The global tourism industry market is estimated to garner notable revenue by the end of 2031 by growing at a CAGR of ~3% over the forecast period, i.e., 2022 – 2031.
Further, the market generated a modest revenue in the year 2021. The growth of the market can primarily be attributed to the rapidly growing air transport networks all over the world. For instance, May 2022 saw an increase in total air traffic of 85% over May 2021. In contrast, international air traffic increased 325% from May 2021.
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The tourism industry, also defined as the travel industry, is associated with the concept of people heading towards other places, either domestically or internationally, for recreation, cultural, or professional reasons. It is closely related to the hotel, hospitality, and transportation industries, a significant portion of it focused around keeping tourists happy, occupied, and quite well during their trip away from home. Moreover, people are inclined to spend more on travel therefore, global tourism industry market trends like destination holidays are estimated to gain hype as leisure traveling over the forecast period. Above 74% of leisure visitors in developed countries like the United States, United Kingdom, Canada, Japan, and Spain are expected to spend more on tourism in 2022 than they did during the previous 5 years.
Increasing Per Capita Income- Increasing per capita income across the globe is leading people to spend more for their recreational activities. For instance, the global GDP growth for the year 2022 was estimated to reach approximately 3%.
Growing Trend of Sustainable Tourism- As travelers strive to reduce the environmental impact of tourism, in such case, sustainable tourism has emerged as a growing trend. In 2021, the growth in the figure of people exploring for sustainable travel options was reached above 70%.
Surge in Socio-Economic Growth- Socio- economic growth is a procedure that focuses social power in exact correlation to cultural level rises. Therefore, the relevance of tourism to socio-economic development and growth with an escalating number of national and foreign destinations is quite significant. According to the data released by the World Bank, in 2019, the global number of arrivals in international tourism were reached to 2.4 billion.
Escalating Trend of Low-Cost Carriers (LCCs)- Low-cost carriers are mainly cheap as compared to traditional airlines. As a result, people are more inclined to travel via these carriers to cut the cost of traveling. So far, LCC seat share on intra-European routes has increased throughout 2022. It is nearly 52% in the second week of April 2022, contrasted to 45% in the same week in 2019.
The global tourism industry market is segmented and analyzed for demand and supply by purpose into adventure tourism, business, medical, conference or seminar, religious, educational tourism, and others. Out of these sub-segments, medical segment is expected to obtain the highest share over the forecast period owing to the improvement, and restoration of tourists’ health by cost-effective healthcare facilities and better treatment options available in other countries. For instance, the Australian government is estimated to spend over USD 100 billion in 2022–2023 to strengthen the nation's healthcare system.
Regionally, the global tourism industry market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Europe is projected to hold the largest market share by the end of 2031 owing to the rising disposable income, and growing technological and digital advancements. As per the data provided by the European Commission, cloud computing usage increased to 34% during the pandemic. Furthermore, 66% of populous places had 5G connectivity by the end of 2021. Furthermore, the presence of various historic sites in the region is also projected to propel the growth of the market over the forecast period.
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The global tourism industry market is further classified on the basis of region as follows:
Our in-depth analysis of the global tourism industry market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Socio-economic capita income, the growing trend of sustainable tourism, and surge in socio economic growth are some major factors driving the growth of the market.
The market is anticipated to attain a CAGR of ~3% over the forecast period, i.e., 2022 – 2031.
Outbreak of fatal diseases i.e., swine flu, COVID-19, and Ebola, rising natural disasters, and surging geopolitical tension are estimated to hamper the market growth.
The market in Europe is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are G Adventures, Inc., TUI AG, Balkan Holidays Limited, Accor Group, DuVine Cycling + Adventure Co., Gray & Co., American Express Company, Omega World Travel, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, purpose, and by region.
Medical segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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