Published on : Saturday, November 16, 2019
A market intelligence study recently revealed that the global travel and tourism market is fragmented and highly competitive though organised and mature. Some of the major players in the global travel and tourism include Carnival Corporation & Plc, Hilton Worldwide Holdings Inc., Crown Resorts Ltd, TUI Group, and Accor plc.
The growing use of internet gives wide options to travellers to choose their options according to their requirements, pushing the global travel and tourism market towards expansion during the forecast period. The market is expected to grow at a CAGR of 5.2 per cent from 2019 to 2027. Also, the travel and tourism market worldwide is projected to reach the estimated value of US$13,556.4 Bn by the end of 2027.
On the basis of geography, Asia Pacific currently dominates the global travel and tourism market. This region is expected to continue to rule the market during the forecast period. China is the largest contributor. Middle East, Africa and Latin America are also predicted to grow during the forecast period. The industry is segmented into leisure spending and business spending in terms of travel types. The leisure spending segment is expected to dominate global travel and tourism during the forecast period.
It is also evident that travellers across the globe are interested in spending more on experiences compared to material things such as food, staying facilities, etc. Especially, the millennial crowd wants once in a lifetime adventure experience. This pushes the global travel and tourism market to expand at a fast pace during the forecast period.
Additionally, the global market is driven by the growing trend of ecological tours
. Ecological tours are getting popular due to increasing interests shown by the travellers. Such new trend is expected to provide impetus to the growth in the global travel and tourism market during the forecast period.
We live in a fast paced world. People are extremely busy with work, business, and meeting deadlines that they hardly get any time for leisure activities. Such scenarios put them at stress, thus making them take a break from their busy life for a few days. They intend to rejuvenate themselves and indulge in leisure experiences. They look for good tour packages as per their requirements. These factors are expected to promote the global travel and tourism market to surge during the forecast period.
Additionally, rising per capita income in developing economies is expected another key driver to expanding the global travel and tourism market. Moreover, governments of developing economies promote the travel and tourism sector through various programs.
Thus, the global travel and tourism market is likely to develop during the upcoming years.
However, some of the factors such as Visa regulations, political situations, natural disasters, diseases such as swine flu, Ebola, etc. are expected to hinder growth in the travel and tourism market at times.