Cruises - Ireland | Statista Market Forecast

In 2024, the revenue in the Cruises market is projected to reach US$43.08m, with an expected annual growth rate (CAGR 2024-2029) of 3.57%.
This would result in a projected market volume of US$51.34m by 2029.
It is expected that by 2029, the number of users in the Cruises market in Ireland will amount to 54.76k users.
The user penetration, which is currently at 0.79%, is expected to hit 1.04% by 2029.
The average revenue per user (ARPU) is expected to amount to US$1.08k.
Furthermore, it is projected that by 2029, 30% of the total revenue in the Cruises market in Ireland will be generated through online sales.
It is interesting to note that in global comparison, 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 small market, Ireland's strong economy and high demand for luxury travel experiences make it a promising destination for cruise companies.

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 Ireland has been experiencing a notable increase in interest and demand among consumers.

Customer preferences: Irish consumers are increasingly drawn to the idea of cruise vacations due to the convenience and all-inclusive nature they offer. The opportunity to visit multiple destinations in one trip, combined with on-board amenities and entertainment options, has become particularly appealing to travelers in Ireland.

Trends in the market: One significant trend in the Irish Cruises market is the growing popularity of expedition cruises to unique and off-the-beaten-path destinations. Irish travelers are showing a preference for immersive experiences and adventure-focused itineraries, seeking to explore lesser-known locations while enjoying the comfort and luxury of a cruise ship.

Local special circumstances: The geographical location of Ireland, surrounded by the Atlantic Ocean and the Irish Sea, plays a crucial role in shaping the Cruises market in the country. The proximity to various European ports and the accessibility to popular cruise routes contribute to the increasing availability of cruise options for Irish travelers. Additionally, the rich maritime history and culture in Ireland add to the allure of cruise vacations for local passengers.

Underlying macroeconomic factors: The improving economic conditions in Ireland have also had a positive impact on the Cruises market. With rising disposable incomes and a growing middle class, more Irish consumers are able to afford cruise holidays. The stability of the economy and the strong performance of the tourism sector further support the growth of the cruise industry in Ireland.

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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