Market Insights Mobility Travel & Tourism

Cruises - Malaysia

Malaysia

In Malaysia, the projected revenue for the Cruises market in 2024 is set to reach €86.24m.
Furthermore, the revenue is forecasted to grow at an annual growth rate (CAGR 2024-2028) of 2.77%, resulting in a market volume of €96.20m by 2028.
As for the number of users in the Cruises market, it is expected to reach 164.60k users by 2028.
Additionally, the user penetration is anticipated to rise from 0.44% in 2024 to 0.46% by 2028.
The Average Revenue Per User (ARPU) is estimated to be €0.56k.
By 2028, 21% of the total revenue in the Cruises market is expected to be generated through online sales.
Finally, in global comparison, United States is predicted to generate the most revenue in the Cruises market with €13,860m in 2024.
Malaysia's cruise market is expanding with new itineraries to Southeast Asia, including stops in Penang and Langkawi.

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

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Analyst Opinion

The Cruises market in Malaysia has been experiencing a steady growth in recent years, attracting both domestic and international travelers looking for unique and relaxing vacation experiences.

Customer preferences: Travelers in Malaysia are increasingly drawn to cruise vacations due to the convenience of visiting multiple destinations in one trip, the all-inclusive nature of cruise packages, and the variety of onboard activities and amenities offered. Additionally, the growing middle-class population in Malaysia has more disposable income to spend on leisure activities like cruises.

Trends in the market: One notable trend in the Cruises market in Malaysia is the rising popularity of themed cruises catering to different interests such as wellness, adventure, or gastronomy. These themed cruises offer a more personalized experience for travelers seeking specific activities or lifestyles while at sea. Moreover, there is a growing demand for short weekend cruises among busy urban dwellers looking for quick getaways without the hassle of long travel times.

Local special circumstances: The geographical location of Malaysia, with its access to numerous picturesque islands and coastal areas, makes it an ideal hub for cruise itineraries in the Southeast Asian region. The country's diverse cultural heritage and culinary offerings also add to the appeal of cruise vacations starting or ending in Malaysia. Furthermore, the Malaysian government has been actively promoting cruise tourism by investing in port infrastructure and offering incentives to cruise operators, which has contributed to the market's development.

Underlying macroeconomic factors: The overall economic stability and growth in Malaysia have positively impacted the Cruises market, as more people are willing to spend on luxury experiences like cruises. Additionally, the increasing connectivity and accessibility of travel options have made cruising more convenient and appealing to a wider audience. As disposable incomes continue to rise and consumer preferences shift towards experiential travel, the Cruises market in Malaysia is expected to further expand in the coming years.

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.