Travel Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2022-2026
- Published: May 2022
- Pages: 120
- SKU: IRTNTR71431
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The travel market share is expected to increase to USD 451.19 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 13.86%. This report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches.
This market research report extensively covers market segmentation by sector (airline, hotel, travel activities, and others) and geography (APAC, Europe, North America, South America, and MEA).
The market report also offers information on several market vendors, including American Automobile Association Inc., BCD Travel Services BV, Booking Holdings Inc., Corporate Travel Management Ltd., CWT Global BV, Expedia Group Inc., Fareportal Inc, Flight Centre Travel Group Ltd., GBT Travel Services UK Limited, and Travel Leaders Group LLC among others.
What will the Travel Market Size be During the Forecast Period?
Download the Free Report Sample to Unlock the Market Size for the Forecast Period and Other Important Statistics
Travel Market: Key Drivers, Trends, and Challenges
The technological advances is notably driving the market growth, although factors such as health and safety risks associated with travel may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the travel industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Market Driver
One of the key factors driving global market growth is technological advances. The market relies on technologically advanced solutions that aid travel agents and their clients in accessing travel data, comparing reservation options, and booking the most efficient, economical, and comfortable option. Furthermore, advances in artificial intelligence (AI) have helped automate the travel booking process, eliminating the need to reenter employee travel preferences and, in turn, saving time and energy. The availability of technologically advanced features is helping the growth of this market as it reduces the time wasted by companies in making travel arrangements. Moreover, with the growing digitalization in payments, the market is gaining the maximum advantage as bookings and payments for travel have become easy for companies.
Key Market Trend
Increasing international tourist footfall is one of the key market trends that is expected to impact the industry positively in the forecast period. The presence of a large number of multinational corporations has a favourable effect on the number of business visits made by corporations all over the world. As a result, as the number of international travellers grows, so does the demand for travel activities, particularly through online travel service platforms. Aside from corporate travel, the tourist industry is booming, due to an increasing number of government initiatives to promote tourism. For instance, to enhance connectivity and promote tourism, the Government of India opened several airports in the past five years in different Indian cities. In addition, in the last five to seven years, sports tourism has gained popularity, resulting in a large number of sports enthusiasts attending sporting events such as the Olympics, Fédération Internationale de Football Association (FIFA) World Cup, Super Bowl, and Cricket World Cup. This is likely to drive the growth of the market in the forecast years.
Key Market Challenge
The spread of COVID-19 globally since Q1 2020 has been hindering the growth of the global market. The COVID-19 outbreak has become a worldwide healthcare emergency and has prompted businesses operating worldwide to stop international and national business travels to stop the spread of the disease. The pandemic has also led to a rise in airport health checkup formalities, with delays and tighter inspections, making the travel for employees tiresome. In addition, the safety risk is one of the most important factors that hinder the travel industry. Aircraft have a number of moveable parts and components (such as the main and tail rotors, driveshaft, and gearbox), which increases the possibilities of a potential malfunction. If any of these components/parts break down, the aircraft will get out of control. Thus, the rapidly increasing number of accidents discourages tourists from travelling, especially on airlines, which may limit the market growth in the coming years.
This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Parent Market Analysis
Technavio categorizes the global travel market as a part of the global hotels, restaurants, and leisure market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.
Who are the Major Travel Market Vendors?
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
- American Automobile Association Inc.
- BCD Travel Services BV
- Booking Holdings Inc.
- Corporate Travel Management Ltd.
- CWT Global BV
- Expedia Group Inc.
- Fareportal Inc
- Flight Centre Travel Group Ltd.
- GBT Travel Services UK Limited
- Travel Leaders Group LLC
This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented and the vendors are deploying growth strategies such as the expansion of business and marketing to compete in the market.
Product Insights and News
- American Automobile Association Inc. - The company offers travel services under the brand TripTik and TourBooks.
- American Automobile Association Inc. - Under the unified segment, the company offers financial and travel-arrangement services to its consumers.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Travel Market Value Chain Analysis
Our report provides extensive information on the value chain analysis for the market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
Which are the Key Regions for Travel Market?
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41% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for travel in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The growing tourism industry will facilitate the growth of the market in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
As the COVID-19 pandemic spread in the region in 2020, the travel industry came to a halt, negatively impacting air bookings and the hotel and hospitality industry in 2020. Consequently, the industry also registered a high volume of booking cancellations in 2020 due to the pandemic. However, countries such as India are expected to witness strong demand for travel due to tourism, especially for domestic destinations in the country, in 2022. Vendors in the region are offering tour packages and travel services, with all the precautionary measures in place to control the spread of the disease. Considering all these factors, the travel industry in APAC is expected to grow at a moderate rate during the forecast period.
What are the Revenue-generating Sector Segments in the Travel Market?
