Travel and Tourism Market ,Travel and Tourism Market_Size , Travel and Tourism Market_Trend
Travel and Tourism Market Overview
Global Travel and Tourism Market size was valued at USD 648.47 Bn. in 2023 and is expected to reach USD 975.70 Bn. by 2030, at a CAGR of 6.01 %.
Travel is the movement of people or objects such as airplanes, boats, trains and other conveyances between relatively distant geographical locations. Tourism is travel for recreational, leisure, or business purposes. Travel and tourism are the largest service industry globally. It provides heritage, cultural, medical, business and sports tourism. The main objective of this sector is to develop and promote tourism, maintain the competitiveness of countries across the region and as tourist destinations and improve and expand existing tourism products to ensure employment generation and economic growth.
Travel and Tourism Market Report Scope and Research Methodology
Economic prosperity, particularly in developing countries, has led to an increase in disposable income and the emergence of a larger middle class with a penchant for travel. This demographic shift fuels demand for leisure and business travel, both domestically and internationally. As more people have the financial means to explore new destinations and indulge in travel experiences, the Travel and Tourism market experiences sustained growth, with destinations worldwide benefiting from increased visitor spending and tourism-related activities. India’s inbound tourism sector is experiencing a significant rebound, with foreign tourist arrivals (FTAs) in 2023 surging 64 percent compared with 2022. This translates to 92,36,108 visitors between January and December 2023, compared with 64,37,467 in the same period of the previous year.
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Travel and Tourism Market Regional Insights
Europe dominated the largest market share in 2023. The government’s efforts to advance the tourist industry. Further, the German Travel and Tourism market held a dominant market share, and the UK Travel and Tourism market was the European region’s fastest-growing market. With travel & tourism contributing €33.5 billion to the capital of France’s GDP, Paris crowned the world’s most powerful city destination by WTTC in 2022. Towards the end of 2023, European tourism continued its robust recovery, nearing pre-pandemic levels despite inflationary pressures.
Travel and Tourism Market Segmentation
Based on Type, the international travel and tourism segment held the largest Travel and Tourism Market share in 2023. International Tourism is further categorized into two types known as inbound tourism and outbound tourism. Inbound tourism is when a foreigner visits a given country, and outbound tourism is when a resident of the given country visits a foreign country. For example, an Indian visiting France can be considered as an inbound tourism from the perspective of France, but it is considered as outbound tourism from an Indian perspective. Inbound tourism can impact a country’s wealth since it brings in additional income to the country.
Travel and Tourism Market Key Players
Southwest Airlines (USA)
Uber (USA)
Marriott International (USA)
Hyatt Hotels Corporation (USA)
Hilton Worldwide Holdings Inc. (USA)
Carnival Cruise Line (USA)
Royal Caribbean Group (USA)
Norfolk Southern Corporation (USA)
Airbnb, Inc. (USA)
G Adventures (Canada)
Emirates (United Arab Emirates)
Central Japan Railway Company (Japan)
East Japan Railway Company (Japan)
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Key questions answered in the Travel and Tourism Market are:
- What is Travel and Tourism ?
- What was the Travel and Tourism market size in 2023?
- What is the growth rate of the Travel and Tourism Market?
- Which are the factors expected to drive the Travel and Tourism market growth?
- What are the different segments of the Travel and Tourism Market?
- What growth strategies are the players considering to increase their presence in Travel and Tourism ?
- What are the upcoming industry applications and trends for the Travel and Tourism Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Travel and Tourism Market?
- What segments are covered in the Travel and Tourism Market?
- Who are the leading companies and what are their portfolios in Travel and Tourism Market?
- What segments are covered in the Travel and Tourism Market?
- Who are the key players in the Travel and Tourism market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024-2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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