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Travel Tourism Market Trends

ID: MRFR//10906-HCR | 128 Pages | Author: Pradeep Nandi| July 2024

Global Travel and Tourism Market Overview

Travel and Tourism Market Size was valued at USD 612.5 Billion in 2022. The Travel and Tourism Industry is projected to grow from USD 648.03 Billion in 2023 to USD 1017.37 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.80% during the forecast period (2024 - 2032). Increased internet usage, digital change, and government investment in the travel and tourism industry are the key market drivers accelerating market expansion.

Travel and Tourism Market Overview.jpg

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Travel and Tourism Market Trends

  • Increase in available income is driving the market growth

The market CAGR for travel and tourism is being driven by the Increase in Available Income. The terms "travel" and "tourism" describe how people go from one location to another for a variety of purposes, including recreation, education, business, and sports. It may be short-distance, long-distance, domestic, or international. Due to increased disposable money, political assistance, the development of infrastructure, and technological integration to ease commutes, the tourist industry is experiencing tremendous growth potential all around the world.

Additionally, Growing opportunities in the travel and tourist industry are being presented by the digital transformation and internet penetration trends. Online tools make it easy to book hotels, flights, and other travel-related accommodations. People prefer to spend more on leisure activities like travel when their disposable income rises, which gives them a feeling of economic stability. There is an increase in demand for travel and tourism since families are more inclined to arrange vacations. A country's revenue is increasingly being driven by the tourism industry. Governments are extensively marketing and investing in the industry as a result, which is resulting in upgrades to public transit, tourist attractions, and lodging facilities.

Major governments are emphasizing the promotion and improvement of tourism traffic. The Ministry of Tourism in India offers financial incentives to foreign tour operators that have been authorized by the government under the CSSS Scheme of "Incentive to Tour Operators for Enhancing Tourist Arrivals to India." The market for travel and tourism is growing as a result of these promotional operations. The tourism business has emerged as one of the main sectors in many countries due to the accessibility of distant yet stunning tourist locations and the rise in popularity of vacation destinations through internet platforms.

For instance, International arrivals to the United States increased from 19.2 million in 2020 to 22.1 million in 2021, according to the U.S. Department of Commerce. Additionally, the U.S. government is concentrating on luring nearly 90 million foreign visitors, who are predicted to spend $279 billion yearly by 2027. Thus, result in driving the Travel and Tourism market revenue.

Travel and Tourism Market Segment Insights

Travel and Tourism Type Insights

The Travel and Tourism market segmentation, based on type includes Leisure, Educational, Business, Sports, Medical Tourism, and Others (Event Travel, Volunteer Travel, etc.). The business segment dominated the market. The majority of companies provide their staff with travel options, which helps the market, thrive.

Travel and Tourism Application Insights

The Travel and Tourism market segmentation, based on Application, includes Domestic, and International. The international category generated the most income. Due to factors like increased ization, easier access to travel, and growing interest in learning about other cultures and countries, this market is expanding quickly.

Travel and Tourism Traveler Type Insights                                      

The Travel and Tourism market segmentation, based on Traveler Type includes Solo Traveler, Couple Traveler, and Group Traveler. The couple traveler segment dominated the market. Over the past century, there has been an upsurge in pair holidays due to easier access to international travel and the creation of package vacations tailored to couples.

Travel and Tourism Travel Days Insights

The Travel and Tourism market segmentation, based on Travel Days, includes Less than 7 Days, 8-15 Days, 16-30 Days, and More than 30 Days. The less than 7 days category generated the most income. Usually, the trip lasts seven days. People can't extend their travel days to more than 7, due to their obligations in the workplace, which fuels the segment's expansion.

Travel and Tourism Travel Mode Insights

The Travel and Tourism market segmentation, based on Travel Mode includes Travel Packages, and Self-catered. The self-catered segment dominated the market. Travelers have the freedom and liberty to plan their own schedules, prepare their own meals, and stay in self-catered accommodations. People who desire a more individualized and affordable vacation experience are drawn to this category.

Travel and Tourism Booking Insights

The Travel and Tourism market segmentation, based on Booking, includes Online, and Offline. The online category generated the most income. Travelers are becoming more popular with online booking platforms, mobile apps, and travel websites. Through trade, social media, business, and culture, rapid ization has increased our connection to one another.

Figure1: Travel and Tourism Market, by Booking, 2022&2032 (USD Billion)

Travel and Tourism Market, by Booking, 2022&2032

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Travel and Tourism Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Travel and Tourism market area will dominate this market, due to the significant efforts made by private tourism firms to provide travelers with a better experience. It is expected that rising political backing for the expansion of the tourism sector will spur market expansion. Rapid technological advancements are also anticipated to fuel market expansion.

