Travel & Tourism - Uzbekistan | Statista Market Forecast

The Travel & Tourism market in Uzbekistan is projected to see a revenue of US$449.30m by 2024.
This is expected to grow annually at a rate of 9.91% (CAGR 2024-2029) resulting in a market volume of US$720.60m by 2029.
The Hotels market is projected to be the largest market with a volume of US$233.50m in 2024.
The number of users in the Hotels market is expected to reach 6.15m users by 2029, with a user penetration rate of 9.7% in 2024 and a projected rate of 19.6% by 2029.
The average revenue per user (ARPU) is expected to be US$129.60.
It is projected that 87% of the total revenue in the Travel & Tourism market will be generated through online sales by 2029.
In comparison to other countries, United States is expected to generate the most revenue with a projected revenue of US$214bn in 2024.
Uzbekistan's travel and tourism market is experiencing a rise in popularity due to its rich cultural heritage and historical landmarks.

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.)

In recent years, the Travel & Tourism market in Uzbekistan has been experiencing significant growth and development.

Customer preferences: Travelers in Uzbekistan are increasingly seeking authentic cultural experiences, historical sites, and natural landscapes. They are drawn to the rich history of the Silk Road, ancient cities like Samarkand and Bukhara, and the stunning architecture of mosques and mausoleums. Additionally, there is a growing interest in eco-tourism and sustainable travel practices among tourists visiting Uzbekistan.

Trends in the market: One of the notable trends in the Uzbekistan Travel & Tourism market is the government's efforts to promote the country as a tourist destination. Initiatives such as visa liberalization, improved infrastructure, and marketing campaigns have contributed to the growth of international arrivals. Furthermore, the rise of digital platforms and online booking services has made it easier for travelers to plan their trips to Uzbekistan.

Local special circumstances: Uzbekistan's strategic location at the crossroads of Central Asia has played a significant role in shaping its tourism industry. The country's cultural diversity, warm hospitality, and unique blend of Persian, Turkic, and Russian influences make it a captivating destination for travelers. Moreover, the government's focus on preserving and promoting cultural heritage sites has enhanced the overall appeal of Uzbekistan to tourists.

Underlying macroeconomic factors: The economic reforms and investment-friendly policies implemented by the Uzbek government have had a positive impact on the Travel & Tourism market. The country's efforts to diversify its economy and attract foreign investment have led to improvements in infrastructure, hospitality services, and overall tourism experience. Additionally, the stability and security in the region have boosted traveler confidence and contributed to the growth of the tourism sector.

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.

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

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.