Travel & Tourism - Cambodia | Statista Market Forecast

Cambodia's Travel & Tourism market is projected to achieve a revenue of US$258.70m by 2024, with an anticipated annual growth rate (CAGR 2024-2029) of 6.11%.
Consequently, the market volume is expected to reach US$348.00m by 2029.
In Cambodia, the largest market is the Package Holidays market, which is expected to have a revenue of US$109.10m by 2024.
The number of users in Package Holidays is projected to amount to 1.61m users by 2029, with a user penetration of 11.0% in 2024 and an expected increase to 15.2% by 2029.
The average revenue per user (ARPU) is anticipated to be US$136.90.
By 2029, 73% of the total revenue in the Travel & Tourism market is expected to come from online sales.
It is important to note that in global comparison, United States is projected to generate the most revenue, with a total of US$214bn in 2024.
Cambodia's Travel & Tourism industry is experiencing growth due to the country's rich cultural heritage and increasing air connectivity.

Definition:

The Travel & Tourism market encompasses a diverse range of accommodation services catering to the needs and preferences of travelers. This dynamic market includes package holidays, hotel accommodations, private vacation rentals, camping experiences, and cruises.

Structure:

The market consists of five further markets.

The Cruises market covers multi-day vacation trips on a cruise ship. The Cruises market encompasses exclusively passenger ticket revenues.
The Vacation Rentals market comprises of private accommodation bookings which includes private holiday homes and houses as well as short-term rental of private rooms or flats.
The Hotels market includes stays in hotels and professionally run guest houses.
The Package Holidays market comprises of travel deals that normally contain travel and accommodation sold for one price, although optional further provisions can be included such as catering and tourist services.
The Camping market includes bookings at camping sites for pitches using tents, campervans, or trailers. These can be associated with big chains or privately managed campsites.

Additional Information:

The main performance indicators of the Travel & Tourism market are revenues, average revenue per user (ARPU), users 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. Users represent the aggregated number of guests. 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 travels made by users from the selected region, independent of the departure and arrival. The scope includes domestic and outbound travel.

Prominent players in this sector include online travel agencies (OTAs) like Expedia and Opodo, as well as tour operators such as TUI. Specialized platforms like Hotels.com, Booking.com, and Airbnb facilitate the online booking of hotels and private accommodations, contributing significantly to the market's vibrancy.

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Bookings directly via the website of the service provider, travel agencies, online travel agencies (OTAs) or telephone

Business trips
Other forms of trips (e.g. excursions, etc.)

The Travel & Tourism market in Cambodia has been experiencing significant growth in recent years, attracting a large number of international visitors to explore its rich culture and natural beauty.

Customer preferences: Tourists visiting Cambodia are increasingly seeking authentic cultural experiences, including exploring ancient temples, sampling local cuisine, and interacting with the friendly local population. Many travelers are also drawn to Cambodia's stunning beaches and eco-tourism opportunities, looking to immerse themselves in the country's natural landscapes.

Trends in the market: One notable trend in the Cambodian travel market is the rise of sustainable and responsible tourism practices. Travelers are showing a growing interest in supporting local communities and preserving the environment while enjoying their vacation. This trend has led to the development of eco-friendly accommodations, ethical wildlife tours, and community-based tourism initiatives across the country.

Local special circumstances: Cambodia's unique blend of history, culture, and natural beauty sets it apart as a top travel destination in Southeast Asia. The country's iconic Angkor Wat temple complex, vibrant markets, and warm hospitality of the locals contribute to its appeal among international tourists. Additionally, Cambodia's affordable prices and improving infrastructure make it an attractive option for budget-conscious travelers looking for a memorable experience.

Underlying macroeconomic factors: The growth of the Travel & Tourism market in Cambodia is also influenced by macroeconomic factors such as government initiatives to promote the industry, investment in infrastructure development, and increasing air connectivity with key source markets. As Cambodia continues to focus on diversifying its economy and attracting foreign investment, the tourism sector is expected to play a crucial role in driving economic growth and creating employment opportunities for the local population.

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of hotels, vacation rentals, cruises, package holidays, and camping.

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, the Global Consumer Survey, third-party studies and reports, data from industry associations (e.g., UNWTO), and price data of major players in respective markets. 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 country-related GDP, demographic data (e.g., population), tourism spending, consumer spending, internet penetration, and device penetration. 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, and exponential trend smoothing methods are applied. A k-means cluster analysis allows for the estimation of similar countries. The main drivers are tourism GDP per capita and respective price indices.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.

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Business or corporate travel is the tourism segment that focuses on people who travel for work or professional purposes and the related tourism services. This branch also includes the meetings industry, which refers to business events, conferences, congresses, trade fairs, and exhibitions. According to the World Travel and Tourism Council (WTTC), business travel accounted for 20 percent of the global tourism expenditure in 2021. In that year, it was estimated that business travelers spent more than 740 billion U.S. dollars worldwide, with Chinese tourists topping the ranking of the biggest business travel spenders.