Global tourism market expected to witness growth in the next five years

Published on : Friday, August 31, 2018

imagesIncreasing per capita income is driving the growth of global tourism market leading to continuous growth in international tourism. Over the last five years, tourism market in emerging economies, especially in countries like South America and Asia have propelled the global tourism market.

Compared to a decade ago, the global tourism market has undergone a lot of changes. Emerging economies now account for more market share compared to developed economies. International Travel Association (ITA) says that the number of international tourists arrivals in the U.S. is expected to grow from 69.8 million in 2013 to 83.8 million by this year.

Government bodies and organizations like the UNWTO are promoting tourism in order to attract diverse tourists from around the globe. These initiatives are leading to the growth of global tourism market.

Adventure tourism is new concept in tourism market and it is driving the overall tourism market. Medical tourism is also a new trend in global tourism market with lot of potential. Global sports and game events is another driving factor for the global tourism market. People travel to enjoy mega sports events like FIFA World Cup 2014, London Olympics 2012 and ICC World Cup 2011. However, disease outbreaks such as Ebola in specific countries affect the global tourism to a large extent. Ebola outbreak in West Africa affected the tourism market in African region.

The global tourism market is categorized on the basis of type, industry products, activities involved and geography. On the basis of type, international tourism and domestic/local tourism are the two major types of tourism market. The market for global tourism is segmented into adventure tourism, leisure business travel, conference or seminar travel, business tourism, visiting relatives and friends.

The industry products included in the global tourism industry are traveler accommodations, travel arrangement and reservations, air transportation, other local transport such as car rental, food and beverage establishments, recreation and entertainment, gasoline and other retail activities. Countries such as U.S., Germany and France are popular destinations for global tourism; but in recent years, lesser known countries from Asia and Africa have emerged as destinations of interest for international travelers.

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