Travel & Tourism - Ivory Coast

Ivory Coast

In Ivory Coast, the revenue in the Travel & Tourism market is projected to reach US$263.10m by 2024.
The market is expected to show an annual growth rate (CAGR 2024-2028) of 6.12%, resulting in a projected market volume of US$333.70m by 2028.
The largest market in Ivory Coast is the Hotels market, with a projected market volume of US$135.30m by 2024.
By 2028, the number of users in Hotels is expected to amount to 2,017.00k users.
In 2024, the user penetration rate is 8.5% and is expected to hit 9.4% by 2028.
The average revenue per user (ARPU) is expected to amount to US$104.60 .
By 2028, 73% of total revenue in Ivory Coast's Travel & Tourism market will be generated through online sales.
In comparison to global markets, United States is expected to generate the most revenue, with US$199bn in 2024.
Ivory Coast's travel and tourism industry is experiencing growth due to government efforts to improve infrastructure and promote cultural tourism.

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

The Travel & Tourism market in Ivory Coast is experiencing a significant growth trajectory driven by various factors.

Customer preferences: Travelers in Ivory Coast are increasingly seeking unique and authentic experiences, leading to a rise in demand for cultural and eco-tourism activities. Tourists are also showing a preference for sustainable and responsible travel options, supporting local communities and preserving the environment.

Trends in the market: One notable trend in the Ivory Coast travel market is the development of luxury tourism offerings, catering to high-end travelers looking for exclusive experiences. Additionally, the country's efforts to improve infrastructure and promote safety and security measures are attracting more international visitors.

Local special circumstances: Ivory Coast's diverse cultural heritage, including vibrant music and dance traditions, as well as rich culinary experiences, are major attractions for tourists. The country's stunning natural landscapes, such as pristine beaches and lush rainforests, also contribute to its appeal as a travel destination.

Underlying macroeconomic factors: The government's focus on promoting tourism as a key economic sector has led to investments in infrastructure development and marketing campaigns to attract more visitors. Additionally, political stability and efforts to improve business environment are boosting investor confidence in the country's tourism industry.

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.