Hotels - Uzbekistan

Uzbekistan

Highlights

It is projected that Uzbekistan's Hotels market will experience a significant increase in revenue, amounting to US$233.50m by 2024.
Moreover, this market is expected to exhibit an annual growth rate of 9.56% within the period of 2024-2029.
The aforementioned growth rate is expected to result in a projected market volume of US$368.60m by 2029.
As for the number of users in the Hotels market, it is predicted to reach 6.15m users by 2029.
In 2024, the user penetration rate is expected to be 6.3%, which is projected to increase to 16.2% by 2029.
The average revenue per user (ARPU) is expected to be US$103.90.
It is worth mentioning that 87% of the total revenue in this market will be generated through online sales by 2029.
It is interesting to note that when compared globally, United States is expected to generate the most revenue in the Hotels market, with a projected revenue of US$111bn in 2024.
Uzbekistan's hotel market is experiencing growth due to increased tourism and investment in infrastructure.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Hotels market in Uzbekistan is experiencing a significant growth trajectory in recent years.

Customer preferences: Travelers in Uzbekistan are increasingly seeking unique and authentic experiences during their hotel stays. They are showing a preference for boutique hotels and guesthouses that offer a more personalized and culturally immersive experience. Additionally, there is a growing demand for eco-friendly and sustainable accommodation options among environmentally conscious travelers.

Trends in the market: One notable trend in the Uzbekistan Hotels market is the increasing investment in the hospitality sector, leading to the development of new hotel properties across the country. This trend is driven by the government's efforts to promote tourism and attract more international visitors. Moreover, the growing popularity of online booking platforms is making it easier for travelers to discover and book accommodations in Uzbekistan.

Local special circumstances: Uzbekistan's rich cultural heritage and historical landmarks are major attractions for tourists, driving the demand for hotel accommodations. The country's strategic location along the ancient Silk Road also contributes to its appeal as a tourist destination. As a result, hotels in Uzbekistan often incorporate traditional architectural elements and design aesthetics to provide guests with an authentic cultural experience.

Underlying macroeconomic factors: The government of Uzbekistan has been implementing economic reforms to liberalize the tourism sector and attract foreign investment. These reforms have led to an increase in tourist arrivals and boosted the overall hospitality industry. Additionally, improvements in infrastructure and transportation networks have made it easier for visitors to explore different regions of the country, further fueling the growth of the Hotels market in Uzbekistan.

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of hotels.

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.