Travel & Tourism - Turkmenistan

Turkmenistan

Turkmenistan is expected to witness significant growth in its Travel & Tourism market.
By 2024, the projected revenue for this market in the country is US$54.87m.
Furthermore, it is anticipated that the market will experience a Compound Annual Growth Rate (CAGR) of 7.02% from 2024 to 2029, resulting in a market volume of US$77.03m by the end of 2029.
The Package Holidays market is expected to dominate the market in Turkmenistan, with a projected market volume of US$35.48m by 2024.
The number of users is also expected to increase, reaching 234.40k users by 2029.
Additionally, user penetration is expected to increase from 3.9% in 2024 to 4.7% in 2029.
The average revenue per user (ARPU) is forecasted to be US$214.80.
It is also worth noting that 66% of the total revenue in the Travel & Tourism market in Turkmenistan is expected to be generated through online sales by 2029.
When compared globally, United States is expected to generate the most revenue in the Travel & Tourism market, with a projected revenue of US$214bn in 2024.
Turkmenistan's government heavily regulates its tourism industry, limiting the number of tourists and controlling their itinerary.

Key regions: Malaysia, Europe, Singapore, Vietnam, United States

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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Analyst Opinion

Turkmenistan, a country known for its rich history and diverse cultural heritage, is experiencing a notable development in its Travel & Tourism market.

Customer preferences: Travelers in Turkmenistan are increasingly seeking unique and authentic experiences, driving the demand for off-the-beaten-path destinations and cultural immersion. Tourists are showing a growing interest in exploring the country's historical sites, traditional crafts, and local cuisine, reflecting a global trend towards experiential travel.

Trends in the market: One prominent trend in the Turkmenistan Travel & Tourism market is the government's efforts to promote the country as a tourist destination. Infrastructure development, such as the construction of new hotels and transportation facilities, is aimed at attracting more visitors. Additionally, the focus on sustainable tourism practices aligns with the growing global awareness of environmental conservation.

Local special circumstances: Turkmenistan's unique cultural heritage and natural landscapes set it apart as a distinctive travel destination. The country's ancient Silk Road cities, architectural landmarks, and desert landscapes appeal to travelers looking for authentic cultural experiences. Moreover, Turkmenistan's traditional hospitality and warm welcome to visitors contribute to its appeal as a tourist-friendly destination.

Underlying macroeconomic factors: The growth of the Travel & Tourism market in Turkmenistan is also influenced by macroeconomic factors such as government investment in the sector, improvements in transportation infrastructure, and political stability. As the country opens up to international visitors and diversifies its tourism offerings, the market is poised for further expansion.

Methodology

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.