Cruises - Israel | Statista Market Forecast

Cruises - Israel

Israel

Highlights

Israel is expected to witness a significant growth in revenue within the Cruises market.
By 2024, the projected revenue is estimated to reach US$33.13m, with an expected annual growth rate of 10.84% between 2024 and 2029.
This growth will result in a projected market volume of US$55.42m by 2029, with the number of users expected to reach 64.24k users by the same year.
As of 2024, the user penetration rate is expected to be 0.33%, which is expected to increase to 0.64% by 2029.
The average revenue per user (ARPU) is projected to amount to US$1.08k, contributing to the overall revenue growth within the Cruises market.
Moreover, it is expected that 28% of the total revenue from the Cruises market will be generated through online sales by 2029.
It is noteworthy that in the global comparison, United States is projected to generate the most revenue within the Cruises market, with an estimated revenue of US$25bn in 2024.
Despite the pandemic, Israeli demand for luxury cruises in the Mediterranean remains high due to the desire for unique cultural experiences.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Cruises market in Israel has been experiencing a notable growth in recent years, with an increasing number of travelers opting for cruise vacations to explore different destinations.

Customer preferences: Travelers in Israel are showing a growing interest in cruise vacations due to the convenience of visiting multiple destinations in one trip, the variety of onboard activities and entertainment, as well as the all-inclusive nature of cruise packages. Additionally, the appeal of experiencing different cultures and cuisines in a hassle-free manner is attracting more Israeli tourists to choose cruises as their preferred vacation option.

Trends in the market: One noticeable trend in the Israeli Cruises market is the rising demand for luxury and expedition cruises. Travelers are seeking unique and exclusive experiences, leading to an increase in the popularity of high-end cruise offerings that cater to discerning customers. Moreover, themed cruises focusing on specific interests such as wellness, adventure, or culinary experiences are gaining traction among Israeli travelers looking for specialized vacation experiences at sea.

Local special circumstances: Israel's geographical location along the Mediterranean coast plays a significant role in shaping the Cruises market in the country. The proximity to popular cruise destinations in the Mediterranean region makes Israel a convenient starting point for many cruise itineraries, attracting both domestic and international cruise lines to include Israeli ports in their routes. Furthermore, the rich historical and cultural heritage of Israel offers unique shore excursion opportunities for cruise passengers, enhancing the overall appeal of the destination for cruise tourism.

Underlying macroeconomic factors: The growing economy in Israel, coupled with increasing disposable income levels among the population, is contributing to the expansion of the Cruises market in the country. As more Israelis have the financial means to afford luxury travel experiences, the demand for cruises is expected to continue rising. Additionally, government initiatives to promote tourism and improve infrastructure in key port cities are further supporting the development of the cruise industry in Israel.

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.