According to new TMR study, the global travel and tourism market is expected to grow at a CAGR of 5.2% from 2019 to 2027. Also, the global travel and tourism market projected to reach the estimated value of US$13,556.4 Bn by the end of 2027.
A recent market intelligence study reveals the global travel and tourism market stating it fragmented and highly competitive with organized and mature as well. Some of the major players in the global travel and tourism include Carnival Corporation & Plc, Hilton Worldwide Holdings Inc., Crown Resorts Ltd, TUI Group, and Accor plc.
The growing use of internet gives wide options to travelers to choose travel options according to their requirements. Thus, pushing the global travel and tourism market towards expansion during the forecast period. The global travel and tourism market is expected to grow at a CAGR of 5.2% from 2019 to 2027. Also, the global travel and tourism market projected to reach the estimated value of US$13,556.4 Bn by the end of 2027.
On the basis of geography, Asia Pacific currently dominates the global travel and tourism market. This region is expected to continue to rule the market during the forecast period. China is the largest contributor to the global travel and tourism market. Middle East & Africa and Latin America are also predicted to grow in the global travel and tourism market during the forecast period. The industry is segmented into leisure spending and business spending in terms of travel types. The leisure spending segment is expected to dominate the global travel and tourism during the forecast period.
Cultural Heritages to Strengthen Global Travel and Tourism Market
The globe trotters across the world are keen on experiencing a different culture, local monuments, and local places. This attracts heritage tourism across the globe. Thus, the global travel and tourism market is projected to see stellar growth in upcoming years. It is also evident that the travelers across the globe are interested in spending more on experiences as compared to material things such as food, staying facilities, etc. Especially, the millennial crowd wants once in a lifetime adventure experience. This pushes the global travel and tourism market to expand at a fast pace during the forecast period.
Additionally, the global travel and tourism market is driven by the growing trend of ecological tours. Ecological tours are getting popular due to increasing interests shown by the travelers. Such new trend is expected to provide impetus to the growth in the global travel and tourism market during the forecast period.
Work Life Balance to Boost Growth for Global Travel & Tourism Market
We live in a fast paced world. People are extremely busy with work, business, and meeting deadlines that they hardly get any time for leisure activities. Such scenarios put them at stress, thus making them take a break from their busy life for a few days. They intend to rejuvenate themselves and indulge in leisure experiences. They look for good tour packages as per their requirements. These factors are expected to promote the global travel and tourism market to surge during the forecast period.
Additionally, rising per capita income in developing economies is expected another key driver to expanding the global travel and tourism market. Moreover, governments of developing economies promote the travel and tourism sector through various programs. Thus, the global travel and tourism market is likely to develop during the upcoming years.
Some of the factors such as Visa regulations, political situations, natural disasters, diseases such as swine flu, Ebola, etc. are expected to hinder growth in the travel and tourism market at times.
Regardless of the restraints, the global travel and tourism is likely to grow due to infrastructural development in some countries. Rising disposable income is also expected to encourage the global travel and tourism market during the forecast period.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
