelers opting for cruise vacations to explore the diverse coastal destinations of the continent.

Customer preferences: Travelers in Europe are increasingly seeking unique and immersive experiences during their vacations. This has led to a growing demand for themed cruises, such as culinary cruises, wellness cruises, and adventure cruises, catering to different interests and preferences. Additionally, there is a rising interest in sustainable and eco-friendly cruising options among European consumers, driving the market towards more environmentally conscious practices.

Trends in the market: One notable trend in the European Cruises market is the increasing popularity of river cruises. European rivers offer a picturesque and culturally rich cruising experience, attracting a large number of tourists looking to explore historic cities and charming landscapes along the waterways. Another trend is the expansion of luxury cruise offerings in Europe, with cruise lines introducing high-end amenities, personalized services, and exclusive experiences to cater to affluent travelers seeking a premium vacation experience.

Local special circumstances: Europe's diverse geography and rich maritime history provide a unique advantage to the Cruises market in the region. The proximity of major European cities to popular cruise ports enables convenient access for both domestic and international travelers. Furthermore, Europe's well-developed tourism infrastructure and high safety standards contribute to the overall appeal of cruising in the region, ensuring a seamless and enjoyable travel experience for passengers.

Underlying macroeconomic factors: The stable economic growth in Europe has positively impacted the Cruises market, as consumers feel more confident in spending on leisure travel. Additionally, the increasing trend of multi-generational travel in Europe has boosted the demand for family-friendly cruise options, with cruise lines offering diverse activities and entertainment for passengers of all ages. Moreover, the competitive pricing strategies and promotional offers by cruise operators have made cruising an attractive and affordable vacation choice for many European travelers.

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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