Flights - Puerto Rico

Puerto Rico

Highlights

Puerto Rico is expected to see a significant increase in revenue in the Flights market over the next few years.
By 2024, revenue is projected to reach US$85.71m and show a Compound Annual Growth Rate (CAGR) of 4.24% from 2024-2029, resulting in a market volume of US$105.50m by 2029.
The number of users in this market is also expected to rise to 294.90k users by 2029, with a user penetration of 6.8% in 2024 and 9.0% by 2029.
The average revenue per user (ARPU) is expected to be US$384.10.
Furthermore, online sales are projected to generate 85% of total revenue in the Flights market by 2029.
It is worth noting that in global comparison, United States is expected to generate the most revenue in this market, with a projected revenue of US$143bn in 2024.
Puerto Rico's flight market has seen a surge in demand for domestic travel due to the COVID-19 pandemic, as international travel remains restricted.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Flights market in Puerto Rico is experiencing significant growth and development.

Customer preferences: Customers in Puerto Rico have shown a strong preference for domestic flights within the country. This is due to the convenience and time-saving benefits of air travel compared to other modes of transportation. Additionally, the popularity of domestic tourism has increased, with more Puerto Ricans opting to explore different parts of their own country.

Trends in the market: One major trend in the Flights market in Puerto Rico is the increase in international flights to and from the country. This can be attributed to the growing popularity of Puerto Rico as a tourist destination, with visitors from all over the world coming to explore its beautiful beaches, rich history, and vibrant culture. The availability of direct flights from major international cities has made it easier for tourists to access Puerto Rico, leading to a surge in international arrivals. Another trend in the Flights market is the rise of low-cost carriers. These airlines offer affordable fares and have gained popularity among budget-conscious travelers. The presence of low-cost carriers has increased competition in the market, leading to lower prices and more options for consumers.

Local special circumstances: Puerto Rico's unique status as a territory of the United States has had an impact on the Flights market. As a result, airlines operating in Puerto Rico must comply with both U. S. and Puerto Rican regulations. This can create challenges for airlines, but it also provides opportunities for those that are able to navigate the regulatory landscape effectively.

Underlying macroeconomic factors: The Flights market in Puerto Rico has been influenced by various macroeconomic factors. One of the key drivers of growth is the overall economic stability and growth of the country. As the economy continues to improve, more people have disposable income to spend on travel, leading to increased demand for flights. Additionally, the government of Puerto Rico has implemented policies to promote tourism and attract foreign investment. This has resulted in increased tourism infrastructure and marketing efforts, which in turn has contributed to the growth of the Flights market. Overall, the Flights market in Puerto Rico is experiencing growth and development due to customer preferences for domestic and international travel, the rise of low-cost carriers, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, it is expected that more opportunities will arise for both airlines and travelers in Puerto Rico.

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.