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Travel and Tourism Market
Analysts’ Viewpoint on Travel and Tourism Market Scenario
The market for travel and tourism is driven by the growth in affordability of airline travel, improvement in accessibility to various remote yet beautiful locations, and rise in disposable income. Robust growth in transportation facilities and overall infrastructure has bolstered the travel and tourism market. Millennial travelers are increasingly seeking unique once-in-a-lifetime experiences. In this environment, ecological tours are becoming increasingly popular. This is accelerating the growth of special interest tourism, thus augmenting the global travel and tourism market. Companies operating in the travel and tourism market need to come up with innovative and unique travel experiences, such as experiential tours, in order to broaden their revenue streams.
Travel can be domestic, overseas, short-distance, or long-distance. The global travel and tourism market is projected to observe significant growth in the next few years due to the rise in demand for travel for multiple reasons, especially after the lifting of COVID-19 related travel restrictions. The travel industry encompasses the various facets of the wider service industry that caters to the desires and needs of the people who travel from one region of the world to another. Travel and tourism industry growth is likely to be increasingly influenced by sustainable travel, which is tipped to be the future of travel.
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Travelers are getting more options for booking travel tickets due to the rise in Internet penetration. As per the Travel Trend Report 2022, 62% of respondents agreed that they plan on taking two to four trips a year. Travel industry statistics 2022 reveal that travelers are focused on engaging in positive practices, including wellness activities, giving back to communities, and protecting the environment. Travel agents that book tickets online for travelers are known as OTA (Online Travel Agents). OTAs use multiple channels such as online marketplaces, resellers, booking agents, and hotels to manage a high volume of ticket bookings. This is expected to drive the travel and tourism market size across the globe.
The ongoing global COVID-19 pandemic has crippled the travel and tourism industry. However, the global travel and tourism market is expected to recover once the phase of the deadly Coronavirus gets over, especially in tourist destinations such as China. According to key players involved in the tourism industry, ongoing international issues and war conflicts are directly hampering the travel and tourism market. However, travel and tourism market research indicates that emerging countries are promoting eco-friendly and urban tours. This is likely to augment the industry in the near future.
Interest among travelers to visit unique places and experience new cultures has been rising across the globe. Travelers across the globe are spending more on experiences rather than materialistic things such as hotel facilities. Millennial travelers especially seek unique experiences. Thus, demand for ecological tours has been rising substantially since the last few years. As per Travel Trend Report 2019, ecological tours are the most popular and demanded tours among travelers. Global travelers are also more interested in experiencing local culture and food habits. They are seeking more adventure-related experiences than before. Travelers prefer multiday tours rather than single-day tours for leisure activities in order to rejuvenate themselves from the hectic daily work life. Bookings for such tours are done much in advance compared to single-day tour bookings.
Asia Pacific dominates the global travel and tourism market, with China and India being the dominant countries in the region. Global tourism & travel companies are focusing on the emerging BRICS countries. The travel and tourism industry is growing in China. Outbound tourism and inbound tourism in emerging countries of Asia Pacific is expected to create lucrative opportunities for the global travel and tourism market players. The top destinations for travelers are Thailand, Japan, Singapore, Vietnam, Indonesia, Malaysia, the Philippines, and South Korea. Continual shift toward ecotourism; and focus on conservation, adventure travel, and health and wellness tours are being witnessed post the peak of the pandemic.
In terms of value, Europe accounts for the second largest share of the global travel and tourism market. Key government bodies in the region are collaborating with niche tourist industry and other government organizations to boost tourism. This is a major factor driving the global travel and tourism market in Europe.
The global travel and tourism market consists of large numbers of medium and small players. Key players are involved in offering attractive tourism services to users. They also offer customized solutions to corporates for business trips. This is likely to augment the travel and tourism market in the near future. Expansion of product portfolios and mergers and acquisitions are the strategies adopted by key players. TUI Group, Hilton Worldwide Holdings Inc., Carnival Corporation & plc, Airbnb Inc., Crown Resorts Ltd., Accor plc, Balkan Holidays Ltd., G Adventures, Adris Grupa d.d., and OYO Rooms are the prominent entities operating in this market.
Key vendors in the travel and tourism market are continuously working on catering to customer demand and launching new services in the market. This is likely to help companies increase their overall revenue, thus leading to the growth of the market.
