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Travel Market to grow by USD 3,392.95 billion from 2022 to 2027 | Growing popularity of experiential travel boosts the market growth – Technavio

NEW YORK, Oct. 19, 2023 /PRNewswire/ — The travel market is estimated to grow by USD 3,392.95 billion billion from 2022 to 2027, growing at a CAGR of 14.18%. The travel market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer travel market are Accor S.A., American Express Global Business Travel GBT, Balkan Holidays Ltd., BCD Travel Services BV, Booking Holdings Inc., Carlson Inc., Corporate Travel Management Ltd., Expedia Group Inc., Fareportal Inc., Flight Centre Travel Group Ltd., JPMorgan Chase and Co., JTB Corp., MakeMyTrip Ltd., PT Global Digital Niaga, PT Traveloka Indonesia, The Scott Travel Group Ltd., Travel Leaders Group Holdings LLC, World Travel Holdings, World Travel Inc., and Omega World Travel Inc. The report provides a full list of key companies, their strategies, and the latest developments. Buy report! 

Company Offering:

  • American Express Global Business Travel GBT: The company offers travel solutions such as end-to-end solutions for business travelers, including booking, expense management, and travel policy compliance
  • For details on companies and their offerings – Download Free Sample before buying

By Geography, the market is classified as APAC, Europe, North America, South America, and Middle East and Africa. APAC will have the largest share of the market.

APAC accounts for 39% of the growth of the global market during the forecast period. There is an expansion of the middle-class population with increased disposable income in APAC due to the rapid economic growth across  APAC countries, such as China, India, and Japan. As people’s purchasing power improves, they have more resources to spend on leisure activities, including travel. In addition, the rapid urbanization in the APAC region has resulted in the development of more cities and metropolitan areas. Therefore, it facilitates several business trips, conferences, and cultural exchanges. Hence, such factors are expected to drive the market growth in the region during the forecast period.

Download free sample report to get more insights on the market share of various regions and contribution of the segments.

  • Impactful driver- Growing popularity of experiential travel
  • Key Trend – Increasing international tourist footfall
  • Major Challenges – Threat of growing terrorism

 Market Segmentation

  • The market share growth by the transportation segment is significant during the forecast period. There has been rapid growth in the airline travel industries of many countries due to the improvement in the global economy. As a result of increased passenger traffic, it has led to increased revenue and associated taxes which, in turn, contribute to economic development. Furthermore, the launch of f travel packages such as tourism packages has enabled tourists to select destinations and resorts after comparing their prices and offerings.

Technavio Research experts has provided more insights on the market share of segments – View Free Sample Report

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The golf tourism market size is estimated to grow at a CAGR of 7.14% between 2022 and 2027. The market size is forecast to increase by USD 9,203.53 million.

Travel Market Scope

Report Coverage

Details

Historic period

2017-2021

Growth momentum & CAGR

Accelerate at a CAGR of 14.18%

YoY growth 2022-2023 (%)

14.02

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Key countries

US, China, Japan, France, and UK

TOC:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Sector

7 Market Segmentation by Type

8 Market Segmentation by Geography

9 Customer Landscape

10 Geographic Landscape

11 Drivers, Challenges, and Trends

12 Company Landscape

13 Company Analysis

14 Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact US:

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

Originally published at https://www.prnewswire.com/news-releases/travel-market-to-grow-by-usd-3-392-95-billion-from-2022-to-2027–growing-popularity-of-experiential-travel-boosts-the-market-growth—technavio-301961735.html
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