Cruises - Slovakia | Statista Market Forecast

By 2024, the revenue in the Cruises market of Slovakia is anticipated to achieve US$4.32m.
The expected annual growth rate or CAGR from 2024 to 2029 is 2.38%, which is expected to lead to a market volume projection of US$4.86m in 2029.
Additionally, the number of users in this market is expected to reach 8.94k users by 2029.
The penetration rate of users is projected to increase from 0.08% in 2024 to 0.16% in 2029.
Furthermore, the projected average revenue per user (ARPU) is expected to be US$941.50.
In terms of revenue generation through online sales, 24% of the total revenue in the Cruises market is projected to be generated through online sales by 2029.
Lastly, it is worth noting that in a global comparison, United States is expected to generate the most revenue, with a projection of US$25bn in 2024.
Although Slovakia doesn't have direct access to the sea, its increasing popularity as a river cruise destination is boosting the country's tourism industry.

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 Slovakia has been experiencing a notable growth in recent years, reflecting a global trend towards increased interest in cruise vacations.

Customer preferences: Customers in Slovakia are showing a growing preference for cruise vacations due to the convenience and all-inclusive nature of such trips. The appeal of visiting multiple destinations in one journey, along with the variety of onboard activities and amenities, is attracting more Slovakian travelers to choose cruises as their preferred holiday option.

Trends in the market: One prominent trend in the Slovakian Cruises market is the rise of river cruises. With the Danube River running through the country, Slovakian travelers are increasingly opting for river cruises to explore different European cities along the river banks. This trend aligns with the overall European preference for river cruises, which offer a more intimate and cultural travel experience compared to ocean cruises.

Local special circumstances: Slovakia's landlocked geography presents a unique challenge for the Cruises market. While the country does not have direct access to the sea, the popularity of river cruises along the Danube River provides a viable alternative for Slovakian travelers. The country's proximity to popular cruise destinations like Vienna and Budapest further enhances the appeal of river cruises for Slovakian tourists.

Underlying macroeconomic factors: The growing disposable income levels in Slovakia are playing a significant role in driving the expansion of the Cruises market. As more Slovakian consumers have higher purchasing power, they are increasingly willing to spend on travel experiences such as cruises. Additionally, the overall stability of the Slovakian economy and the increasing focus on tourism development are creating a favorable environment for the growth of the Cruises market in the country.

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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