Flights - Panama | Statista Market Forecast

Flights - Panama

Panama

Highlights

In 2024, the Flights market in Panama is projected to reach a revenue of US$485.70m.
It is expected to grow annually at a rate of 2.40% (CAGR 2024-2029), resulting in a projected market volume of US$546.90m by 2029.
By 2029, the Flights market is expected to have 911.90k users users, with a user penetration rate of 19.0%, compared to 15.8% in 2024.
The average revenue per user (ARPU) is expected to be US$678.30.
In Panama, 81% of the total Flights market revenue will be generated through online sales by 2029.
It is worth noting that in global comparison, United States is expected to generate the most revenue in the Flights market, with a projected revenue of US$143bn in 2024.
Panama's strategic location as a bridge between North and South America has made it a key hub for international flights in the region.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Flights market in Panama has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances.

Customer preferences: Panama is becoming an increasingly popular tourist destination, attracting visitors from all over the world. As a result, there has been a growing demand for flights to and from Panama. Customers are looking for convenient and affordable flight options that offer flexibility in terms of travel dates and destinations. They also value airlines that provide excellent customer service and a seamless travel experience.

Trends in the market: One of the key trends in the Flights market in Panama is the rise of low-cost carriers. These airlines offer competitive fares and a no-frills approach to flying, appealing to budget-conscious travelers. The presence of low-cost carriers has increased competition in the market, leading to lower prices and more options for consumers. Additionally, there has been a shift towards online booking platforms, as customers prefer the convenience and ease of booking flights online. This trend has further fueled the growth of the Flights market in Panama.

Local special circumstances: Panama's strategic location as a bridge between North and South America has made it a hub for international travel. The country's main airport, Tocumen International Airport, serves as a major connecting point for flights to and from other destinations in the region. This has contributed to the growth of the Flights market in Panama, as airlines recognize the importance of connecting Panama with key markets in the Americas. Furthermore, the government of Panama has implemented policies to promote tourism and attract foreign investment, which has also had a positive impact on the Flights market.

Underlying macroeconomic factors: The growth of the Flights market in Panama can be attributed to several underlying macroeconomic factors. The country has experienced stable economic growth in recent years, which has led to an increase in disposable income and a greater willingness to travel. Additionally, Panama has invested in infrastructure development, including the expansion of its airports, which has improved connectivity and made it easier for airlines to operate in the country. The government's commitment to promoting tourism and attracting foreign investment has also created a favorable business environment for airlines operating in Panama. In conclusion, the Flights market in Panama is experiencing significant growth due to changing customer preferences, emerging trends in the market, and local special circumstances. The rise of low-cost carriers, the shift towards online booking platforms, and Panama's strategic location as a hub for international travel are all contributing to the growth of the market. Additionally, stable economic growth and government policies to promote tourism and attract foreign investment are underlying macroeconomic factors driving the development of the Flights market in Panama.

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.