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Each of these players has been profiled in the travel and tourism market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.
|
Attribute |
Detail |
|
Market Size Value in 2021 |
US$ 4.06 Bn |
|
Market Forecast Value in 2031 |
US$ 16.20 Bn |
|
Growth Rate (CAGR) |
15.5% |
|
Forecast Period |
2022–2031 |
|
Historical Data Available for |
2017–2020 |
|
Quantitative Units |
US$ Bn for Value |
|
Market Analysis |
Includes cross-segment analysis at the region as well as country level. Furthermore, the qualitative analysis includes drivers, restraints, opportunities, key trends, Porter’s Five Forces analysis, value chain analysis, and key trend analysis. |
|
Competition Landscape |
|
|
Format |
Electronic (PDF) + Excel |
|
Market Segmentation |
|
|
Region Covered |
|
|
Companies Profiled |
|
|
Customization Scope |
Available upon request |
|
Pricing |
Available upon request |
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The market stood at US$ 4.06 Bn in 2021
The market is estimated to grow at a CAGR of 15.5% during 2022-2031
The market is likely to reach US$ 16.20 Bn by 2031
Within 7 Days segment is expected to account for the highest growth rate during the forecast period
Asia Pacific to hold the highest CAGR during the forecast period
Growth in affordability of airline travel, improvement in accessibility to various remote yet beautiful areas, and rise in disposable income
TUI Group, Hilton Worldwide Holdings Inc., Carnival Corporation & plc, Airbnb Inc., Crown Resorts Ltd., Accor plc, Balkan Holidays Ltd., G Adventures, Adris Grupa d.d., and OYO Rooms
