According to a new report, The Asia-Pacific group travel market is segmented based on group type, sales channel, and country.
— Shankar Bhandalkar
5933 NE WIN SIVERS DRIVE, PORTLAND, OR, UNITED STATES, September 19, 2022 /EINPresswire.com/ — According to a new report published by Allied Market Research titled, “Asia-Pacific Group Travel Market by Group Type and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2019-2030,” the Asia-Pacific group travel market size was valued at $331.9 billion in 2017, and is expected to reach $689.5 billion by 2030, registering a CAGR of 6.0% from 2019 to 2030. China dominated the Asia-Pacific group travel market share in 2017, accounting for 52.4% of the total expenditure.
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Tourism has always remained in the cynosure for the government owing to its vast economic contribution to the economic well-being of the country. As a result, top regime of the countries spends enormous amount of capital and resources in the form of infrastructure, advertising, and promotional to lure travelers from round the world. Deciphering consumer behavior plays a vital role for tourism-friendly policies. Strong focus on digital presence, friendly tourist policies, safety & security along with managing & maintaining the reputation are some of the quests top administration are contended with.
Group travel refers to the people travelling together in a group of two or more than two. Reservations for group travelers are often booked together during the course of their travel, which includes logistics, accommodation, and travelling. Moreover, traveling in a group is relatively more economical than traveling solo, as the costs incurred in meals, transits, activities, and accommodations are shared between the groups.
Group travelers are opting for unique and exotic holiday destinations, to get away from daily hectic schedule and to gain valuable experiences. Private, quite, serene, and exotic locations are the major factors that people consider while choosing their travel location. Private islands have been voted as top preference by the luxury travelers.
The Asia-Pacific group travel market is segmented based on group type, sales channel, and country.
Based on group type, the Asia-Pacific group travel market is studied across leisure group, special interest group, high end group, and incentive travel. Based on sales channel, the market is bifurcated into travel agencies and tour operators. To gain a comprehensive understanding, the market scenario is analyzed across key countries namely Thailand, Indonesia, Malaysia, Singapore, India, Philippines, China, Taiwan, Hong Kong, Japan, Korea, and rest of Asia-Pacific.
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The key players profiled in the Asia-Pacific group travel market analysis includes EXO Travel, Thomas Cook (India) Limited, G2 Travel, Apollo Asia Travel Group (AATG), Destination Asia, Expedia, Inc. Miki Travel Limited, Trafalgar, and ASIA DMC.
Key Findings of the Asia-Pacific Group Travel Market:
○ In terms of value, the leisure group segment is expected to grow at a CAGR of 5.7% during Asia-Pacific group travel market forecast period.
○ For the year 2017, China is expected to dominate the Asia-Pacific group travel industry and continue to retain its dominance throughout the forecast period.
○ The travel agencies segment is anticipated to dominate the Asia-Pacific group travel market demand registering a CAGR of 6.3%.
○ China, Korea, Hong Kong, and Thailand collectively accounted for about two-thirds of the share of the market for 2017.
○ China dominated in terms of global international departures rounding about 143 million for the year 2017
○ Average expenditure incurred by Chinese people for outbound travelling expenses exceeds $1,800 per person
Reason to Buy:
○ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Asia-Pacific Group Travel market.
○ Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the Asia-Pacific.
○ The key findings and recommendations highlight crucial progressive industry trends in the Asia-Pacific Group Travel Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
○ Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
○ Scrutinize in-depth Asia-Pacific market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to a certain extent.
○ Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
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○ Wellness Tourism Market is projected to reach $1,592.6 billion by 2030
○ Sustainable Tourism Market Revenue is to Reach A Value of CAGR Forecast Till 2027
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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