The luxury segment is anticipated to dominate the US and Canada market during the forecast period. In 2021, the segment is expected to have secured 32% of the global market share.
The U.S and Canada travel market is anticipated to secure US$ 952 million in 2022 and is likely to exhibit a CAGR of 10.14% from 2022 to 2032. Expansion of the market can be attributed to the growing number of millennial and middle-income traveler groups.
As per the World Tourism Organization, the economic contribution of tourism in 2021 is likely to have garnered US$ 1.9 trillion, against US$ 1.6 trillion in 2020. The growing trend of transformational travel focusing on wellness journeys to rejuvenate the mind, spirit, and body is likely to drive the market positively.
COVID-19 has resulted in various uncertainty ranging from entry rules at global borders, the number of nationals that can be admitted, and under what circumstances, and quarantine or related requirements. However, the industry seems to recuperate.
Resuming International Travel among Americans to Boost the Market
As per the analysis, the U.S is expected to dominate the market during the forecast period. The U.S is expected to emerge as the largest market in 2022 and accounts for the largest maximum share of about 95%. The country is likely to maintain its position throughout the forecast period.
Further, favorable initiatives by the authorities are expected to benefit the market in the forecast period. For instance, in July 2022, the U.S Travel Association announced the launch of its new Sustainable Travel Coalition, which focuses to align the travel, transportation, and technology sectors in developing strategies to allow a more sustainable future for the U.S travel industry.
Key Takeaways from Market Study
- The U.S and Canada travel market is anticipated to display a CAGR of 10.14% during the forecast period.
- Millennials are anticipated to dominate the U.S and Canada travel market, securing about 50% revenue in 2022.
- The U.S and Canada travel market is anticipated to secure about US$ 2.5 Billion during the forecast period.
- In 2022, the U.S is anticipated to have secured about 95% of the overall revenue.
- The luxury segment is anticipated to dominate the US and Canada market during the forecast period. In 2021, the segment is expected to have secured 32% of the global market share.
- The U.S and Canada travel market is expected to secure US$ 952 Million by 2022.
Key players in the US and Canada travel market include Expedia, Inc., Booking Holdings Inc., American Express Global Business Travel (GBT), TCS World Travel, Abercrombie & Kent USA, LLC, Exodus Travels Ltd., BCD Travel, Intrepid Travel, Topdeck Travel Ltd., and Trafalgar.
In April 2021, Expedia launched new features and ad campaigns in anticipation of increased travel. Changes such as a new itinerary experience allow travelers to see all the details of their trip in one place, Plans to simplify the insurance experience, and help travelers discover and experience more of the destination, among others.
In November 2021, Booking Holdings Inc. announced that it inked an agreement to acquire Getaroom, a B2B distributor of hotel rooms, from Court Square Capital Partners for about $1.2 billion.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the U.S and Canada Travel Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032. The study reveals essential insights on the basis of Type (Luxury Travel, Business Travel, Cruise Travel, Budget Travel and Specialty/Activity/Sports Travel) By Age Group (U.S and Canada Travel for Millennials, Travel Generation X & Baby Boomers), and Country
These insights are based on a report on U.S and Canada Travel Market by Fact.MR.