Flights - Montenegro

Montenegro

Highlights

Montenegro is expected to witness a significant growth in the Flights market revenue which is projected to reach US$23.24m by 2024.
The market is also expected to grow annually at a rate of 4.66% between 2024 and 2029, resulting in a projected market size of US$29.18m by 2029.
It is expected that the number of users in the Flights market will amount to 72.88k users by 2029, with user penetration projected to be 9.6% in 2024 and 11.7% by 2029.
The average revenue per user (ARPU) is expected to be US$384.80.
By 2029, 72% of the total revenue generated in the Flights market is expected to come from online sales.
In comparison to other countries, United States is expected to generate the most revenue in the Flights market, with a projected revenue of US$143bn in 2024.
Montenegro's flight market is expanding with the addition of new routes and airlines, catering to the country's growing tourism industry.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Flights market in Montenegro has been experiencing significant growth in recent years.

Customer preferences: Customers in Montenegro are increasingly opting for air travel due to its convenience and efficiency. Flights offer a faster mode of transportation compared to other options such as buses or trains, allowing travelers to reach their destinations more quickly. Additionally, the increasing affordability of flights has made air travel more accessible to a wider range of customers. This has led to a rise in demand for flights in Montenegro.

Trends in the market: One of the key trends in the flights market in Montenegro is the expansion of routes and destinations. Airlines are continuously adding new routes to cater to the growing demand from both domestic and international travelers. This trend is driven by the increasing popularity of Montenegro as a tourist destination, as well as the country's efforts to attract foreign investment and promote economic growth. As a result, travelers have more options when it comes to choosing their flight routes, making air travel a more attractive choice. Another trend in the market is the introduction of low-cost carriers. These airlines offer affordable fares and have become increasingly popular among budget-conscious travelers. The presence of low-cost carriers has not only increased competition in the market but has also made air travel more affordable for a larger segment of the population. This has contributed to the overall growth of the flights market in Montenegro.

Local special circumstances: Montenegro's strategic location on the Adriatic coast has played a significant role in the development of the flights market. The country's beautiful landscapes, including its stunning coastline and national parks, have made it a popular tourist destination. This has attracted both domestic and international travelers, leading to an increase in demand for flights. Additionally, Montenegro's efforts to promote itself as a business-friendly destination have also contributed to the growth of the flights market, as more business travelers visit the country for conferences, meetings, and investment opportunities.

Underlying macroeconomic factors: The growth of the flights market in Montenegro is also influenced by various macroeconomic factors. The country's stable political environment and economic growth have created a favorable business climate, attracting both domestic and foreign investments. This has led to an increase in business travel, contributing to the overall demand for flights. Additionally, Montenegro's membership in international organizations such as NATO and its aspirations to join the European Union have further boosted its profile as a desirable destination for both leisure and business travelers. In conclusion, the flights market in Montenegro is experiencing significant growth due to customer preferences for convenience and efficiency, the expansion of routes and destinations, the introduction of low-cost carriers, the country's strategic location and natural attractions, and favorable macroeconomic factors. As the market continues to develop, it is likely that more opportunities will arise for both domestic and international airlines to expand their operations in Montenegro.

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.