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The market share growth by the airline segment will be significant 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. The rise in the inflow of airline travellers has resulted in increased revenue, and the associated taxes, which, in turn, have contributed to economic development. This development is expected to continue during the forecast period owing to the introduction of travel packages such as tourism packages.
This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on the post-COVID-19 impact on each segment.
You may be interested in:
Travel Technologies market - The market size has the potential to grow by USD 1.56 billion during 2021-2025, and the market's growth momentum will accelerate at a CAGR of 4.03%.
Travel Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 13.86%
Market growth 2022-2026
$ 451.19 billion
YoY growth (%)
APAC, Europe, North America, South America, and MEA
Performing market contribution
APAC at 41%
Key consumer countries
China, US, Germany, Japan, and UK
Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled
American Automobile Association Inc., BCD Travel Services BV, Booking Holdings Inc., Corporate Travel Management Ltd., CWT Global BV, Expedia Group Inc., Fareportal Inc, Flight Centre Travel Group Ltd., GBT Travel Services UK Limited, and Travel Leaders Group LLC
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
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
What are the Key Data Covered in this Travel Market Report?
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will drive market growth during the next five years
- Precise estimation of the market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behaviour
- The growth of the travel industry across APAC, Europe, North America, South America, and MEA
- A thorough analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of market vendors
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1. Executive Summary
1.1 Market overview
Exhibit 01: Key Finding 1
Exhibit 02: Key Finding 2
Exhibit 03: Key Finding 3
Exhibit 04: Key Finding 5
Exhibit 05: Key Finding 6
Exhibit 06: Key Finding 7
Exhibit 07: Key Finding 8
2. Market Landscape
2.1 Market ecosystem
2.1.1 Parent market
Exhibit 08: Parent market
Exhibit 09: Market characteristics
2.2 Value chain analysis
Exhibit 10: Value chain analysis: Haotel, Restaurents and Leisure
2.2.2 Inbound logistics
2.2.5 Marketing and sales
2.2.6 Support activities
3. Market Sizing
3.1 Market definition
Exhibit 11: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 12: Market segments
3.3 Market size 2021
3.4 Market outlook: Forecast for 2021-2026
Exhibit 13: Global - Market size and forecast 2021 - 2026 ($ billion)
Exhibit 14: Global market: Year-over-year growth 2021 - 2026 (%)
4. Five Forces Analysis
4.1 Five Forces Summary
Exhibit 15: Five forces analysis 2021 & 2026
4.2 Bargaining power of buyers
Exhibit 16: Bargaining power of buyers
4.3 Bargaining power of suppliers
Exhibit 17: Bargaining power of suppliers
4.4 Threat of new entrants
Exhibit 18: Threat of new entrants
4.5 Threat of substitutes
Exhibit 19: Threat of substitutes
4.6 Threat of rivalry
Exhibit 20: Threat of rivalry
4.7 Market condition
Exhibit 21: Market condition - Five forces 2021
5. Market Segmentation by Sector
5.1 Market segments
Exhibit 22: Sector - Market share 2021-2026 (%)
5.2 Comparison by Sector
Exhibit 23: Comparison by Sector
5.3 Transportation - Market size and forecast 2021-2026
Exhibit 24: Transportation - Market size and forecast 2021-2026 ($ billion)
Exhibit 25: Transportation - Year-over-year growth 2021-2026 (%)
5.4 Hotel - Market size and forecast 2021-2026
Exhibit 26: Hotel - Market size and forecast 2021-2026 ($ billion
Exhibit 27: Hotel - Year-over-year growth 2021-2026 (%)
5.5 Travel activities - Market size and forecast 2021-2026
Exhibit 28: Travel activities - Market size and forecast 2021-2026 ($ billion)
Exhibit 29: Travel activities - Year-over-year growth 2021-2026 (%)
5.6 Market opportunity by Sector
Exhibit 30: Market opportunity by Sector
6. Customer landscape
Technavio’s customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate and Key purchase criteria
Exhibit 31: Customer landscape
7. Geographic Landscape
7.1 Geographic segmentation
Exhibit 32: Market share by geography 2021-2026 (%)
7.2 Geographic comparison
Exhibit 33: Geographic comparison
7.3 APAC - Market size and forecast 2021-2026
Exhibit 34: APAC - Market size and forecast 2021-2026 ($ billion)
Exhibit 35: APAC - Year-over-year growth 2021-2026 (%)
7.4 Europe - Market size and forecast 2021-2026
Exhibit 36: Europe - Market size and forecast 2021-2026 ($ billion)
Exhibit 37: Europe - Year-over-year growth 2021-2026 (%)
7.5 North America - Market size and forecast 2021-2026
Exhibit 38: North America - Market size and forecast 2021-2026 ($ billion)
Exhibit 39: North America - Year-over-year growth 2021-2026 (%)
7.6 South America - Market size and forecast 2021-2026
Exhibit 40: South America - Market size and forecast 2021-2026 ($ billion)
Exhibit 41: South America - Year-over-year growth 2021-2026 (%)
7.7 MEA - Market size and forecast 2021-2026
Exhibit 42: MEA - Market size and forecast 2021-2026 ($ billion)
Exhibit 43: MEA - Year-over-year growth 2021-2026 (%)
7.8 Key leading countries
Exhibit 44: Key leading countries
7.9 Market opportunity by geography
Exhibit 45: Market opportunity by geography ($ billion)
