USD 451.19 billion growth in Travel Market Size with 41% contribution from APAC
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Key Market Dynamics:
- Market Driver: Technological advances are likely to influence market growth positively. The travel market relies on technologically advanced solutions that aid travel agents and their clients in accessing the travel data, comparing reservation options and booking the most efficient, economical, and comfortable option. Furthermore, advances in artificial intelligence (AI) have helped automate the travel booking process, eliminating the need to reenter employee travel preferences and, in turn, saving time and energy. Moreover, with the growing digitalization in payments, the travel market is gaining the maximum advantage as bookings and payments for travel have become easy for companies.
- Market Challenge: The spread of COVID-19 globally since Q1 2020 has been hindering the growth of the global travel market. The COVID-19 outbreak has become a worldwide healthcare emergency and has prompted businesses operating worldwide to stop international and national business travels to stop the spread of the disease. The pandemic has also led to a rise in airport health checkup formalities, with delays and tighter inspections, making the travel for employees tiresome.
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Segmentation Insights
This travel market research report extensively covers market segmentation by sector (airline, hotel, travel activities, and others) and geography (APAC, Europe, North America, South Americaand MEA).
Revenue-generating Insights: The travel market share growth by the airline segment will be significant during the forecast period. With the improvement in the global economy, there has been simultaneous growth in the airline travel industries of many countries worldwide. The rise in the inflow of airline travelers has resulted in increased revenue, and the associated taxes, which, in turn, have contributed to economic development. This development is expected to continue during the forecast period owing to the introduction of travel packages such as tourism packages.
Regional Contribution: 41% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for travel in APAC. Market growth in this region will be faster than the growth of the market in other regions. The growing tourism industry will facilitate the growth of the travel market in APAC over the forecast period.
View our sample report for additional insights into the contribution of all the segments and regional opportunities
Some Companies Mentioned
- American Automobile Association Inc.
- BCD Travel Services BV
- Booking Holdings Inc.
- Corporate Travel Management Ltd.
- CWT Global BV
- Expedia Group Inc.
- Fareportal Inc
- Flight Centre Travel Group Ltd.
- GBT Travel Services UK Limited
- Travel Leaders Group LLC
- Access more vendor profiles with their key offerings and their strategic initiatives, Download Sample Report
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Travel Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 13.86% |
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Market growth 2022-2026 |
$ 451.19 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
13.08 |
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Regional analysis |
APAC, Europe, North America, South America, and MEA |
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Performing market contribution |
APAC at 41% |
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Key consumer countries |
China, US, Germany, Japan, and UK |
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Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
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Companies profiled |
American Automobile Association Inc., BCD Travel Services BV, Booking Holdings Inc., Corporate Travel Management Ltd., CWT Global BV, Expedia Group Inc., Fareportal Inc, Flight Centre Travel Group Ltd., GBT Travel Services UK Limited, and Travel Leaders Group LLC |
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Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, and market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Key Topics Covered:
- Executive Summary
- Market Landscape
- Market Sizing
- Five Forces Analysis
- Market Segmentation by Sector
- Customer landscape
- Geographic Landscape
- Vendor Landscape
- Vendor Analysis
- Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
Technavio Research
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Email:[email protected]
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