1. Preface
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions
3. Research Methodology
4. Executive Summary
5. Market Overview
5.1. Market Dynamics
5.1.1. Drivers
5.1.2. Restraints
5.1.3. Opportunities
5.2. Key Market Indicators
5.2.1. Overall Tourism Industry Overview
5.3. Key Trend Analysis
5.3.1. Supplier Side
5.3.2. Demand Side
5.4. Industry SWOT Analysis
5.5. Porter’s Five Forces Analysis
5.6. Value Chain Analysis
5.7. COVID-19 Impact Analysis
5.8. Regulatory Framework & Guidelines
5.9. Global Travel and Tourism Market Analysis and Forecast, 2017- 2031
5.9.1. Market Value Projections (US$ Bn)
6. Global Travel and Tourism Market Analysis and Forecast, by Travel Days
6.1. Global Travel and Tourism Market Size (US$ Bn), by Travel Days, 2017- 2031
6.1.1. Within 7 Days
6.1.2. 7-15 Days
6.1.3. More than 15 Days
6.2. Incremental Opportunity, by Travel Days
7. Global Travel and Tourism Market Analysis and Forecast, by Travel Type
7.1. Global Travel and Tourism Market Size (US$ Bn), by Travel Type, 2017- 2031
7.1.1. Leisure Spending
7.1.2. Business Spending
7.2. Incremental Opportunity, by Travel Type
8. Global Travel and Tourism Market Analysis and Forecast, by Application
8.1. Global Travel and Tourism Market Size (US$ Bn), by Application, 2017- 2031
8.1.1. Domestic Spending
8.1.2. International Spending
8.2. Incremental Opportunity, Application
9. Global Travel and Tourism Market Analysis and Forecast, by Region
9.1. Global Travel and Tourism Market Size (US$ Bn), by Region, 2017- 2031
9.1.1. North America
9.1.2. Europe
9.1.3. Asia Pacific
9.1.4. Middle East & Africa
9.1.5. South America
9.2. Incremental Opportunity, by Region
10. North America Travel and Tourism Market Analysis and Forecast
10.1. Regional Snapshot
10.2. Key Service Providers
10.3. Key Trends Analysis
10.3.1. Supply Side
10.3.2. Demand Side
10.4. Travel and Tourism Market Size (US$ Bn), by Travel Days, 2017- 2031
10.4.1. Within 7 Days
10.4.2. 7-15 Days
10.4.3. More than 15 Days
10.5. Travel and Tourism Market Size (US$ Bn), by Travel Type, 2017- 2031
10.5.1. Leisure Spending
10.5.2. Business Spending
10.6. Travel and Tourism Market Size (US$ Bn), by Application, 2017- 2031
10.6.1. Domestic Spending
10.6.2. International Spending
10.7. Travel and Tourism Market Size (US$ Bn) Forecast, by Country & Sub-region, 2017- 2031
10.7.1. U.S.
10.7.2. Canada
10.7.3. Rest of North America
10.8. Incremental Opportunity Analysis
11. Europe Travel and Tourism Market Analysis and Forecast
11.1. Regional Snapshot
11.2. Key Service Providers
11.3. Key Trends Analysis
11.3.1. Supply Side
11.3.2. Demand Side
11.4. Travel and Tourism Market Size (US$ Bn), by Travel Days, 2017- 2031
11.4.1. Within 7 Days
11.4.2. 7-15 Days
11.4.3. More than 15 Days
11.5. Travel and Tourism Market Size (US$ Bn), by Travel Type, 2017- 2031
11.5.1. Leisure Spending
11.5.2. Business Spending
11.6. Travel and Tourism Market Size (US$ Bn), by Application, 2017- 2031
11.6.1. Domestic Spending
11.6.2. International Spending
11.7. Travel and Tourism Market Size (US$ Bn) Forecast, by Country & Sub-region, 2017- 2031
11.7.1. U.K.
11.7.2. Germany
11.7.3. France
11.7.4. Rest of Europe
11.8. Incremental Opportunity Analysis
12. Asia Pacific Travel and Tourism Market Analysis and Forecast
12.1. Regional Snapshot
12.2. Key Service Providers
12.3. Key Trends Analysis
12.3.1. Supply Side
12.3.2. Demand Side
12.4. Travel and Tourism Market Size (US$ Bn), by Travel Days, 2017- 2031
12.4.1. Within 7 Days
12.4.2. 7-15 Days
12.4.3. More than 15 Days
12.5. Travel and Tourism Market Size (US$ Bn), by Travel Type, 2017- 2031
12.5.1. Leisure Spending
12.5.2. Business Spending
12.6. Travel and Tourism Market Size (US$ Bn), by Application, 2017- 2031
12.6.1. Domestic Spending
12.6.2. International Spending
12.7. Travel and Tourism Market Size (US$ Bn) Forecast, by Country & Sub-region, 2017- 2031
12.7.1. China
12.7.2. India
12.7.3. Japan
12.7.4. Rest of Asia Pacific
12.8. Incremental Opportunity Analysis
13. Middle East & Africa Travel and Tourism Market Analysis and Forecast
13.1. Regional Snapshot
13.2. Key Service Providers
13.3. Key Trends Analysis
13.3.1. Supply Side
13.3.2. Demand Side
13.4. Travel and Tourism Market Size (US$ Bn), by Travel Days, 2017- 2031
13.4.1. Within 7 Days
13.4.2. 7-15 Days
13.4.3. More than 15 Days
13.5. Travel and Tourism Market Size (US$ Bn), by Travel Type, 2017- 2031
13.5.1. Leisure Spending
13.5.2. Business Spending
13.6. Travel and Tourism Market Size (US$ Bn), by Application, 2017- 2031
13.6.1. Domestic Spending
13.6.2. International Spending
13.7. Travel and Tourism Market Size (US$ Bn) Forecast, by Country & Sub-region, 2017- 2031
13.7.1. GCC
13.7.2. South Africa
13.7.3. Rest of Middle East & Africa
13.8. Incremental Opportunity Analysis
14. South America Travel and Tourism Market Analysis and Forecast
14.1. Regional Snapshot
14.2. Key Service Providers
14.3. Key Trends Analysis
14.3.1. Supply Side
14.3.2. Demand Side
14.4. Travel and Tourism Market Size (US$ Bn), by Travel Days, 2017- 2031
14.4.1. Within 7 Days
14.4.2. 7-15 Days
14.4.3. More than 15 Days
14.5. Travel and Tourism Market Size (US$ Bn), by Travel Type, 2017- 2031
14.5.1. Leisure Spending
14.5.2. Business Spending
14.6. Travel and Tourism Market Size (US$ Bn), by Application, 2017- 2031
14.6.1. Domestic Spending
14.6.2. International Spending
14.7. Travel and Tourism Market Size (US$ Bn) Forecast, by Country & Sub-region, 2017- 2031
14.7.1. Brazil
14.7.2. Rest of South America
14.8. Incremental Opportunity Analysis
15. Competition Landscape
15.1. Competition Dashboard
15.2. Market Share Analysis % (2021)
15.3. Company Profiles [Company Overview, Product Portfolio, Financial Information, (Subject to Data Availability), Business Strategies / Recent Developments]
