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Tourism Industry Market Analysis by Type (Domestic, and International Tourism); and by Purpose (Adventure Tourism, Business, Medical, Conference or Seminar, Religious, Educational Tourism, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • July 20, 2022: Airbnb, Inc. is supporting the Seoul Tourism Organization's Global Fair and Sustainable Travel Contest, an initiative to promote fair and sustainable travel practices, which has also been approved as an official program of the World Tourism Organization (UNWTO) in 2022.

  • August 2, 2022: TUI AG, through its TUI Care Foundation, is going to collaborate with Green Phenix and Mambo Beach to launch a new initiative to make Curacao cleaner. As a result of the installation of recycling stations along Mambo Boulevard, waste is being collected, and brought to a recycling facility where it is recycled into new useful products. This project is part of the Destination Zero Plastic program of the TUI Care Foundation.

Global Tourism Industry Market Size, Forecast, and Trend Highlights Over 2022 - 2031

Tourism Industry Market Size Forecast

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.

Tourism Industry Market Overview

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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.

Global Tourism Industry Market: Growth Drivers and Challenges

Growth Drivers

  • 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.

Challenges

  • Outbreak of Fatal Diseases Such as, Swine Flu, COVID-19, and Ebola
  • Rising Natural Disasters
  • Surging Geopolitical Tension

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.

Global Tourism Industry Market Regional Synopsis

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.

Tourism Industry Market Share

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The global tourism industry market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global tourism industry market includes the following segments:

 

By Type

 

  • Domestic
  • International Tourism

By Purpose

  • Adventure Tourism
  • Business
  • Medical
  • Conference
  • Seminar
  • Religious
  • Educational Tourism
  • Others 

Top Featured Companies Dominating the Global Tourism Industry Market

  • Airbnb, Inc.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • G Adventures, Inc.
  • TUI AG
  • Balkan Holidays Limited
  • Accor Group
  • DuVine Cycling + Adventure Co.
  • Gray & Co.
  • American Express Company
  • Omega World Travel, Inc.
  • World Travel Holdings

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