The market for travel and tourism is driven by the growth in affordability of airline travel, improvement in accessibility to various remote yet beautiful locations, and rise in disposable income. Robust growth in transportation facilities and overall infrastructure has bolstered the travel and tourism market. Millennial travelers are increasingly seeking unique once-in-a-lifetime experiences. In this environment, ecological tours are becoming increasingly popular. This is accelerating the growth of special interest tourism, thus augmenting the global travel and tourism market. Companies operating in the travel and tourism market need to come up with innovative and unique travel experiences, such as experiential tours, in order to broaden their revenue streams.
Global Travel and Tourism Market Introduction
Travel can be domestic, overseas, short-distance, or long-distance. The global travel and tourism market is projected to observe significant growth in the next few years due to the rise in demand for travel for multiple reasons, especially after the lifting of COVID-19 related travel restrictions. The travel industry encompasses the various facets of the wider service industry that caters to the desires and needs of the people who travel from one region of the world to another. Travel and tourism industry growth is likely to be increasingly influenced by sustainable travel, which is tipped to be the future of travel.
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Growth in Internet Penetration Boosting Travel and Tourism Market
Travelers are getting more options for booking travel tickets due to the rise in Internet penetration. As per the Travel Trend Report 2022, 62% of respondents agreed that they plan on taking two to four trips a year. Travel industry statistics 2022 reveal that travelers are focused on engaging in positive practices, including wellness activities, giving back to communities, and protecting the environment. Travel agents that book tickets online for travelers are known as OTA (Online Travel Agents). OTAs use multiple channels such as online marketplaces, resellers, booking agents, and hotels to manage a high volume of ticket bookings. This is expected to drive the travel and tourism market size across the globe.
Impact of COVID-19 and International Conflicts on Global Travel and Tourism Market
The ongoing global COVID-19 pandemic has crippled the travel and tourism industry. However, the global travel and tourism market is expected to recover once the phase of the deadly Coronavirus gets over, especially in tourist destinations such as China. According to key players involved in the tourism industry, ongoing international issues and war conflicts are directly hampering the travel and tourism market. However, travel and tourism market research indicates that emerging countries are promoting eco-friendly and urban tours. This is likely to augment the industry in the near future.
Rise in Disposable Income and Accessibility to Remote Areas Driving Demand for Travel
The global travel and tourism market comprises several other businesses including food and beverages, transportation, accommodation, financial services, entertainment, and travel agents. The global travel and tourism market is one of the most competitive and leading markets in the world. Sustenance of the market depends on the quality of services being offered. It is therefore necessary for travel agents, airlines, car rental services, tour operators, and the hotel industry to make use of the latest marketing strategies to gain competitive advantage.
The market size of travel industry has witnessed substantial growth over the last few years. Rise in affordability of airline travel, improvement in accessibility to various remote yet beautiful areas, and increase in disposable income are likely to bolster the global travel and tourism market. In several countries, art, entertainment, wildlife activities, adventure sports, and other such activities have garnered the attention of domestic and international travelers. Additionally, rise in popularity of business tours, eco-tours, agro tours, educational tours, and medical tourism & dental tourism through e-tourism is likely to augment the travel and tourism market in the next few years.
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Growth in Popularity of Unique Travel Experiences and Multiday Tours to Experience Local Cultures
Interest among travelers to visit unique places and experience new cultures has been rising across the globe. Travelers across the globe are spending more on experiences rather than materialistic things such as hotel facilities. Millennial travelers especially seek unique experiences. Thus, demand for ecological tours has been rising substantially since the last few years. As per Travel Trend Report 2019, ecological tours are the most popular and demanded tours among travelers. Global travelers are also more interested in experiencing local culture and food habits. They are seeking more adventure-related experiences than before. Travelers prefer multiday tours rather than single-day tours for leisure activities in order to rejuvenate themselves from the hectic daily work life. Bookings for such tours are done much in advance compared to single-day tour bookings.
Regional Outlook of Global Travel and Tourism Market
Asia Pacific dominates the global travel and tourism market, with China and India being the dominant countries in the region. Global tourism & travel companies are focusing on the emerging BRICS countries. The travel and tourism industry is growing in China. Outbound tourism and inbound tourism in emerging countries of Asia Pacific is expected to create lucrative opportunities for the global travel and tourism market players. The top destinations for travelers are Thailand, Japan, Singapore, Vietnam, Indonesia, Malaysia, the Philippines, and South Korea. Continual shift toward ecotourism; and focus on conservation, adventure travel, and health and wellness tours are being witnessed post the peak of the pandemic.
In terms of value, Europe accounts for the second largest share of the global travel and tourism market. Key government bodies in the region are collaborating with niche tourist industry and other government organizations to boost tourism. This is a major factor driving the global travel and tourism market in Europe.
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Analysis of Key Players in Global Travel and Tourism Market
The global travel and tourism market consists of large numbers of medium and small players. Key players are involved in offering attractive tourism services to users. They also offer customized solutions to corporates for business trips. This is likely to augment the travel and tourism market in the near future. Expansion of product portfolios and mergers and acquisitions are the strategies adopted by key players: TUI Group, Hilton Worldwide Holdings Inc., Carnival Corporation & plc, Airbnb Inc., Crown Resorts Ltd., Accor plc, Balkan Holidays Ltd., G Adv
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