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Cruises - Indonesia

Indonesia

Highlights

In 2024, the projected revenue in the Cruises market is expected to reach US$21.09m.
It is estimated that the revenue will experience an annual growth rate (CAGR 2024-2029) of 16.52%, resulting in a projected market volume of US$45.29m by 2029.
By 2029, the number of users in the Cruises market is expected to amount to 106.70k users.
The user penetration rate is forecasted to increase from 0.02% in 2024 to 0.04% by 2029.
The average revenue per user (ARPU) is expected to be US$475.20.
By 2029, 25% of the total revenue generated in the Cruises market will be through online sales.
It is noteworthy that in global comparison, United States is expected to generate the highest revenue in the Cruises market, with US$25bn in 2024.
It is noteworthy that in 2029, the number of users in this market is expected to amount to 106.70k users.
The user penetration rate is expected to increase from 0.02% in 2024 to 0.04% by 2029.
Additionally, the average revenue per user (ARPU) is expected to be US$475.20.
It is estimated that by 2029, 25% of the total revenue generated in the Cruises market will be through online sales.
Indonesia's cruise market is gaining popularity, with an increased focus on cultural experiences and eco-friendly activities.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Cruises market in Indonesia has been steadily growing in recent years, attracting both domestic and international tourists looking for unique travel experiences in the archipelago.

Customer preferences: Tourists in Indonesia are increasingly seeking all-inclusive travel options that provide convenience and luxury. Cruises offer a hassle-free way to explore the country's beautiful islands, rich cultural heritage, and diverse marine life. Additionally, Indonesian travelers are showing a growing interest in sustainable and eco-friendly tourism practices, making cruises a popular choice due to their lower environmental impact compared to traditional forms of travel.

Trends in the market: One notable trend in the Indonesian Cruises market is the rise of domestic cruise tourism. As more Indonesians have disposable income and seek to explore their own country, domestic cruise operators are expanding their offerings to cater to this growing market segment. Furthermore, themed cruises and adventure cruises are gaining popularity among travelers looking for unique and immersive experiences during their vacations in Indonesia.

Local special circumstances: Indonesia's vast archipelago presents a unique opportunity for cruise operators to offer diverse itineraries that showcase the country's natural beauty and cultural heritage. From the pristine beaches of Bali to the remote islands of Raja Ampat, Indonesia offers a wide range of destinations that appeal to different types of travelers. Additionally, the Indonesian government has been actively promoting cruise tourism as part of its efforts to boost the country's tourism industry, leading to increased investment in port infrastructure and tourism services.

Underlying macroeconomic factors: The growth of the Cruises market in Indonesia can also be attributed to favorable macroeconomic conditions, such as a rising middle class with higher disposable incomes and increased connectivity through improved transportation infrastructure. As more Indonesians have the means to travel and seek unique experiences, the demand for cruises is expected to continue growing in the coming years. Additionally, the government's efforts to promote tourism and attract foreign investment in the sector are creating a conducive environment for the development of the cruise industry in Indonesia.

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.