Cruises - Norway | Statista Market Forecast

Cruises - Norway

Norway

Highlights

In 2024, the projected revenue for the Cruises market is expected to reach US$105.70m.
Furthermore, it is anticipated that the revenue will grow annually at a rate of 3.61% (CAGR 2024-2029), resulting in a projected market volume of US$126.10m by 2029.
The number of users in the Cruises market is expected to amount to 107.50k users by 2029.
Additionally, the user penetration rate is expected to reach 1.88% by 2029, which is an increase from 1.60% in 2024.
The average revenue per user (ARPU) is expected to amount to US$1.20k.
It is worth noting that in the Cruises market, 31% of the total revenue is projected to be generated through online sales by 2029.
In terms of global comparison, United States is expected to generate the most revenue with a projected amount of US$25bn in 2024.
It is worth noting that Norway plays a significant role in the Cruises market, with many popular cruise destinations located within the country's borders.
Norway's cruise market is booming thanks to its stunning fjords, and cruise lines are responding by increasing the number of itineraries and ships in the region.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Cruises market in Norway has been experiencing a significant growth in recent years, attracting both domestic and international travelers seeking unique and scenic cruise experiences.

Customer preferences: Travelers in Norway are increasingly drawn to cruise vacations that offer opportunities to explore the country's stunning fjords, picturesque coastal towns, and Arctic landscapes. The demand for expedition cruises, which allow passengers to immerse themselves in the natural beauty of Norway while engaging in activities like hiking, wildlife watching, and cultural excursions, is on the rise. Additionally, there is a growing interest in themed cruises that focus on specific interests such as culinary experiences, wellness retreats, or adventure sports.

Trends in the market: One notable trend in the Norwegian cruise market is the increasing popularity of sustainable and eco-friendly cruises. Travelers are becoming more conscious of their environmental impact and are seeking cruise companies that prioritize sustainability practices, such as reducing emissions, minimizing waste, and supporting local communities. As a result, cruise operators in Norway are incorporating more sustainable initiatives into their offerings to meet the evolving preferences of environmentally conscious travelers.

Local special circumstances: Norway's unique geography, with its extensive coastline, deep fjords, and remote Arctic regions, presents both opportunities and challenges for the cruise industry. While the country's natural beauty is a major draw for tourists, the rugged terrain and unpredictable weather conditions can make navigation and port access more complex for cruise ships. As a result, cruise companies operating in Norway must carefully plan their itineraries to ensure passenger safety and provide unforgettable experiences amidst the country's breathtaking landscapes.

Underlying macroeconomic factors: The growth of the Cruises market in Norway is also influenced by broader macroeconomic factors such as the overall strength of the tourism industry, disposable income levels, and government policies related to tourism and maritime activities. As the Norwegian economy continues to perform well and consumer confidence remains high, more people are willing to spend on travel experiences, including cruises. Additionally, government support for sustainable tourism practices and infrastructure development in key cruise destinations further contributes to the positive growth trajectory of the cruise market in Norway.

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.