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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?

Travel Market Size

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?

Travel Market Market segmentation by region

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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?

Travel Market Segmentation

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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

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 13.86%

Market growth 2022-2026

$ 451.19 billion

Market structure

Fragmented

YoY growth (%)

13.08

Regional analysis

APAC, Europe, North America, South America, and MEA

Performing market contribution

APAC at 41%

Key consumer countries

China, US, Germany, Japan, and UK

Competitive landscape

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

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

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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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

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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

                              2.2.1    Inputs

                              2.2.2    Inbound logistics

                              2.2.3    Operations

                              2.2.4    Services

                              2.2.5    Marketing and sales

                              2.2.6    Support activities

                              2.2.7    Innovation

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

               6.1     Overview            

                              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                            

               9.1 Overview

                              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. Appendix                           

               11.1 Scope of the report         

                              11.1.1 ????Market definition

                              11.1.2 ????Objectives

                              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

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.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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Travel Market market growth will increase by $451.19 billion during 2022-2026.
The travel market market is expected to grow at a CAGR of 13.86% during 2022-2026.
Technavio has segmented the travel market market by geography (APAC, Europe, North America, South America, MEA, APAC, Europe, North America, South America, and MEA).
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 are a few of the key vendors in the travel market market.
APAC will register the highest growth rate of 41% among the other regions. Therefore, the travel market market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the travel market market growth are:
  • technological advances
  • Increasing international tourist footfall
The travel market market vendors should focus on grabbing business opportunities from the apac segment as it accounted for the largest market share in the base year.
  • 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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