global tourism industry market size

Travel, Tourism & Hospitality

Global tourism industry - statistics & facts

What are the leading global tourism destinations, digitalization of the global tourism industry, how important is sustainable tourism, key insights.

Detailed statistics

Total contribution of travel and tourism to GDP worldwide 2019-2033

Number of international tourist arrivals worldwide 1950-2023

Global leisure travel spend 2019-2022

Editor’s Picks Current statistics on this topic

Current statistics on this topic.

Leading global travel markets by travel and tourism contribution to GDP 2019-2022

Travel and tourism employment worldwide 2019-2033

Related topics

Recommended.

• Hotel industry worldwide
• Travel agency industry
• Sustainable tourism worldwide
• Travel and tourism in the U.S.
• Travel and tourism in Europe

Recommended statistics

• Basic Statistic Total contribution of travel and tourism to GDP worldwide 2019-2033
• Basic Statistic Travel and tourism: share of global GDP 2019-2033
• Basic Statistic Leading global travel markets by travel and tourism contribution to GDP 2019-2022
• Basic Statistic Global leisure travel spend 2019-2022
• Premium Statistic Global business travel spending 2001-2022
• Premium Statistic Number of international tourist arrivals worldwide 1950-2023
• Basic Statistic Number of international tourist arrivals worldwide 2005-2023, by region
• Basic Statistic Travel and tourism employment worldwide 2019-2033

Total contribution of travel and tourism to gross domestic product (GDP) worldwide in 2019 and 2022, with a forecast for 2023 and 2033 (in trillion U.S. dollars)

Travel and tourism: share of global GDP 2019-2033

Share of travel and tourism's total contribution to GDP worldwide in 2019 and 2022, with a forecast for 2023 and 2033

Total contribution of travel and tourism to GDP in leading travel markets worldwide in 2019 and 2022 (in billion U.S. dollars)

Leisure tourism spending worldwide from 2019 to 2022 (in billion U.S. dollars)

Global business travel spending 2001-2022

Expenditure of business tourists worldwide from 2001 to 2022 (in billion U.S. dollars)

Number of international tourist arrivals worldwide from 1950 to 2023 (in millions)

Number of international tourist arrivals worldwide 2005-2023, by region

Number of international tourist arrivals worldwide from 2005 to 2023, by region (in millions)

Number of travel and tourism jobs worldwide from 2019 to 2022, with a forecast for 2023 and 2033 (in millions)

• Premium Statistic Global hotel and resort industry market size worldwide 2013-2023
• Premium Statistic Most valuable hotel brands worldwide 2023, by brand value
• Basic Statistic Leading hotel companies worldwide 2023, by number of properties
• Premium Statistic Hotel openings worldwide 2021-2024
• Premium Statistic Hotel room openings worldwide 2021-2024
• Premium Statistic Countries with the most hotel construction projects in the pipeline worldwide 2022

Global hotel and resort industry market size worldwide 2013-2023

Market size of the hotel and resort industry worldwide from 2013 to 2022, with a forecast for 2023 (in trillion U.S. dollars)

Most valuable hotel brands worldwide 2023, by brand value

Leading hotel brands based on brand value worldwide in 2023 (in billion U.S. dollars)

Leading hotel companies worldwide 2023, by number of properties

Leading hotel companies worldwide as of June 2023, by number of properties

Hotel openings worldwide 2021-2024

Number of hotels opened worldwide from 2021 to 2022, with a forecast for 2023 and 2024

Hotel room openings worldwide 2021-2024

Number of hotel rooms opened worldwide from 2021 to 2022, with a forecast for 2023 and 2024

Countries with the most hotel construction projects in the pipeline worldwide 2022

Countries with the highest number of hotel construction projects in the pipeline worldwide as of Q4 2022

• Premium Statistic Airports with the most international air passenger traffic worldwide 2022
• Premium Statistic Market value of selected airlines worldwide 2023
• Premium Statistic Global passenger rail users forecast 2017-2027
• Premium Statistic Daily ridership of bus rapid transit systems worldwide by region 2023
• Premium Statistic Number of users of car rentals worldwide 2019-2028
• Premium Statistic Number of users in selected countries in the Car Rentals market in 2023
• Premium Statistic Carbon footprint of international tourism transport worldwide 2005-2030, by type

