Bus Tickets - Cyprus | Statista Market Forecast

Cyprus is expected to witness a noteworthy growth in the Bus Tickets market by 2024, with a projected revenue of US$4.93m.
The market is expected to grow at a Compound Annual Growth Rate (CAGR) of 2.84% from 2024 to 2029, reaching a market volume of US$5.67m by 2029.
Moreover, the number of users in Cyprus is expected to reach 103.00k users by 2029, with a user penetration rate of 7.2% in 2024 and 7.9% by 2029.
The average revenue per user (ARPU) is estimated to be US$53.72.
Additionally, online sales are expected to contribute to 83% of the total revenue in the Bus Tickets market by 2029.
It is noteworthy that China is projected to generate the highest revenue in the global Bus Tickets market, with US$5bn in 2024.
Cyprus is seeing an increase in demand for electric buses, driven by the government's goal to reduce carbon emissions and improve air quality.

Definition:

The Bus tickets market consists of tickets for long-distance travel or cross-regional travel by bus or coach. This includes country-specific providers of bus transport, e.g., Eurolines, National Express and Greyhound. As a rule, travel for single passengers and groups or time-limited subscription-based travel can be booked up to a year in advance. Tickets for public transport, for within a city or other local travel are not included.

Additional Information:

The main performance indicators of the Bus tickets market are revenues, average revenue per user (ARPU), user numbers 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 and users for the above-mentioned markets. User numbers show only those individuals who have made a reservation, independent of the number of travelers on the booking. Each user is only counted once per year. Additional definitions for each market can be found within the respective market pages.

The booking volume includes all booked rides made by users from the selected region, regardless of where the ride took place.

For further information on the data displayed, refer to the info button right next to each box.

Tickets for long-distance travel or cross-regional travel by bus or coach
Time-limited subscription based travel
Line service and regular, scheduled bus service
All online and offline booked long-distance bus tickets regardless of the purchase channel

Tickets for public transport, for within a city or other local travel
Bus trips that are organized as an excursion or specifically for a travel group

The Buses market in Cyprus is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trajectory. Customer preferences in the Buses market in Cyprus are shifting towards more sustainable and environmentally friendly options. As concerns about climate change and pollution increase, customers are looking for alternatives to traditional gasoline-powered vehicles. This has led to a growing demand for electric and hybrid buses in the market. Additionally, customers are also prioritizing comfort and convenience, with a preference for buses that offer amenities such as air conditioning, Wi-Fi, and comfortable seating. Trends in the market further support the growth of the Buses market in Cyprus. The government has implemented initiatives to promote the use of public transportation, including buses, as a means to reduce traffic congestion and improve air quality. This has resulted in increased investment in public transportation infrastructure and the expansion of bus networks. Furthermore, there is a growing trend towards the use of technology in buses, such as GPS tracking systems and real-time passenger information systems, to enhance the efficiency and convenience of bus services. Local special circumstances in Cyprus also contribute to the development of the Buses market. The island's relatively small size and dense population make it well-suited for the use of buses as a mode of transportation. Additionally, the tourism industry in Cyprus is a major driver of the Buses market, as buses are a popular choice for tourists to explore the island. The government has recognized the importance of the tourism industry and has implemented policies to support its growth, which in turn benefits the Buses market. Underlying macroeconomic factors play a significant role in the development of the Buses market in Cyprus. The country has experienced steady economic growth in recent years, which has resulted in an increase in disposable income and a higher standard of living. This has led to an increased demand for transportation services, including buses, as people have more resources to travel and explore the country. Additionally, favorable government policies and incentives for the purchase of buses, such as tax breaks and subsidies, have also contributed to the growth of the market. In conclusion, the Buses market in Cyprus is experiencing growth and development due to customer preferences for sustainable and convenient transportation options, trends in the market towards the use of technology and public transportation, local special circumstances such as the island's size and tourism industry, and underlying macroeconomic factors such as economic growth and government policies.

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and online shares of bus tickets.

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, third-party studies and reports, federal statistical offices, industry associations, and price data. 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 demographic data, GDP, consumer spending, internet penetration, and device usage. 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, the S-curve function and exponential trend smoothing methods are applied.

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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