Flights - Cyprus | Statista Market Forecast

Flights - Cyprus

Cyprus

Highlights

Cyprus is expected to witness a significant rise in revenue for the Flights market, with a projected value of US$128.20m in 2024.
The market is predicted to grow annually at a rate of 3.13%, resulting in a market volume of US$149.60m by 2029.
By 2029, the number of users is estimated to reach 220.50k users.
The user penetration rate is expected to increase from 14.1% in 2024 to 16.9% in 2029.
The average revenue per user (ARPU) is projected to be US$714.80.
Furthermore, 96% of the total revenue in the Flights market is expected to come from online sales by 2029.
It is noteworthy that United States is expected to generate the highest revenue compared to other countries, with a projected value of US$143bn in 2024.
Cyprus, being a popular holiday destination, has seen a rise in demand for flights during peak tourist season.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Flights market in Cyprus has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Cyprus have shown a strong preference for affordable and convenient flight options. They are increasingly looking for budget airlines that offer competitive prices and a wide range of destinations. This preference is driven by the desire to travel frequently and explore new places without breaking the bank. Additionally, customers value convenience and are drawn to airlines that offer flexible booking options, such as the ability to change or cancel flights easily.

Trends in the market: One of the key trends in the Flights market in Cyprus is the increasing popularity of low-cost carriers. These airlines have been able to capture a significant market share by offering cheaper fares compared to traditional full-service airlines. This trend is driven by the growing demand for affordable travel options and the willingness of customers to compromise on certain amenities in exchange for lower prices. As a result, low-cost carriers have expanded their operations in Cyprus and are now offering a wide range of domestic and international flights. Another trend in the market is the rise of online travel agencies and flight comparison websites. These platforms have made it easier for customers to compare prices and book flights online. They provide a one-stop solution for customers to search, compare, and book flights from multiple airlines. This trend has increased transparency in the market and has empowered customers to make more informed decisions when it comes to booking flights.

Local special circumstances: Cyprus is a popular tourist destination, attracting millions of visitors each year. The island's beautiful beaches, rich history, and vibrant culture make it an attractive place to visit. As a result, the Flights market in Cyprus is heavily influenced by the tourism industry. Airlines have responded to this demand by increasing the number of flights to and from Cyprus, especially during the peak tourist season. This has led to increased competition among airlines and has resulted in more affordable flight options for customers.

Underlying macroeconomic factors: The growth and development of the Flights market in Cyprus can be attributed to several macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and higher consumer spending. This has allowed more people to afford air travel and has contributed to the growth of the Flights market. Additionally, the government of Cyprus has implemented policies to attract foreign investment and promote tourism. These policies have resulted in increased tourist arrivals and have created a favorable environment for airlines to expand their operations in the country. The government has also invested in improving airport infrastructure, which has made it easier for airlines to operate and has contributed to the growth of the Flights market. In conclusion, the Flights market in Cyprus is developing rapidly due to customer preferences for affordable and convenient flight options, the rise of low-cost carriers and online travel agencies, the influence of the 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 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.