Market Insights Mobility Travel & Tourism

Cruises - Turkey

Turkey

Turkey's Cruises market is expected to see a significant increase in revenue in the coming years.
By 2024, the projected revenue is set to reach US$30.60m.
This figure is projected to grow annually at a rate of 6.83% between 2024 and 2028, resulting in a market volume projection of US$39.86m by 2028.
The number of users in the Cruises market is expected to reach 40.45k users by 2028, with a user penetration of 0.04% in 2024, which is expected to increase to 0.05% by 2028.
The average revenue per user (ARPU) is expected to be US$0.95k.
It is projected that by 2028, 21% of the total revenue in the Cruises market will be generated through online sales.
When compared globally, United States is expected to generate the most revenue in the Cruises market, with a projected revenue of US$15,160m by 2024.
However, in Turkey, the Cruises market is also expected to show significant growth in the coming years.
Despite being a popular destination for land-based tourism, Turkey's cruise market is still developing and has significant growth potential.

Key regions: Germany, Singapore, Indonesia, India, Vietnam

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Analyst Opinion

The Cruises market in Turkey has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Turkey are increasingly drawn to cruises as a convenient and luxurious way to travel and explore different destinations. The all-inclusive nature of cruise packages, which often include accommodation, meals, entertainment, and transportation, appeals to Turkish travelers looking for hassle-free vacations. Additionally, the variety of onboard activities and amenities offered by cruise lines caters to a wide range of preferences, making cruises an attractive option for families, couples, and solo travelers alike.

Trends in the market: One notable trend in the Turkish Cruises market is the increasing demand for Eastern Mediterranean and Black Sea cruises. Turkish travelers are showing a growing interest in exploring destinations closer to home, such as Greece, Italy, Croatia, and Russia, leading to more cruise itineraries in these regions. Moreover, themed cruises focusing on cultural experiences, culinary delights, or wellness retreats are gaining popularity among Turkish consumers seeking unique and immersive travel experiences.

Local special circumstances: Turkey's unique geographical position as a bridge between Europe and Asia makes it a strategic hub for cruise itineraries in the Eastern Mediterranean and beyond. The country's rich history, diverse cultural heritage, and stunning coastline along the Aegean and Mediterranean Seas also make it an attractive destination for cruise lines looking to offer enriching and picturesque experiences to passengers. Furthermore, the development of modern cruise terminals in major Turkish cities like Istanbul, Izmir, and Antalya has improved the infrastructure for cruise tourism, enhancing the overall cruise experience for travelers.

Underlying macroeconomic factors: The growth of the Cruises market in Turkey is also influenced by macroeconomic factors such as increasing disposable incomes, a growing middle class, and a strong focus on tourism development by the government. As more Turks have the financial means to afford luxury travel experiences, the demand for cruises is expected to continue rising. Additionally, government initiatives to promote tourism, improve infrastructure, and attract foreign investment in the travel sector are creating a favorable environment for the expansion of the cruise industry in Turkey.

Methodology

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.