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Flights - Slovakia

Slovakia

Slovakia is expected to witness considerable growth in the Flights market.
By 2024, this market is projected to generate a revenue of US$526.80m.
The revenue is expected to grow annually at a rate of 2.90%, resulting in a market volume of US$590.60m by 2028.
In the same year, the number of users is expected to be 1.06m users.
The user penetration is projected to increase from 17.6% in 2024 to 18.9% by 2028.
The average revenue per user (ARPU) is expected to be US$0.52k.
Furthermore, in the Flights market in Slovakia, 85% of the total revenue is expected to be generated through online sales by 2028.
Additionally, in a global comparison, China is expected to generate the most revenue in this market, amounting to US$136bn in 2024.
Slovakia's flight market is expected to grow due to increased tourism, with airlines like Ryanair and Wizz Air expanding their routes.

Key regions: Germany, China, Saudi Arabia, Malaysia, Thailand

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Analyst Opinion

The Flights market in Slovakia is experiencing significant growth and development in recent years.

Customer preferences: Customers in Slovakia are increasingly opting for air travel as their preferred mode of transportation. This can be attributed to several factors such as the convenience and time-saving nature of air travel, the increasing affordability of flights, and the growing number of destinations that are accessible by air. Additionally, customers are also prioritizing comfort and amenities when choosing flights, leading to an increased demand for premium services and improved in-flight experiences.

Trends in the market: One of the key trends in the Flights market in Slovakia is the expansion of low-cost carriers. These airlines offer affordable fares and have been successful in attracting a larger customer base. This trend is driven by the increasing competition in the market, as well as the changing travel preferences of customers who are looking for budget-friendly options. As a result, low-cost carriers have been expanding their routes and increasing their flight frequencies to meet the growing demand. Another trend in the market is the rise of online travel agencies and flight comparison websites. These platforms provide customers with a convenient way to compare prices, book flights, and manage their travel itineraries. The increasing popularity of online booking has led to a shift in customer behavior, with more customers opting to book flights directly through these platforms rather than through traditional travel agents. This trend has also led to increased price transparency and competition among airlines, further benefiting customers.

Local special circumstances: Slovakia's strategic location in Central Europe makes it an attractive destination for both business and leisure travelers. The country is well-connected to other European countries, with several international airports serving major cities. This accessibility has contributed to the growth of the Flights market in Slovakia, as it attracts both domestic and international travelers. Additionally, the tourism industry in Slovakia has been actively promoted by the government, leading to an increase in the number of tourists visiting the country. This has created a positive impact on the Flights market, as airlines are expanding their operations and offering more flights to accommodate the growing number of tourists.

Underlying macroeconomic factors: The positive growth in the Flights market in Slovakia can also be attributed to the country's overall economic development. Slovakia has experienced steady economic growth in recent years, which has resulted in increased disposable income for its citizens. This has led to a higher demand for travel and tourism, including air travel. Furthermore, the government has implemented policies to support the development of the aviation industry, such as improving airport infrastructure and attracting foreign airlines to operate in the country. These initiatives have created a favorable environment for the Flights market to thrive and contribute to the overall economic growth of Slovakia. In conclusion, the Flights market in Slovakia is witnessing significant growth and development, driven by customer preferences for air travel, the expansion of low-cost carriers, the rise of online travel agencies, and the country's strategic location and government support. These factors, along with the positive macroeconomic conditions, have contributed to the increasing demand for flights in Slovakia.

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.