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The Flights market in North America has experienced significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances.
Customer preferences: Customers in North America have shown a strong preference for convenience and efficiency when it comes to air travel. With busy schedules and limited time, travelers are seeking flights that offer direct routes, shorter travel times, and convenient departure and arrival times. This has led to an increase in demand for non-stop flights and the expansion of routes offered by airlines. Additionally, customers are increasingly looking for personalized travel experiences, with options such as premium economy and business class becoming more popular.
Trends in the market: One of the key trends in the Flights market in North America is the rise of low-cost carriers. These airlines offer affordable fares and have gained popularity among budget-conscious travelers. The increased competition from low-cost carriers has led to a decrease in fares and an increase in options for travelers. As a result, more people are opting to fly rather than travel by other means. Another trend in the market is the growing importance of technology in the booking process. Online travel agencies and airline websites have made it easier for customers to compare prices, book flights, and manage their travel itineraries. Mobile apps have also become increasingly popular, allowing travelers to check-in, receive flight updates, and access their boarding passes directly from their smartphones. These technological advancements have streamlined the booking process and enhanced the overall travel experience for customers.
Local special circumstances: North America is a vast region with diverse landscapes and popular tourist destinations. This has led to an increase in domestic and international travel within the continent. Major cities such as New York, Los Angeles, and Toronto attract millions of tourists each year, creating a high demand for flights. Additionally, North America is home to several major airlines, making it a hub for connecting flights to other parts of the world. These factors have contributed to the growth of the Flights market in the region.
Underlying macroeconomic factors: The Flights market in North America is also influenced by underlying macroeconomic factors. A strong economy, low unemployment rates, and increased disposable income have resulted in more people being able to afford air travel. Additionally, the growth of the tourism industry and the rise of business travel have further fueled the demand for flights. These factors, combined with the customer preferences and emerging trends mentioned earlier, have contributed to the development and expansion of the Flights market in North America.
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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)