Travel and Tourism Spending Market Size, Share, Growth, Trends, and Forecast 2019 – 2027
This report on the global Travel & Tourism Market provides analysis for the period 2017–2027, wherein 2018 is the base year and 2019- 2027 is the forecast period. Data for 2017 has been included as historical information. The report covers market dynamics including drivers, restraints, opportunities, and trends that are expected to influence the expansion of the global travel & tourism market during the said period
[UKPRwire, Fri May 24 2019] This report on the global Travel & Tourism Market provides analysis for the period 2017–2027, wherein 2018 is the base year and 2019- 2027 is the forecast period. Data for 2017 has been included as historical information. The report covers market dynamics including drivers, restraints, opportunities, and trends that are expected to influence the expansion of the global travel & tourism market during the said period. The study provides a comprehensive analysis on market growth throughout the above forecast period in terms of value estimates (US$ Bn) across different geographies.
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The global travel & tourism industry is growing. As per World Travel and Tourism Council (WTTC), the global travel & tourism industry has grown from US$ 6.03 Trillion in 2006 and reached US$ 8.27 trillion by 2017 growing at a CAGR of 2.9%. Across the globe, rise in middle class population, rise in travels by millennial population compared to other generations, increased awareness among youth about travel destinations with growth in social networks, and decrease in cost of air travel are increasing the number of people travelling across the globe.
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.
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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.
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.
The report highlights major companies operating in the global travel & tourism market includingTUI Group, Hilton Worldwide Holdings Inc., Carnival Corporation & plc, Airbnb Inc., Crown Resorts Ltd., Accor plc, Balkan Holidays Ltd., G Adventures, Adris Grupa d.d., and OYO Rooms.
These market players have been profiled in terms of attributes such as description of the company, financials (if available), products, and key strategies to increase market share in the global travel & tourismmarket.
The global travel & tourism market is segmented as below:
Global Travel & Tourism Market, by Travel Days
- Within 7 Days
- 7-15 Days
- More than 15 Days
Global Travel & Tourism Market, by Travel Type
- Leisure Spending
- Business Spending
Global Travel & Tourism Market, by Application
- Domestic Spending
- International Spending
Global Travel & Tourism Market, by Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
- South America
- Rest of South America
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