Published on : Wednesday, April 17, 2019
According to a new market report, the global travel & tourism market is expected to reach US$ 13,556.4 billion by 2027, expanding at a CAGR of 5.2% from 2019 to 2027. The market is categorized into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America.
The travel & tourism market in North America is a mature and organized market and the second largest in the world. As per the UNWTO Report 2018, the number of international tourist arrivals in North America increased from 97.1 million in 1995 to 174.0 million in 2017.
The U.S. travel & tourism market is the largest, the most organized and mature market in North America.
The travel & tourism market in Europe is the third largest in the world and is also a mature and organized market. The Germany, the U.K. and France are the top three travel and tourism markets in Europe. Germany is the largest travel and tourism market in Europe, followed by the U.K. and France.
Asia-Pacific is the largest travel & tourism market globally and a growing one. In the Asia-Pacific travel & tourism market, China, Japan and India are the top three travel and tourism markets. China is the largest travel and tourism market in the region, followed by Japan and India.