Flights - Peru | Statista Market Forecast

Flights - Peru

Peru

Highlights

In Peru, the Flights market is predicted to attain a revenue of US$1.75bn by 2024.
The revenue is anticipated to display a Compound Annual Growth Rate (CAGR) of 3.14% from 2024 to 2029, culminating in a market size of US$2.04bn by 2029.
The number of users in the Flights market is predicted to reach 5.54m users by 2029, with a user penetration rate of 12.3% in 2024 and 15.2% by 2029.
The Average Revenue Per User (ARPU) is expected to be US$408.50.
By 2029, 90% of the total revenue in the Flights market will be generated through online sales.
It is noteworthy that in contrast to other countries, United States is expected to generate the most revenue, specifically US$143bn in 2024.
Peruvian airlines are expanding their domestic routes, making it easier for tourists to explore the country's diverse regions.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Flights market in Peru has been experiencing significant growth in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Peruvian customers have shown a growing preference for air travel due to several factors. Firstly, the increasing disposable income of the middle class has made air travel more affordable and accessible. Secondly, the convenience and time-saving aspect of flying have become increasingly important in a fast-paced society. Finally, the desire for international travel and exploration has also contributed to the growing demand for flights.

Trends in the market: One of the key trends in the Flights market in Peru is the rise of low-cost carriers. These airlines have entered the market with competitive pricing and simplified services, appealing to cost-conscious customers. The presence of low-cost carriers has increased competition in the industry, leading to lower fares and more options for travelers. Another trend in the market is the expansion of domestic routes. Peru is a geographically diverse country with many popular tourist destinations, such as Machu Picchu and the Amazon rainforest. The development of new domestic routes has made it easier for both domestic and international tourists to explore these attractions, further driving the demand for flights.

Local special circumstances: Peru's tourism industry has been a major driver of growth in the Flights market. The country is known for its rich cultural heritage, natural beauty, and historical sites. The government has made significant investments in promoting tourism, including the improvement of infrastructure and the simplification of visa requirements. These efforts have attracted a growing number of international tourists, boosting the demand for flights to Peru.

Underlying macroeconomic factors: The Flights market in Peru has also benefited from favorable macroeconomic conditions. The country has experienced stable economic growth in recent years, leading to an increase in consumer spending. Additionally, Peru has made significant progress in reducing poverty and improving income distribution, which has contributed to the growth of the middle class. As a result, more Peruvians are able to afford air travel, further fueling the demand for flights. In conclusion, the Flights market in Peru is developing rapidly due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The rise of low-cost carriers, the expansion of domestic routes, the growth of the tourism industry, and favorable macroeconomic conditions have all contributed to the increasing demand for flights in Peru. As the country continues to develop and attract more tourists, the Flights market is expected to continue its upward trajectory.

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.