Global Tourism Market to hit $1.1 trillion by 2032: Reports

Wednesday, January 17, 2024

Global Tourism market valued at $599.40B in 2022, projected to hit $1113.1B by 2032, growing at 6.6% CAGR, driven by sustainable tourism and cultural interest.

The value of the global tourism market was estimated at $599.40 billion in 2022. This market is projected to grow significantly, reaching an estimated $1113.1 billion by 2032, with a compound annual growth rate (CAGR) of 6.6% from 2023 to 2032.

Global tourism encompasses a variety of activities, including sightseeing, exploring natural landscapes, participating in adventure sports, learning about different cultures, attending local events, or simply relaxing at resorts or vacation spots. It is a social, cultural, and economic phenomenon involving people traveling to places outside their normal environment for personal, business, or professional reasons.

Globally, the trend of traveling to unique and eco-friendly destinations is on the rise. Destinations like Iceland, Kenya, Palau, and Nepal have become increasingly popular. For example, Nepal saw a significant 24% increase in global travelers in 2018, with about 1,173,072 international visitors, and Kenya’s global tourist arrivals in the same year rose by over 37%, surpassing two million. Countries like Costa Rica, the Galapagos Islands, and Panama are emerging as sustainable tourism hotspots, while Ethiopia is focusing on niche tourism markets, leveraging its historical, natural, and cultural tourism assets.

However, challenges in tourism include limited accessibility, varying accommodation standards, underdeveloped tourist attractions, and safety concerns. Inadequate infrastructure, such as poor transportation and underdeveloped facilities, can hinder the growth of the global tourism market.

The increase in global travelers’ interest in exploring new domestic and international locations, along with a culture of participating in recreational activities, has boosted the demand for tourism services. This trend is evident in the growing popularity of national parks, historical sites, and cultural events, as well as in the rise of ecotourism, adventure tourism, and cultural immersion activities. Social media has also played a role in amplifying this trend by enabling people to share their global travel experiences, inspiring others to embark on similar adventures.

The tourism source market is segmented based on booking channels (websites, mobile applications, travel agencies, and others), tourist types (solo, group, and others), and regions (North America, Europe, Asia-Pacific, and LAMEA). In 2022, the mobile application segment and the group segment were dominant in their respective categories. Europe was the leading region in the global market in 2022.

As of January 31st, 2024, an exclusive 15% discount is available on the purchase of this report. https://www.alliedmarketresearch.com/checkout-final/5450d6d345495b39903ad8fcdbabb764

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