Cruises - Myanmar | Statista Market Forecast

By 2024, the Cruises market in Myanmar is expected to generate a revenue of US$2.75m.
This revenue is projected to grow annually at a rate of 6.32% (CAGR 2024-2029), which will result in a market volume of US$3.74m by 2029.
The number of users in the same market is predicted to be 6.54k users by 2029.
In 2024, the user penetration is expected to be 0.01%, which is likely to remain the same by 2029.
The average revenue per user (ARPU) is expected to be US$568.40.
Furthermore, online sales are projected to generate 21% of the total revenue in the Cruises market by 2029.
It is noteworthy that United States is expected to generate the most revenue in the Cruises market globally, with a projected revenue of US$25bn in 2024.
Myanmar's unspoiled coastline and cultural heritage make it an emerging destination for luxury expedition cruises.

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

Cruises in Myanmar have been gaining popularity among both locals and tourists in recent years.

Customer preferences: Travelers in Myanmar are increasingly seeking unique and immersive travel experiences, which has led to a growing interest in cruise vacations. The allure of exploring the country's diverse landscapes, ancient temples, and vibrant local culture from the comfort of a cruise ship has resonated with many tourists. Additionally, the convenience of having accommodations, dining options, and entertainment all in one place appeals to those looking for a hassle-free travel experience.

Trends in the market: One notable trend in the Myanmar cruise market is the rise of river cruises along the Irrawaddy and Chindwin rivers. These cruises offer passengers the opportunity to visit remote villages, historical sites, and picturesque landscapes that are not easily accessible by land. As more cruise companies expand their offerings to cater to this growing demand, travelers can choose from a variety of cruise itineraries that showcase the best of Myanmar's natural beauty and cultural heritage.

Local special circumstances: Myanmar's unique blend of traditional charm and unspoiled natural beauty sets it apart as a distinctive cruise destination in Southeast Asia. The country's rich history, diverse ethnic groups, and warm hospitality create a captivating experience for cruise passengers. Moreover, Myanmar's government has been actively promoting tourism and improving infrastructure to support the growth of the cruise industry, making it easier for cruise operators to navigate the country's waterways and ports.

Underlying macroeconomic factors: The increasing stability and openness of Myanmar's economy have contributed to the growth of the cruise market in the country. As the tourism sector continues to develop and attract investment, more cruise companies are recognizing the potential of Myanmar as a key destination in the region. Additionally, the rising disposable income among Myanmar's middle class has made luxury travel experiences, such as cruises, more accessible to a broader range of consumers. This combination of economic factors bodes well for the future expansion of the cruise market in Myanmar.

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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