Tourism is usually refers to the act of travelling to various locations, either for pleasure or for business or for any other personal purposes. Travel can be domestic, overseas, short-distance or long-distance one. It could also be either one way or both ways and purposes could be many. The global travel and tourism market could observe growth in the years to come due to a rise in its demand for myriad reasons.
The travel industry refers to 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.
Rising Disposable Income together with Accessibility of Remote Areas to Shoot up Demand
The global travel and tourism market includes several other businesses, some of which are
- Food and Beverage
- Transportation
- Accommodation
- Financial Services
- Entertainment
- Travel Agents
The global travel and tourism market is one of the most competitive and leading ones in the world. As such, sustenance of the market depends on the quality of the service being offered. It is thus necessary for travel agents, airlines, car rental services, tour operators, and hotel industry make use of the latest marketing strategies to gain competitive advantage.
In the last few years, travel and tourism industry has witnessed substantial growth. Growing affordability of airline travels, improvement of accessibility of various remote yet beautiful areas and rising disposable income is likely to bolster the growth of the global travel and tourism market. In several countries, art, entertainment, wildlife activities, adventure sports, and other such activities have made moves to gather attention of both domestic and international travelers. However, in recent times the travel and tourism industry has received a blow from the ongoing global pandemic COVID-19. It is expected that once the phase of deadly coronavirus gets over, the global travel and tourism market will rise.
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Rise in number of international travel departures across the world and leisure travel is driving the global travel & tourism market. As per World Bank, the number of international travel departures increased from 633.4 million in 1995 to 1.57 billion in 2017 increasing at a CAGR of 4.2% from 1995 till 2017. In 2016, globally as per WTTC, about 76.8% of travel revenue was generated from leisure travel and 23.2% of the revenue was generated from business travel. Rise in the number of leisure travelers across the world is increasing the market size of the travel and tourism industry. Thus, rise in number of international travel departures, rise in leisure travel, and rise in disposable income and travel promotions by international bodies such as United Nations World Tourism Organization (UNWTO) is increasing the market size of the travel and tourism industry.
Global Travel & Tourism Market: Key Segments
The study provides a conclusive view of the global travel & tourism market by segmenting it in terms of travel days, travel type, and application. In terms of travel days, the global travel & tourism market has been classified into within 7 days, 7-15 days, and more than 15 days. In terms of travel type, the market has been segmented into leisure spending and business spending. In terms of application, the market is segmented into domestic spending and international spending.
The analysis of the above segments is based on present and forecasted global demand for travel & tourism products and the prevailing and future trends in the market. We have analyzed the present and estimated regional market size of travel & tourism products across North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America. The regional travel & tourism markets are further broken down into country level markets in the following geographies: the U.S., Canada, Germany, U.K., France,China, Japan, India, GCC, South Africa, and Brazil.
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Global Travel & Tourism Market: Competitive Landscape
The global travel & tourism market consists of global players as well as large number of medium and small players. The report includes detailed analysis of the global travel & tourism market, SWOT (Strength, Weakness, Opportunity, and Threats) analysis of the market, Porter’s Five Force analysis, key macroeconomic indicators influencing the market, travel & tourism market regulations in various geographies, and trends. The industry analysis includes value chain analysis of the global travel & tourism market.
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