15.3.1. Accor plc
15.3.1.1. Company Overview
15.3.1.2. Product Portfolio
15.3.1.3. Financial Information, (Subject to Data Availability)
15.3.1.4. Business Strategies / Recent Developments
15.3.2. Adris grupa d.d.
15.3.2.1. Company Overview
15.3.2.2. Product Portfolio
15.3.2.3. Financial Information, (Subject to Data Availability)
15.3.2.4. Business Strategies / Recent Developments
15.3.3. Airbnb, Inc.
15.3.3.1. Company Overview
15.3.3.2. Product Portfolio
15.3.3.3. Financial Information, (Subject to Data Availability)
15.3.3.4. Business Strategies / Recent Developments
15.3.4. Balkan Holidays Ltd.
15.3.4.1. Company Overview
15.3.4.2. Product Portfolio
15.3.4.3. Financial Information, (Subject to Data Availability)
15.3.4.4. Business Strategies / Recent Developments
15.3.5. Carnival Corporation & plc
15.3.5.1. Company Overview
15.3.5.2. Product Portfolio
15.3.5.3. Financial Information, (Subject to Data Availability)
15.3.5.4. Business Strategies / Recent Developments
15.3.6. Crown Resorts Ltd.
15.3.6.1. Company Overview
15.3.6.2. Product Portfolio
15.3.6.3. Financial Information, (Subject to Data Availability)
15.3.6.4. Business Strategies / Recent Developments
15.3.7. G Adventures
15.3.7.1. Company Overview
15.3.7.2. Product Portfolio
15.3.7.3. Financial Information, (Subject to Data Availability)
15.3.7.4. Business Strategies / Recent Developments
15.3.8. Hilton Worldwide Holdings Inc.
15.3.8.1. Company Overview
15.3.8.2. Product Portfolio
15.3.8.3. Financial Information, (Subject to Data Availability)
15.3.8.4. Business Strategies / Recent Developments
15.3.9. OYO Rooms
15.3.9.1. Company Overview
15.3.9.2. Product Portfolio
15.3.9.3. Financial Information, (Subject to Data Availability)
15.3.9.4. Business Strategies / Recent Developments
15.3.10. TUI Group
15.3.10.1. Company Overview
15.3.10.2. Product Portfolio
15.3.10.3. Financial Information, (Subject to Data Availability)
15.3.10.4. Business Strategies / Recent Developments
16. Key Takeaways
16.1. Identification of Potential Market Spaces
16.1.1. Type
16.1.2. Travel Type
16.1.3. Application
16.1.4. Geography
16.2. Understanding the Service Preference of Tourists
16.3. Prevailing Market Risks
16.4. Preferred Sales & Marketing Strategy
List of Tables
Table 1: Global Travel & Tourism Market Size & Forecast, by Travel Days, US$ Bn, 2022-2031
Table 2: Global Travel & Tourism Market Size & Forecast, by Travel Type, US$ Bn, 2022-2031
Table 3: Global Travel & Tourism Market Size & Forecast, by Application, US$ Bn, 2022-2031
Table 4: Global Travel & Tourism Market Size & Forecast, by Region, US$ Bn, 2022-2031
Table 5: North America Travel & Tourism Market Size & Forecast, by Travel Days, US$ Bn, 2022-2031
Table 6: North America Travel & Tourism Market Size & Forecast, by Travel Type, US$ Bn, 2022-2031
Table 7: North America Travel & Tourism Market Size & Forecast, by Application, US$ Bn, 2022-2031
Table 8: North America Travel & Tourism Market Size & Forecast, by Country, US$ Bn, 2022-2031
Table 9: Europe Travel & Tourism Market Size & Forecast, by Travel Days, US$ Bn, 2022-2031
Table 10: Europe Travel & Tourism Market Size & Forecast, by Travel Type, US$ Bn, 2022-2031
Table 11: Europe Travel & Tourism Market Size & Forecast, by Application, US$ Bn, 2022-2031
Table 12: Europe Travel & Tourism Market Size & Forecast, by Country, US$ Bn, 2022-2031
Table 13: Asia Pacific Travel & Tourism Market Size & Forecast, by Travel Days, US$ Bn, 2022-2031
