Travel Market by Sector and Geography - Forecast and Analysis 2022-2026

The travel market share is expected to increase by USD 451.19 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 13.86%.

This travel market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by sector (airline, hotel, travel activities, and others) and geography (APAC, Europe, North America, South America, and MEA). The travel 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?

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Travel Market: Key Drivers and Challenges

Technological advances are notably driving the travel market growth, although factors such as health and safety risks associated with travel may impede 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 Travel Market Driver

The travel market relies on technologically advanced solutions that aid travel agents and their clients in accessing the 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 travel market is gaining the maximum advantage as bookings and payments for travel have become easy for companies.

Key Travel Market Challenge

There are health and safety risks associated with travel. The spread of COVID-19 globally since Q1 2020 has been hindering the growth of the global travel 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. Industries that got affected the most are hotels, airlines, and restaurants. The pandemic has also led to a rise in airport health checkup formalities, with delays and tighter inspections, making the travel for employees tiresome.

The safety risk is one of the most important factors that hinder the travel industry. Accidents associated with airlines and others pose a threat to travelers. 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 traveling, especially on airlines.

This travel 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.

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 travel market encompasses successful business strategies deployed by the key vendors. The travel market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

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 travel 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. 

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 in South America and MEA.

The growing tourism industry will facilitate the growth of the travel 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.

What are the Revenue-generating Sector Segments in the Travel Market?

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The travel 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 travelers has resulted in increased revenue, and the associated taxes, which, in turn, has 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 travel market size and actionable market insights on the post-COVID-19 impact on each segment.

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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 travel market growth during the next five years
• Precise estimation of the travel market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• 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 travel market vendors

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