The Flights market in BRICS is witnessing significant growth and development due to various factors such as changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.
Customer preferences: Customers in the BRICS countries have shown a growing preference for air travel due to its convenience and time-saving benefits. With increasing disposable incomes, more people are opting for flights as their preferred mode of transportation for both domestic and international travel. Additionally, the rise of low-cost carriers has made air travel more affordable and accessible to a larger segment of the population.
Trends in the market: One of the key trends in the Flights market in BRICS is the expansion of domestic and international routes. Airlines are constantly adding new destinations to their networks, catering to the growing demand for travel within and outside the BRICS countries. This trend is driven by factors such as increasing tourism, business travel, and the desire for exploration among customers. Another trend in the market is the adoption of technology to enhance the overall travel experience. Airlines are investing in digital platforms and mobile applications to make flight bookings, check-in, and other travel-related activities more convenient for customers. This trend is in line with the global shift towards digitalization and the increasing reliance on technology in various industries.
Local special circumstances: Each BRICS country has its own unique set of circumstances that impact the Flights market. For example, in Brazil, the country's vast geographical size and the need to connect different regions have led to the development of a robust domestic flight network. In Russia, the vast land area and the presence of remote regions have created a demand for air travel as the most efficient mode of transportation. In India, the Flights market is influenced by the country's large population and the increasing middle class. This has resulted in a growing demand for both domestic and international flights. South Africa, on the other hand, is a popular tourist destination, attracting visitors from around the world. This has led to a thriving international flights market in the country.
Underlying macroeconomic factors: The growth of the Flights market in BRICS is also driven by underlying macroeconomic factors. The BRICS countries have experienced steady economic growth in recent years, leading to an increase in disposable incomes and a higher standard of living. This has resulted in a greater ability and willingness to spend on travel, including flights. Furthermore, the BRICS countries have made significant investments in their aviation infrastructure, including the expansion and modernization of airports. This has improved the overall connectivity and accessibility of the Flights market, making it more attractive to both domestic and international travelers. In conclusion, the Flights market in BRICS is witnessing growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The increasing demand for air travel, the expansion of domestic and international routes, the adoption of technology, and the improving aviation infrastructure are all contributing to the positive trajectory of the market in the BRICS countries.
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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