Further, the major countries studied in the market report are The US, German, France, the UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil.



Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Europe Travel and Tourism market represents the second-largest market share as a result of the government's efforts to advance the tourist industry. Further, the German Travel and Tourism market held a dominant market share, and the UK Travel and Tourism market was the European region's fastest-growing market.

The Asia-Pacific Travel and Tourism Market is anticipated to see the fastest CAGR between 2023 and 2032. This is because of how quickly the tourism business is growing throughout numerous Asian countries. Moreover, China’s Travel and Tourism market held a dominant market share, and the Indian Travel and Tourism market was the Asia-Pacific region's fastest-growing market.

Travel and Tourism Key Market Players& Competitive Insights

Leading market players are putting a lot of money on R&D to broaden their product ranges, which will aid in the continued growth of the tourism and travel sector. Additionally, market participants are engaging in a range of strategic initiatives to increase their worldwide reach, with important market developments such as the introduction of new products, contracts, mergers and acquisitions, increased investments, and cooperation with other businesses. To grow and endure in an increasingly competitive and challenging market environment, Travel and Tourism industry must provide reasonably priced goods.

One of the main business strategies employed by manufacturers is to produce locally to reduce operational expenses in the Travel and Tourism industry to develop market sector and provide benefits to customers. In recent years, the Travel and Tourism industry has provided some of the tourism industry's most significant benefits. Major players in the Travel and Tourism market, including United Airlines, Emirates, Southwest Airlines, Uber, Mariott, Hyatt, Hilton, Carnival Cruise Line, Royal Caribbean, Central Japan Railway, East Japan Railway, Norfolk Southern and others, invest in operations for research and development in an effort to improve market demand.

United Airlines, Inc. is based in Chicago, Illinois, at the Willis Tower. Across the United States and on all six inhabited continents, United operates a sizable domestic and international route network. After combining with Continental Airlines in 2010, it grew to be the third-largest airline in the world when measured by fleet size and the number of routes. Chicago-O'Hare is United's largest hub in terms of the number of departures and passengers it carries out of its eight hubs. In June 2021, United said that it has reached an agreement with Boom Supersonic to buy at least 15 of its Overture supersonic aircraft, with a possible maximum order of 50. All sustainable fuels will be used to power these aircraft.

The Emirates Group, which is held by the Dubai government's Investment Corporation of Dubai, is the parent company of the airline, which has its headquarters in Garhoud, Dubai. With nearly 3,600 weekly flights from its hub at Terminal 3 of the Dubai International Airport, it was also the biggest airline in the Middle East as of 2019. Through its fleet of almost 300 aircraft, it offers service to more than 150 cities in 80 countries on all continents (excluding Antarctica). Emirates SkyCargo handles all cargo-related activities. By scheduled income passenger-kilometers flown, Emirates is the fourth-largest airline in the world. In terms of freight tonne-kilometers flown, it is also the second-largest. In 2022, Emirates debuted two commercials with a "flight attendant" perched on the Burj Khalifa's pinnacle. The first advertisement discussed the UAE's inclusion on the UK's Amber List following the implementation of COVID-19 travel restrictions.

Key Companies in the Travel and Tourism market include

  • United Airlines

  • Emirates

  • Southwest Airlines

  • Uber

  • Mariott

  • Hyatt

  • Hilton

  • Carnival Cruise Line

  • Royal Caribbean

  • Central Japan Railway

  • East Japan Railway

  • Norfolk Southern

Travel and Tourism Industry Developments

August 2023: Two brand-new Tanzania and Italy National Geographic Family Journeys have been added by G Adventures. Throughout the eight-day Tanzania Family Journey, families are anticipated to go on Serengeti game drives and visit a community tourism initiative.

July 2023: TUI Group launched a ChatGPT-powered chatbot on its U.K. app. This was the first of what is anticipated to be a series of rollouts that combine generative AI into the company's technology.

February 2023: Adris announced intentions to invest US$ 511 million in its tourist business Maistra through 2025 in an effort to expand its luxury category.

Travel and Tourism Market Segmentation

Travel and Tourism Type Outlook

  • Leisure

  • Educational

  • Business

  • Sports

  • Medical Tourism

  • Others (Event Travel, Volunteer Travel, etc.)

Travel and Tourism Application Outlook

  • Domestic

  • International

Travel and Tourism Traveler Type Outlook

  • Solo Traveler

  • Couple Traveler

  • Group Traveler

Travel and Tourism Travel Days Outlook

  • Less than 7 Days

  • 8- 15 Days

  • 16-30 Days

  • More than 30 Days

Travel and Tourism Travel Mode Outlook

  • Travel Packages

  • Self-catered

Travel and Tourism Booking Outlook

  • Online

  • Offline

Travel and Tourism Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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