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

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
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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.

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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.

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The medical tourism market size is estimated to decline at a CAGR of 20.26% between 2022 and 2027. The medical tourism market size is forecast to increase by USD 35.36 billion.

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

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