Table 14: Asia Pacific Travel & Tourism Market Size & Forecast, by Travel Type, US$ Bn, 2022-2031
Table 15: Asia Pacific Travel & Tourism Market Size & Forecast, by Application, US$ Bn, 2022-2031
Table 16: Asia Pacific Travel & Tourism Market Size & Forecast, by Country, US$ Bn, 2022-2031
Table 17: The Middle East & Africa Travel & Tourism Market Size & Forecast, by Travel Days, US$ Bn, 2022-2031
Table 18: The Middle East & Africa Travel & Tourism Market Size & Forecast, by Travel Type, US$ Bn, 2022-2031
Table 19: The Middle East & Africa Travel & Tourism Market Size & Forecast, by Application, US$ Bn, 2022-2031
Table 20: The Middle East & Africa Travel & Tourism Market Size & Forecast, by Country, US$ Bn, 2022-2031
Table 21: South America Travel & Tourism Market Size & Forecast, by Travel Days, US$ Bn, 2022-2031
Table 22: South America Travel & Tourism Market Size & Forecast, by Travel Type, US$ Bn, 2022-2031
Table 23: South America Travel & Tourism Market Size & Forecast, by Application, US$ Bn, 2022-2031
Table 24: South America Travel & Tourism Market Size & Forecast, by Country, US$ Bn, 2022-2031
List of Figures
Figure 1: Global Travel & Tourism Market Size & Forecast, by Travel Days, US$ Bn, 2022-2031
Figure 2: Global Travel & Tourism Market Size & Forecast, by Travel Type, US$ Bn, 2022-2031
Figure 3: Global Travel & Tourism Market Size & Forecast, by Application, US$ Bn, 2022-2031
Figure 4: Global Travel & Tourism Market Size & Forecast, by Region, US$ Bn, 2022-2031
Figure 5: North America Travel & Tourism Market Size & Forecast, by Travel Days, US$ Bn, 2022-2031
Figure 6: North America Travel & Tourism Market Size & Forecast, by Travel Type, US$ Bn, 2022-2031
Figure 7: North America Travel & Tourism Market Size & Forecast, by Application, US$ Bn, 2022-2031
Figure 8: North America Travel & Tourism Market Size & Forecast, by Country, US$ Bn, 2022-2031
Figure 9: Europe Travel & Tourism Market Size & Forecast, by Travel Days, US$ Bn, 2022-2031
Figure 10: Europe Travel & Tourism Market Size & Forecast, by Travel Type, US$ Bn, 2022-2031
Figure 11: Europe Travel & Tourism Market Size & Forecast, by Application, US$ Bn, 2022-2031
Figure 12: Europe Travel & Tourism Market Size & Forecast, by Country, US$ Bn, 2022-2031
Figure 13: Asia Pacific Travel & Tourism Market Size & Forecast, by Travel Days, US$ Bn, 2022-2031
Figure 14: Asia Pacific Travel & Tourism Market Size & Forecast, by Travel Type, US$ Bn, 2022-2031
Figure 15: Asia Pacific Travel & Tourism Market Size & Forecast, by Application, US$ Bn, 2022-2031
Figure 16: Asia Pacific Travel & Tourism Market Size & Forecast, by Country, US$ Bn, 2022-2031
Figure 17: Middle East & Africa Travel & Tourism Market Size & Forecast, by Travel Days, US$ Bn, 2022-2031
Figure 18: Middle East & Africa Travel & Tourism Market Size & Forecast, by Travel Type, US$ Bn, 2022-2031
Figure 19: Middle East & Africa Travel & Tourism Market Size & Forecast, by Application, US$ Bn, 2022-2031
Figure 20: Middle East & Africa Travel & Tourism Market Size & Forecast, by Country, US$ Bn, 2022-2031
Figure 21: South America Travel & Tourism Market Size & Forecast, by Travel Days, US$ Bn, 2022-2031
Figure 22: South America Travel & Tourism Market Size & Forecast, by Travel Type, US$ Bn, 2022-2031
Figure 23: South America Travel & Tourism Market Size & Forecast, by Application, US$ Bn, 2022-2031
Figure 24: South America Travel & Tourism Market Size & Forecast, by Country, US$ Bn, 2022-2031
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