The U.S and Canada travel market is anticipated to secure US$ 952 Million in 2022 and is likely to exhibit a CAGR of 10.14% from 2022 to 2032. Expansion of the market can be attributed to the growing number of millennial and middle-income traveler groups.
Numerous uncertainties have arisen as a result of COVID-19, including those about quarantine or other associated procedures, the number of nationals who can be admitted and under what conditions. The industry appears to be recovering, though. Air travel has reached two million daily passengers, closer to the pre-pandemic high of nearly 2.5 million than to the low of about 90,000 in April 2020. According to a survey, travelling is the second-most desired activity in the United States. Bookings for hotels and hire cars have gone up. During the predicted term, these trends are probably advantageous to the sector.
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Key Takeaways from the U.S and Canada Travel Market
- The millennial segment is anticipated to dominate the US and Canada market during the forecast period. In 2022, the segment is expected to claim around 50% revenue share.
- The US and Canada travel market to secure about US$ 2.5 Billion during the forecast period.
- The Luxury segment to dominate the US and Canada market during the forecast period. In 2021, the segment secured about 32% of the global revenue.
- The US and Canada travel market is expected to secure US$ 952 Million by 2022.
- The US and Canada travel market is anticipated to display a CAGR of 10.14% during the forecast period.
Competitive landscape:
Key players in the US and Canada travel market include Expedia, Inc., Booking Holdings Inc., American Express Global Business Travel (GBT), TCS World Travel, Abercrombie & Kent USA, LLC, Exodus Travels Ltd., BCD Travel, Intrepid Travel, Topdeck Travel Ltd., and Trafalgar.
- In April 2021, Expedia launched new features and ad campaigns in anticipation of increased travel. Changes such as a new itinerary experience allow travelers to see all the details of their trip in one place, Plans to simplify the insurance experience, and help travelers discover and experience more of the destination, among others.
- In November 2021, Booking Holdings Inc. announced that it inked an agreement to acquire Getaroom, a B2B distributor of hotel rooms, from Court Square Capital Partners for about $1.2 billion.
What is the Contribution of Startups in Developing the U.S and Canada Travel Market?
Airalo, Ditto, Amenitiz, Troop, Yoti, The Hotels Network, Smooss, Blueboard, Port, Hopin, and Butler Hospitality are some of the emerging entities in the US and Canada travel market. Startups are likely to make a significant contribution to the market.
- For instance, Airalo, which offers digital SIM cards to travelers raised US$ 5.4 Million in Series A funding. The round was initiated by Rakuten Ventures with participation from Antler, Sequoia Capital India’s Surge program, LG Technology Ventures, Plug and Play Ventures, Go Ventures, and others. Thus, startups are anticipated to make a notable contribution to boosting the US and Canada travel market.
Key Segments Profiled in the US and Canada Travel Market:
· By Type :
- Luxury Travel
- Business Travel
- Cruise Travel
- Specialty/Activity/Sports Travel
- Budget Travel
· By Age Group :
- Millennials
- Generation X
- Baby Boomers
· By Country :
- S Travel Market
- Canada Travel Market
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How will be insights and market estimations provided in the Fact.MR report on the Demand of U.S and Canada Travel make a difference?
- The study takes a closer look at the major economic turmoil, with a focus on the recent COVID-19 pandemic disruptions
- The assessment of key growth dynamics highlights the attractiveness of new automation technologies and offers readers insight on the prospect of these during the forecast period
- The study tries to offer a balance perspective of the opportunities in mature and the most lackluster markets
- Provides scrutiny of the industry trends that have shaped recent government policies
- Provides an account of major breakthroughs in all segments that might change the course of the market considerably
- Provides an incisive analysis of socio-political milieu in which the key markets operate, and how will that influence the lucrativeness of the overall U.S and Canada Travel Market
- Analyzes how collaborations and partnerships among players from different industries shape the key growth dynamics in the near future
- Evaluates the role of various stages of funding on new growth avenues in key regional markets
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