Global Outbound Tourism Market Overview:
Global outbound tourism market is projected to experience growth at a Compound Annual Growth Rate (CAGR) of 11.2% between the forecast period of 2022 to 2030.
Outbound tourism specifically refers to the travel activity where individuals from one country travel to another country for leisure or other purposes, excluding any purchases made within the originating country before or after the trip. This concept can be contrasted with border tourism, inbound tourism (where individuals from other countries visit the subject country), and domestic tourism (where individuals travel within their own country).
Additionally, a significant portion of individuals also favours Japan and Germany due to the myriad opportunities for employment and education they offer. The availability of lucrative job prospects and favourable conditions in these countries are other factors driving the growth in India’s outbound tourism market.
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Market Growth Factors:
The increasing global disposable income of people is driving significant growth in the outbound tourism business. Globally better visa facilities and declining air travel expenses are also contributing to this growth. Nowadays, a lot of nations provide visa-on-arrival services, which draw a sizable number of visitors and accelerate business expansion. Furthermore, nations are putting in place alluring programs to draw in foreign visitors, which is driving market expansion even harder. Ongoing conflict situations, for example, are predicted to impede market expansion during the projected period.
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The leading players of the Outbound Tourism industry, their market share, product portfolio, company profiles are covered in this report. Key market players are analysed on the basis of production volume, gross margin, market value, and price structure. The competitive market scenario among Outbound Tourism players will help the industry aspirants in planning their strategies. The statistics presented in this report are an accurate and useful guide to shaping your business growth.
Market Segments:
Based on the purpose type:
- Business
- Holiday/Leisure
- VFR & Others
Based on the booking channel type:
- Phone Booking
- Online Booking
- In Person Booking
Based on the tourist type:
- Domestic
- International
Based on the tourism type:
- Cultural & Heritage Tourism
- Medical Tourism
- Eco/Sustainable Tourism
- Sports Tourism
- Wellness Tourism & Others
Based on the tour type:
- Independent Traveller
- Package Traveller
- Tour Group
Based on the consumer type:
- Men
- Women
Based on the age group type:
- 15-25 Years
- 26-35 Years
- 36-45 Years
- 46-55 Years
- 66-75 Years
Market Regional Analysis:
The market growth is expected to be primarily driven by the US region during the forecast period, propelled by advancements in technology within the food sector. This technological progress is anticipated to stimulate market expansion. Additionally, Europe is forecasted to experience healthy growth rates during this period. Similarly, the Asia Pacific region is expected to witness significant growth in the market.
Leading Growth Companies Involved in this market are:
- Orbit
- Thomas Cook
- SOTC Kroni
- Raj Travels
- In Orbit Tours
- Cox and Kings
- Riya Travels
- Travel art India
- Akbar Travels
- Mercury Travels
- BCD Travels
- Amadeus
- Cesaris
- Gold Chip
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