Wilmington, Delaware, USA, August 15, 2022 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – A granular study of the travel and tourism market underscores the conclusion that a focus on consistently delivering unique travel experiences to customers is one of the key winning imperatives for leaders and pioneers. The growing trend of eco-friendly and sustainable tours is likely to increase the size of the travel and tourism market. The travel and tourism market is expected to grow at a CAGR of 15.5% from 2022 to 2031.
The 2022 travel industry statistics revealed that revenue streams are fueled by the growing popularity of eco tours. Moreover, the trend of special interest tourism will add impetus to the growth of the travel and tourism industry. The size of the travel industry is growing, driven by increasing disposable incomes, millennials’ craving for experiential tours, and customers’ propensity to explore cultures in different geographies.
Advances in ecotourism are expanding opportunities in the travel and tourism market. A number of customers are inclined to undertake guided tours to promote health and well-being. The increase in the number of business trips among companies over the past few years has generated substantial revenue for the travel and tourism market.
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Key Findings of the Travel and Tourism Market Study
- The popularity of experiential tours is creating vast upscaling opportunities for travel and tourism businesses: Experiential tours present an incredible avenue for market players to reach out to make substantial profits. Millennials in particular are drawn to such visits. The demand for experiential tours has reinforced the proposition for travel and tour agency customers to look beyond experiences in hotels and resorts. Rather, they focus on providing a once-in-a-lifetime experience.
- Rising demand for multi-day and eco-tours drives revenue growth: The increase in the number of multi-day tours to various countries has spurred the growth of the travel and tourism industry. Emerging sustainable travel concepts are expanding the scope of action for travel and tourism market players. The demand for eco tours has increased globally. On the other hand, government agencies in various countries are focusing on promoting the lucrative nature of travel and tourism, which will lead to profitable avenues in the market. It should be noted that industry players are stepping up efforts to ensure accessibility to remote areas. This will significantly increase profit margins.
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Travel and Tourism Market: Key Drivers
- The increase in disposable income of people in various countries is a key driver of travel and tourism spending. Advancements in the field of e-tourism will expand the avenues of the travel and tourism market in the coming years.
- The evolution of the low-cost airline industry, particularly for customers in developing countries, and initiatives by the tourism sector to make remote areas accessible for experiential tours are strengthening the travel market prospects and tourism.
travel and tourism market: Regional growth dynamics
Asia-Pacific held a significant share of the travel and tourism market. Much of the demand for various types of tours comes from Japan, Thailand, Singapore, Indonesia, Malaysia, Philippines, South Korea and Vietnam. A thriving inbound and outbound tourism to the region presents huge opportunities for growth. Additionally, the growing inclination for ecotourism has opened up 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 populate the travel and tourism market landscape. Some of the major players are TUI Group, OYO Rooms, G Adventures, Crown Resorts Ltd., Carnival Corporation & plc, Balkan Holidays Ltd., Airbnb, Inc. and Adris grupa dd, Accor plc.
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Segmentation of the travel and tourism market
- Travel days
- Within 7 days
- 7-15 days
- More than 15 days
- type of trip
- Leisure expenses
- Business expenses
- Domestic expenditure
- International expenses
- North America
- Asia Pacific
- Middle East and Africa
- South America
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