Cruises - Uzbekistan | Statista Market Forecast

The projected revenue for the Cruises market is set to reach US$2.54m in 2024, with an annual growth rate (CAGR 2024-2029) of 8.11%.
This growth rate is expected to result in a projected market volume of US$3.75m by 2029.
By 2029, the number of users in the Cruises market is expected to amount to 18.15k users.
The user penetration rate is anticipated to remain at 0.01% by 2024 and 2029.
The average revenue per user (ARPU) is expected to be US$623.60.
It is noteworthy that in the Cruises market, 20% of the total revenue will be generated through online sales by 2029.
In terms of global comparison, it is projected that United States will generate the highest revenue with a value of US$25bn in 2024.
Despite the lack of access to waterways, Uzbekistan's growing middle class is showing increasing interest in luxury river cruises abroad.

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 Uzbekistan has been experiencing a notable increase in interest and development in recent years.

Customer preferences: Customers in Uzbekistan are increasingly drawn to cruise vacations as a luxurious and convenient way to explore different destinations. The appeal of all-inclusive packages, which often include accommodations, meals, and entertainment, resonates well with Uzbekistani travelers seeking hassle-free holiday experiences.

Trends in the market: One prominent trend in the Uzbekistan Cruises market is the growing demand for river cruises. The country's stunning natural landscapes, including the Amu Darya and Syr Darya rivers, offer unique opportunities for travelers to immerse themselves in the local culture while enjoying a leisurely cruise. Additionally, themed cruises focusing on cultural experiences and culinary delights are gaining popularity among Uzbekistani tourists looking for more enriching travel experiences.

Local special circumstances: Uzbekistan's strategic location along the ancient Silk Road has positioned it as a key stop for cruise itineraries exploring the historical and cultural significance of the region. The country's rich heritage, highlighted by architectural marvels such as the Registan in Samarkand and the walled city of Khiva, makes it a compelling destination for cruise operators looking to offer unique and educational journeys to their customers.

Underlying macroeconomic factors: The gradual opening up of Uzbekistan to international tourism and investment, coupled with government initiatives to boost the country's tourism sector, has created a conducive environment for the growth of the Cruises market. Improved infrastructure, visa facilitation, and marketing efforts aimed at promoting Uzbekistan as a top travel destination have all contributed to the increasing popularity of cruises among both domestic and international travelers.

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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