The Flights market in Bhutan has been experiencing significant growth in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.
Customer preferences: Travelers in Bhutan have shown a strong preference for air travel due to its convenience and time-saving benefits. With the increasing availability of flights to both domestic and international destinations, more people are opting to fly rather than travel by road or other means. This preference is further fueled by the desire for comfort and the opportunity to explore new destinations.
Trends in the market: One of the key trends in the flights market in Bhutan is the expansion of flight routes and destinations. Airlines have been adding new routes and increasing flight frequencies to cater to the growing demand. This trend is driven by the increasing number of tourists visiting Bhutan, as well as the desire of Bhutanese people to explore new destinations for leisure and business purposes. Another trend in the market is the introduction of low-cost carriers. These airlines have made air travel more affordable for a larger segment of the population, leading to an increase in the number of people choosing to fly. The availability of budget flights has also contributed to the growth of domestic tourism in Bhutan, as more people are able to afford air travel within the country.
Local special circumstances: Bhutan is a landlocked country with limited road infrastructure, making air travel the most convenient mode of transportation for both domestic and international travel. The government of Bhutan has recognized the importance of air connectivity and has been actively promoting the development of the aviation sector. This has led to the establishment of new airports and the expansion of existing ones, further enhancing the accessibility of air travel in the country.
Underlying macroeconomic factors: The growth of the flights market in Bhutan is also influenced by underlying macroeconomic factors. Bhutan has been experiencing steady economic growth in recent years, which has resulted in an increase in disposable income and a rise in the standard of living. This has created a larger market for air travel, as more people are able to afford flights for both leisure and business purposes. Additionally, the government of Bhutan has been implementing policies to promote tourism and attract foreign investment. These efforts have resulted in an increase in the number of tourists visiting the country, further driving the demand for flights. The government's focus on sustainable development and the preservation of Bhutan's unique cultural heritage has also made the country an attractive destination for travelers, contributing to the growth of the flights market. In conclusion, the flights market in Bhutan is experiencing significant growth due to customer preferences for air travel, market trends such as the expansion of flight routes and the introduction of low-cost carriers, local special circumstances such as limited road infrastructure and government support for the aviation sector, and underlying macroeconomic factors including economic growth and tourism promotion efforts.
Data coverage:
The data encompasses B2C enterprises. Figures are based on bookings, revenues, and online shares of flights.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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