Global Luxury Travel Market was valued at USD 1,167.17 Billion in 2021, and is expected to reach USD 2,728.80 Billion by 2029, exhibiting a CAGR of 11.2 % during the forecast period (2022-2029)
Luxury Travel Market Overview
The global Luxury Travel Market by Manufacturers, Regions, Type and Application, forecast to 2029, published by Maximize Market Research, is the culmination of extensive primary and secondary research. The study includes ever-changing trends, the industry environment, and all of the Market’s leading elements. The research approach was used to investigate the global Luxury Travel Market, and the results have been logically presented in the report.
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Luxury Travel Market Report Scope and Research Methodology
The drivers, restraints, product developments, technical advancements, Market opportunities, restrictions, growth strategies, and Market prospects, with the forecast period, are briefly covered in the global Market report. The report offers an in-depth analysis of the industry, including key figures such as Market size, Market share, revenue growth, and CAGR for the forecast period (2022 to 2029). The analysis by Maximize Market Research focuses on the most important regional Market share data. The research also includes a full geographical analysis of the industry, highlighting the industry’s growth potential and Market hurdles in each of the regions. The report contains a detailed regional Market player analysis of the industry, with an emphasis on business growth opportunities and Market hurdles in each of the major regions in the world. SWOT analysis was employed to provide the strengths, weaknesses, opportunities and threats in the Market.
Luxury Travel Market Regional Insights
Geographically, the report is segmented into several key countries, with Market size, growth rate, import and export of Luxury Travel Market in these countries, which cover North America, U.S., Canada, Mexico, Europe, UK, Germany, France, Spain, Italy, Rest of Europe, Asia Pacific, China, India, Japan, Australia, South Korea, ASEAN Countries, Rest of APAC, South America, Brazil, and the Middle East and Africa.
Luxury Travel Market Segmentation
According to Categories of Trip, Adventure & Safari dominated the luxury travel market in 2021 and is anticipated to continue to do so during the forecast period. The best outdoor adventure trips are frequently regarded as safaris. Apart from physically strenuous activities, this industry, which is among the fastest expanding, is also known for personalised itineraries and soft experiences. Seeing natural treasures like the Galapagos Islands and boating in the Mediterranean are also included. Bike rides, scuba diving, specialised explorations, arctic expeditions, and night safaris through African rainforests are further examples of luxury adventure and safari excursions. The market for this niche is projected to grow quickly as consumers’ desire in transformational and engaged activities increases.
Depending on age group, Baby Boomers dominated the luxury travel market in 2021 and are anticipated to continue to do so during the forecast period. The most frequent luxury travellers are between the ages of 50 and 65, who make an average of 4-5 trips annually. Although baby boomers are the age group that spends the most money on travel, just 5–10% of market players target them. Baby boomers are predicted to receive $15 trillion over the next 20 years and control 70% of the country’s discretionary money. The majority of baby boomers are anticipated to enjoy leisure travel, with 45% travelling both domestically and abroad and 5% only doing so.
According to Categories of Traveler, Absolute Luxury dominated the luxury travel market in 2021 and is anticipated to continue to do so during the projected period. Absolute luxury households are those with a net worth of at least $30 million, spend more than $230 billion annually on upscale goods, and make up more than 20% of all upscale purchases, including vacation. Travel is still a common choice for affluent clients because touring is a fantastic alternative for high-budget vacationers. When travelling in search of one-of-a-kind and spectacular experiences, absolute travellers need to take time for physical and spiritual refreshment. Absolute luxury travellers are gaining popularity for itineraries that offer rich and unique travel experiences, which is fueling the growth of the global luxury travel business.
Luxury Travel Market Key Players
• Abercrombie & Kent USA, LLC (US)
• Virtuoso, Ltd. (US)
• Micato Safaris, Inc. (US)
• Ker & Downey (US)
• Tauck, Inc. (US)
• BLACK TOMATO GROUP (US)
• Kensington Tours Ltd. (US)
• Zicasso, Inc. (US)
• Backroads (US)
• Lindblad Expeditions (US)
• Asia Transpacific Journeys (US)
• Journeys 360 Travel (US)
• Ovation Travel Group (US)
• Exodus Travels (Canada)
• Butterfield & Robinson Inc (Canada)
• TUI Group (Germany)
• Scott Dunn Ltd (UK)
• Voyage Prive (UK)
• Wexas Limited (UK)
• Thomas Cook Group Plc (UK)
• Mlkjets (UK)
• BubbleGlobe (France)
• CellerTours (Spain)
• So Me Travel (Austria)
• Cox & Kings Ltd (India)
• Lightfoot Travel (Singapore)
Key Questions answered in the Market Report are:
- Which region holds the maximum share in the Market?
- What is the expected CAGR of the Market during the forecast period?
- Which application segment emerged as the leading segment in the Market?
- What key trends are expected to emerge in the Market in the coming years?
- What is the expected Market size by 2029?
- Which company held the largest share in the Market?
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Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis of segments with their sub-segments and region
- Competitive Landscape – Top Key Players and Other Prominent Players
About Maximize Market Research:
Maximize Market Research is a multifaceted Market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide Market-verified industry estimations, technical trend analysis, crucial Market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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