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The Global Travel Market size is estimated to grow by USD 3,392.95 billion, accelerating at a CAGR of 14.18% between 2023 and 2027.
Our report offers in-depth analysis of market drivers, trends, opportunities, challenges, and restraints, with segmentation by Sector (transportation, hotel, and travel activities), Type (leisure and business), and Geography (APAC, Europe, North America, South America, and Middle East and Africa). Additionally, Technavio provides valuable insights through value chain analysis, parent market analysis, Porter’s Five analysis, vendor analysis, and COVID-19 impact data. The report also includes a thorough analysis of historical market data from 2017 to 2021.
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The growing popularity of experiential travel is a key factor driving the travel market growth. Modern travelers prioritize meaningful and authentic experiences that connect them with local cultures. Experiential travel offers a profound understanding of a destination's way of life, catering to younger generations who value creating memories over material possessions. Social media amplifies this trend, as unique and immersive experiences become shareable content.
The rise of experiential travel serves as an alternative to mass tourism, addressing concerns about overcrowding and environmental impact in popular destinations. Travelers now seek off-the-beaten-path adventures, tailoring trips to personal preferences. Adventure and eco-tourism, emphasizing engagement with nature and local communities, contribute to the growth of the global travel market.
The increasing international tourist footfall is one of the major key travel market trends. In recent years, global inbound tourism has surged, leading to a substantial increase in the number of tourists and a heightened demand for travel activities. The rise in international and domestic travel for business, leisure, and sports has significantly contributed to this trend.
The presence of numerous multinational corporations positively influences business visits worldwide. As international travel expands, especially through online platforms, the demand for travel activities intensifies. Government initiatives, such as airport openings in various Indian cities, further stimulate the tourism industry. Notably, North America, Europe, and the Pacific region contribute significantly to India's international tourist arrivals. This growth in tourism is anticipated to propel the global travel market in the forecast period.
The threat of growing terrorism is a major challenge hindering the travel market growth. Terrorist activities have surged globally since 2016, with the primary goal of instilling fear and altering people's behavior. Racially or ethnically motivated terrorism (REMT) poses a significant threat to society. The deadliest terrorist attack in 2021 occurred in Kabul, Afghanistan, with 183 fatalities from a suicide bombing at Kabul International Airport. Of the 20 worst attacks in 2021, six were in Afghanistan.
Such incidents, like a 2020 motorcycle bomb explosion in Jolo, Philippines, directly impact industries such as hotels and travel activities. Terrorism results in heightened border clearance challenges, causing travel disruptions, delays, and increased security costs for infrastructure like oil and gas pipelines. Additionally, it raises insurance and reinsurance expenses, posing a potential obstacle to the growth of the global travel market in the forecast period.
The transportation segment is estimated to witness significant growth during the forecast period. With the improvement in the global economy, there has been simultaneous growth in the airline travel industries of many countries worldwide. Increased revenue and associated taxes are generated as a result of increased passenger traffic, which, in turn, contribute to economic development.
Travel Market
By Sector Segment
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The transportation segment was the largest segment and was valued at USD 2,191.96 billion in 2017. With the introduction of travel packages such as tourism packages, tourists can opt for preferred destinations and resorts after comparing their prices and offerings. In order to provide tourists with special tourist services, some tourism enterprises cooperate with resorts and privately operated helicopters.
APAC is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Travel Market
By APAC
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Rapid economic growth in APAC countries like China, India, and Japan has expanded the middle class, fostering increased spending on travel. Urbanization has opened opportunities for business travel and cultural exchanges, with diverse destinations ranging from historical sites to modern cities. Improved transportation infrastructure facilitates easy travel within and between APAC countries. Governments, including the UAE and India, are investing in tourism, simplifying visas, and enhancing infrastructure. Rich cultural heritage and high-quality medical facilities contribute to the growth of cultural, medical, and wellness tourism. Digital technologies streamline trip planning, while the region's prominence in international business drives demand for business travel services. Diverse landscapes attract nature enthusiasts and adventure seekers, making the APAC region a significant market for cruise tourism. These factors are expected to drive global travel market growth in the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
The travel market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027
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Travel Market Scope |
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Report Coverage |
Details |
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Page number |
163 |
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Base year |
2022 |
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Historic period |
2018 - 2022 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 14.18% |
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Market growth 2023-2027 |
USD 3,392.95 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
14.02 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 39% |
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Key countries |
US, China, Japan, France, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Accor S.A., American Express Global Business Travel GBT, Balkan Holidays Ltd., BCD Travel Services BV, Booking Holdings Inc., Carlson Inc., Corporate Travel Management Ltd., Expedia Group Inc., Fareportal Inc., Flight Centre Travel Group Ltd., JPMorgan Chase and Co., JTB Corp., MakeMyTrip Ltd., PT Global Digital Niaga, PT Traveloka Indonesia, The Scott Travel Group Ltd., Travel Leaders Group Holdings LLC, World Travel Holdings, World Travel Inc., and Omega World Travel Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Sector
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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