Cruises - Southeast Asia | Statista Market Forecast

By 2024, the projected revenue for the Cruises market in Southeast Asia is US$1.44bn.
It is anticipated that the market will experience a Compound Annual Growth Rate (CAGR) of 3.69% from 2024 to 2029, resulting in a projected market size of US$1.72bn by 2029.
The number of users in the Cruises market is predicted to reach 3.19m users by 2029.
The user penetration in 2024 is expected to be 0.27% and is projected to increase to 0.44% by 2029.
The average revenue per user (ARPU) is estimated to be US$762.30.
By 2029, online sales are expected to account for 18% of the total revenue in the Cruises market.
In comparison to other countries, United States is predicted to generate the most revenue in the Cruises market, with a projection of US$25bn in 2024.
Cruising in Southeast Asia is gaining popularity due to the region's diverse cultures, stunning landscapes, and exotic cuisine.

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 Southeast Asia has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Southeast Asia are increasingly drawn to cruises as a convenient and luxurious way to explore multiple destinations in a single trip. The allure of onboard amenities, diverse dining options, and entertainment choices cater to the evolving tastes of travelers seeking unique and immersive experiences.

Trends in the market: In Thailand, the growing popularity of river cruises along the Chao Phraya River in Bangkok showcases a shift towards more localized and culturally enriching cruise experiences. This trend aligns with the broader global movement towards sustainable tourism practices and authentic cultural encounters.

Local special circumstances: Indonesia's archipelagic geography presents a unique opportunity for cruise operators to offer island-hopping itineraries that showcase the country's natural beauty and diverse cultures. The government's efforts to develop cruise tourism infrastructure in destinations like Bali and Komodo Island further support the expansion of the market in the region.

Underlying macroeconomic factors: The rising disposable incomes and expanding middle-class population in countries like Vietnam and the Philippines have contributed to the increasing demand for cruise travel among locals. As more Southeast Asian economies continue to grow, the affordability and accessibility of cruises are likely to attract a broader customer base looking for premium travel experiences.

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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