Travel and Tourism Market to Reach US$ 16.20 Bn by 2031;

Wilmington, Delaware, United States, Aug. 15, 2022 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – A granular travel and tourism market research underscores the finding that undivided focus on always offering unique travel experiences to customers is one of the major winning imperatives for leaders and pioneers. The growing trend of eco-friendly and sustainable tours is likely to augment the travel and tourism market size. The travel and tourism market is forecast to expand at a CAGR of 15.5% from 2022 to 2031.

Travel industry statistics 2022 has found that the revenue streams are being fueled by growing popularity of ecological tours. Furthermore, the trend of special interest tourism will add momentum to travel and tourism industry growth. The size of travel industry is growing, riding on the back of rising disposable incomes, urge among millennials for experiential tours, and propensity of customer to explore cultures in different geographies.

Strides being made in eco-tourism is expanding the avenues in the travel and tourism market. A number of customers are inclined toward undertaking tours for promoting health and wellness. Rise in number of business trips among corporates over the past few years has contributed substantial revenue to the travel and tourism market.

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Key Findings of Travel and Tourism Market Study

• Popularity of Experiential Tours Pivots Vast Value-Grab Opportunities for Travel and Tourism Companies: Experiential tours presents an incredible avenue for market players to reach out for to gain substantial profits. The millennials in particular are attracted toward such tours. The demand for experiential tours has reinforced the customer proposition of travel and tours companies to look beyond experiences at hotels and resorts. Rather, they are shifting their focus on offering once-in-a-lifetime experience.
• Rising Demand for Multiday Tours and Ecological Tours Spurring Revenue Growth: Rise in numbers of multiday tours in various countries has bolstered travel and tourism industry growth. Emerging sustainable travel concepts is expanding the canvas for players in the travel and tourism market. The demand for ecological tours has risen globally. On the other hand, government agencies in various countries are focusing on promoting the lucrativeness of travel and tourism, which will lead to profitable avenues in the market. Of note, industry players are growing efforts on ensuring accessibility of remote areas. This will stridently expand profit margins.

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Travel and Tourism Market: Key Drivers

• Rise in disposable incomes of people in various countries is a key driver for spending on travel and tourism. Advancement being made in e-tourism will expand the avenues of the travel and tourism market over the next few years.
• Evolution of low-cost airline industry particularly for customers in developing countries and initiatives by tourism sector to make remote areas accessible for experiential tours are bolstering the travel and tourism market outlook.

Travel and Tourism Market: Regional Growth Dynamics

Asia Pacific held a major share of the travel and tourism market. A bulk of demand for various types of tours comes from Japan, Thailand, Singapore, Indonesia, Malaysia, the Philippines, South Korea, and Vietnam. A flourishing inbound and outbound tourism in the region presents humungous growth opportunities. Moreover, growing inclination toward ecotourism has unlocked new revenue streams in the Asia Pacific travel and tourism market.

Travel and Tourism Market: Key Players

A number of small and medium-sized players inhabit the travel and tourism market landscape. Some of the key players are TUI Group, OYO Rooms, G Adventures, Crown Resorts Ltd., Carnival Corporation & plc, Balkan Holidays Ltd., Airbnb, Inc., and Adris grupa d.d., Accor plc.

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Travel and Tourism Market Segmentation

• Travel Days
  • Within 7 Days
  • 7-15 Days
  • More than 15 Days
• Travel Type
  • Leisure Spending
  • Business Spending
• Application
  • Domestic Spending
  • International Spending

Regions

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

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