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By the year 2024, it is projected that the revenue in the Cruises market will reach US$211.70m in India.
The revenue is expected to display an annual growth rate (CAGR 2024-2029) of 8.55%, resulting in a projected market volume of US$319.00m by 2029.
In India, the number of users in the Cruises market is expected to amount to 1.20m users by 2029.
The user penetration is expected to increase from 0.03% in 2024 to 0.08% by 2029.
Additionally, the average revenue per user (ARPU) is expected to be US$504.90.
It is anticipated that 18% of the total revenue in the Cruises market in India will be generated through online sales by 2029.
In the global comparison, United States is expected to generate the most revenue, with US$25bn in 2024.
India's growing middle class and desire for luxury travel experiences have led to an increase in demand for high-end 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

The Cruises market in India has been witnessing a steady growth in recent years, reflecting the increasing interest of Indian consumers in cruise vacations.

Customer preferences: Indian consumers are increasingly looking for unique travel experiences, which has led to a growing demand for cruise vacations. The desire for luxury travel, exotic destinations, and hassle-free holiday experiences are driving more Indians towards cruise tourism.

Trends in the market: One of the key trends in the Indian Cruises market is the introduction of shorter cruise itineraries to cater to the preferences of Indian consumers. Cruise operators are offering weekend getaways and short trips to nearby destinations to attract first-time cruisers and young professionals. Additionally, themed cruises focusing on wellness, adventure, and cultural experiences are gaining popularity among Indian travelers.

Local special circumstances: The geographical location of India plays a significant role in shaping the Cruises market. With a vast coastline along the Arabian Sea and the Bay of Bengal, India has the potential to become a major hub for cruise tourism. Ports such as Mumbai, Cochin, and Chennai serve as important embarkation points for cruise ships, offering convenient access to popular tourist destinations.

Underlying macroeconomic factors: The growing economy and increasing disposable income of the middle-class population in India are fueling the demand for cruise vacations. As more Indians have the financial means to afford luxury travel experiences, the Cruises market is expected to continue its upward trajectory. Additionally, government initiatives to promote tourism and improve infrastructure at major ports are further supporting the growth of the cruise industry in India.

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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