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Flights - Singapore

Singapore
  • By 2024, the revenue of the Flights market in Singapore is expected to hit US$1.57bn.
  • Further, the projected market volume of this market is estimated to reach US$1.95bn by 2029, with an annual growth rate (CAGR 2024-2029) of 4.52%.
  • In terms of the number of users, the Flights market in Singapore is expected to have 2.03m users users by 2029, with a user penetration rate of 32.7%, up from 26.6% in 2024.
  • The average revenue per user (ARPU) for this market is projected to be US$975.00.
  • By 2029, online sales are expected to generate 87% of the total revenue in this market.
  • It is worth noting that in global comparison, United States is expected to generate the highest revenue in this market with US$143bn by 2024.
  • Singapore Airlines continues to dominate the flight market with its award-winning service and modern fleet.

Definition:

The Flights market contains air travel bookings regardless of the purchase channel, such as an airline's website or a travel agency.

Additional Information:

The main performance indicators of the Flights market are revenues, average revenue per user (ARPU), user numbers and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues and users for the above-mentioned markets. User numbers show only those individuals who have made a reservation, independent of the number of travelers on the booking. Each user is only counted once per year. Additional definitions for each market can be found within the respective market pages.

The booking volume includes all booked flights made by users from the selected region, independent of the departure and arrival airports relating to the booked flights.

For further information on the data displayed, refer to the info button right next to each box.

In-Scope

  • Air travel booked over the internet or offline (e.g. in a travel agency or at the airport)
  • All bookings made by users from the selected region, independent of the departure and arrival airports

Out-Of-Scope

  • Non-commercial air traffic
Flights: market data & analysis - Cover

Market Insights report

Flights: market data & analysis

Study Details

    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Key Players

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Sales Channels

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Flights market in Singapore has been experiencing significant growth in recent years, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

    Customer preferences:
    Customers in Singapore have shown a growing preference for air travel due to its convenience and time-saving benefits. With increasing disposable incomes and a desire for leisure and business travel, more people are opting for flights as their preferred mode of transportation. Additionally, the availability of online booking platforms and competitive pricing has made it easier and more affordable for customers to book flights.

    Trends in the market:
    One major trend in the Flights market in Singapore is the rise of low-cost carriers. These budget airlines offer affordable fares and have gained popularity among price-conscious travelers. The presence of low-cost carriers has increased competition in the market, leading to lower ticket prices and more options for consumers. This trend has also contributed to the overall growth of the Flights market in Singapore. Another trend in the market is the increasing popularity of travel packages and bundled services. Many airlines now offer all-inclusive packages that combine flights, accommodation, and other travel services. This trend caters to customers who prefer convenience and a hassle-free travel experience. By offering bundled services, airlines can attract more customers and increase their market share.

    Local special circumstances:
    Singapore is a major travel hub in Southeast Asia, attracting both leisure and business travelers from around the world. The city-state's strategic location, excellent infrastructure, and world-class airport facilities have positioned it as a key transit point for international flights. This has contributed to the growth of the Flights market in Singapore, as airlines recognize the potential of connecting flights through Singapore. Furthermore, Singapore has a strong reputation for safety and efficiency, which makes it an attractive destination for travelers. The country's strict regulations and high safety standards have instilled confidence in customers, encouraging them to choose flights as their preferred mode of travel.

    Underlying macroeconomic factors:
    The Flights market in Singapore is also influenced by underlying macroeconomic factors. Singapore's strong economy and stable political environment have attracted foreign investments and businesses, leading to an increase in business travel. Additionally, the country's growing middle class and rising disposable incomes have fueled demand for leisure travel. These macroeconomic factors have contributed to the overall growth of the Flights market in Singapore. In conclusion, the Flights market in Singapore has been experiencing significant growth due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The rise of low-cost carriers, the popularity of travel packages, Singapore's status as a travel hub, and the country's strong economy have all contributed to the development of the Flights market in Singapore. As customer demand continues to increase, the market is expected to further expand in the coming years.

    Users

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Global Comparison

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Methodology

    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.

    Mobility

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    Flights: market data & analysis - BackgroundFlights: market data & analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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