8. Drivers, Challenges, and Trends
8.1 Market drivers
8.1.1 Increasing adoption of online payment platforms
8.1.2 Technological advances
8.1.3 Growing demand for multigenerational and micro trips
8.2 Market challenges
8.2.1 Threat from growing terrorism
8.2.2 Health and safety risks associated with travel
8.2.3 Travel fatigue
Exhibit 46: Impact of drivers and challenges
8.3 Market trends
8.3.1 Increasing international tourist footfall
8.3.2 Increase in the number of mergers and acquisitions (M&A), partnerships, and strategic alliances
8.3.3 Increasing disposable incomes
9. Vendor Landscape
Exhibit 47: Vendor landscape
9.2 Landscape disruption
Exhibit 48: Landscape disruption
Exhibit 49: Industry risks
9.3 Competitve Landscape
10. Vendor Analysis
10.1 Vendors covered
Exhibit 50: Vendors covered
10.2 Market positioning of vendors
Exhibit 51: Matrix on vendor position and classification
10.3 American Automobile Association Inc.
Exhibit 52: American Automobile Association Inc. - Overview
Exhibit 53: American Automobile Association Inc. - Product and service
Exhibit 54: American Automobile Association Inc. - Key offerings
10.4 BCD Travel Services BV
Exhibit 55: BCD Travel Services BV - Overview
Exhibit 56: BCD Travel Services BV - Product and service
Exhibit 57: BCD Travel Services BV- Key news
Exhibit 58: BCD Travel Services BV - Key offerings
10.5 Booking Holdings Inc.
Exhibit 59: Booking Holdings Inc. - Overview
Exhibit 60: Booking Holdings Inc. - Business segments
Exhibit 61: Booking Holdings Inc.- Key news
Exhibit 62: Booking Holdings Inc. - Key offerings
Exhibit 63: Booking Holdings Inc. - Segment focus
10.6 Corporate Travel Management Ltd.
Exhibit 64: Corporate Travel Management Ltd. - Overview
Exhibit 65: Corporate Travel Management Ltd. - Product and service
Exhibit 66: Corporate Travel Management Ltd. - Key offerings
10.7 CWT Global BV
Exhibit 67: CWT Global BV - Overview
Exhibit 68: CWT Global BV - Product and service
Exhibit 69: CWT Global BV - Key offerings
10.8 Expedia Group Inc.
Exhibit 70: Expedia Group Inc. - Overview
Exhibit 71: Expedia Group Inc. - Business segments
Exhibit 72: Expedia Group Inc. - Key offerings
Exhibit 73: Expedia Group Inc. - Segment focus
10.9 Fareportal Inc
Exhibit 74: Fareportal Inc - Overview
Exhibit 75: Fareportal Inc - Product and service
Exhibit 76: Fareportal Inc - Key offerings
10.10 Flight Centre Travel Group Ltd.
Exhibit 77: Flight Centre Travel Group Ltd. - Overview
Exhibit 78: Flight Centre Travel Group Ltd. - Product and service
Exhibit 79: Flight Centre Travel Group Ltd. - Key offerings
10.11 GBT Travel Services UK Limited
Exhibit 80: GBT Travel Services UK Limited - Overview
Exhibit 81: GBT Travel Services UK Limited - Product and service
Exhibit 82: GBT Travel Services UK Limited- Key news
Exhibit 83: GBT Travel Services UK Limited - Key offerings
10.12 Travel Leaders Group LLC
Exhibit 84: Travel Leaders Group LLC - Overview
Exhibit 85: Travel Leaders Group LLC - Product and service
Exhibit 86: Travel Leaders Group LLC - Key offerings
11.1 Scope of the report
11.1.1 ????Market definition
11.1.3 Notes and caveats
11.2 Currency conversion rates for US$
Exhibit 87: Currency conversion rates for US$
11.3 Research methodology
Exhibit 88: Research Methodology
Exhibit 89: Validation techniques employed for market sizing
Exhibit 90: Information sources
11.4 List of abbreviations
Exhibit 91: List of abbreviations
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.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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Frequently Asked Questions?
- technological advances
- Increasing international tourist footfall
Key Questions Answered
- What are the key global market and the regional market share?
- What are the revenue-generating key market segments?
- What are the key factors driving and challenging this market’s growth?
- Who are the key market vendors and their growth strategies?
- What are the latest trends influencing the growth of this market?
- What are the variables influencing the market growth in the primary regions?
- What are the factors influencing the growth of the parent market?
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