Rise in per capital disposable income would fuel growth of global tourism industry market

Tuesday, January 16, 2018

According to a new report titled “Global Tourism Industry Market Analysis & Opportunity Outlook 2021”, the global tourism market is expected to flourish at a significant CAGR of 3.8% over the forecast period i.e. by 2021 and would garner significant revenue at the end of the stipulated time.

Domestic tourism and international tourism are the two segmentations of the global tourism industry market. Among these two, domestic tourism segment is expected to occupy the top position in global tourism industry market. Also, the domestic tourism segment is expected to overdo the international tourism segment and would occupy the top position in global tourism industry market. The despaired market share of domestic tourism market is all due to the high number of domestic passengers as compared to the international travellers. In 2016, U.S. domestic passenger air traffic grew by 3.3% as compared to 2015.

One of the major factors that will contribute to this surge in the global tourism industry market is the rising disposable income of the population. Additionally, increasing business travel spending is anticipated to fuel the growth of tourism industry during the forecast period.

The highest percentage share in overall tourism industry market is grabbed by Europe and the increasing number of international tourism and spiked growth of inbound travel is expected to intensify the growth of the Europe tourism industry market.

The Asia Pacific region is also expected to see the highest growth rate during the 2017-2021 forecast period. China, India, Thailand and Philippines has already contributed significantly to the travel figures and is expected to remain a promising market. North America is also expected to showcase significant growth in the tourism industry market over the forecast period and has already contributed USD 503.7 Billion to the GDP from its travel and tourism market.

Increasing disposable income of the population is anticipated to trigger the growth of the tourism industry. Additionally, continuous growth in the international tourists is anticipated to strengthen the growth of the tourism industry market.

Improvement in the travel infrastructure and government initiated projects for tourism development are the two most certain factors that would fuel the growth of the global tourism industry.

Increasing terrorism activities, political unrest and natural calamities are some of the hindrances that the industry need to face and overcome.

The “Global Tourism Industry Market Analysis & Opportunity Outlook 2021” report also provides the existing competitive scenario of some of the key players of the global tourism industry market which includes company profiling of Expedia Inc., Priceline Group, American Express Global Business Travel, Carlson Wagonlit Travel, BCD Travel, HRG North America, FC USA, American Express Travel and Travel Leaders Group.

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