Airports with the most international air passenger traffic worldwide 2022

Leading airports for international air passenger traffic in 2022 (in million international passengers)

Market value of selected airlines worldwide 2023

Market value of selected airlines worldwide as of May 2023 (in billion U.S. dollars)

Global passenger rail users forecast 2017-2027

Worldwide number of passenger rail users from 2017 to 2022, with a forecast through 2027 (in billion users)

Daily ridership of bus rapid transit systems worldwide by region 2023

Number of daily passengers using bus rapid transit (BRT) systems as of April 2023, by region

Number of users of car rentals worldwide 2019-2028

Number of users of car rentals worldwide from 2019 to 2028 (in millions)

Number of users in selected countries in the Car Rentals market in 2023

Number of users in selected countries in the Car Rentals market in 2023 (in million)

Carbon footprint of international tourism transport worldwide 2005-2030, by type

Transport-related emissions from international tourist arrivals worldwide in 2005 and 2016, with a forecast for 2030, by mode of transport (in million metric tons of carbon dioxide)

Attractions

• Premium Statistic Market size of museums, historical sites, zoos, and parks worldwide 2022-2027
• Premium Statistic Leading museums by highest attendance worldwide 2019-2022
• Basic Statistic Most visited amusement and theme parks worldwide 2019-2022
• Basic Statistic Monuments on the UNESCO world heritage list 2023, by type
• Basic Statistic Selected countries with the most Michelin-starred restaurants worldwide 2023

Market size of museums, historical sites, zoos, and parks worldwide 2022-2027

Size of the museums, historical sites, zoos, and parks market worldwide in 2022, with a forecast for 2023 and 2027 (in billion U.S. dollars)

Leading museums by highest attendance worldwide 2019-2022

Most visited museums worldwide from 2019 to 2022 (in millions)

Most visited amusement and theme parks worldwide 2019-2022

Leading amusement and theme parks worldwide from 2019 to 2022, by attendance (in millions)

Monuments on the UNESCO world heritage list 2023, by type

Number of monuments on the UNESCO world heritage list as of September 2023, by type

Selected countries with the most Michelin-starred restaurants worldwide 2023

Number of Michelin-starred restaurants in selected countries and territories worldwide as of July 2023

Online travel market

• Premium Statistic Online travel market size worldwide 2017-2028
• Premium Statistic Estimated desktop vs. mobile revenue of leading OTAs worldwide 2023
• Premium Statistic Number of aggregated downloads of leading online travel agency apps worldwide 2023
• Basic Statistic Market cap of leading online travel companies worldwide 2023
• Premium Statistic Leading online travel companies worldwide 2020-2022, by revenue CAGR
• Premium Statistic Leading online travel companies worldwide 2022-2023, by EV/EBITDA

Online travel market size worldwide 2017-2028

Online travel market size worldwide from 2017 to 2023, with a forecast until 2028 (in billion U.S. dollars)

Estimated desktop vs. mobile revenue of leading OTAs worldwide 2023

Estimated desktop vs. mobile revenue of leading online travel agencies (OTAs) worldwide in 2023 (in billion U.S. dollars)

Number of aggregated downloads of leading online travel agency apps worldwide 2023

Number of aggregated downloads of selected leading online travel agency apps worldwide in 2023 (in millions)

Market cap of leading online travel companies worldwide 2023

Market cap of leading online travel companies worldwide as of September 2023 (in million U.S. dollars)

Leading online travel companies worldwide 2020-2022, by revenue CAGR

Revenue compound annual growth rate (CAGR) of leading online travel companies worldwide from 2020 to 2022

Leading online travel companies worldwide 2022-2023, by EV/EBITDA

Enterprise-value-to-EBITDA (EV/EBITDA) of selected leading online travel companies worldwide in 2022, with a forecast for 2023

Selected trends

• Premium Statistic Global travelers who believe in the importance of green travel 2022
• Premium Statistic Sustainable initiatives travelers would adopt worldwide 2022, by region
• Premium Statistic Airbnb revenue worldwide 2017-2023
• Premium Statistic Airbnb nights and experiences booked worldwide 2017-2023
• Premium Statistic Technologies global hotels plan to implement in the next three years 2022
• Premium Statistic Hotel technologies global consumers think would improve their future stay 2022

Global travelers who believe in the importance of green travel 2022

Share of travelers that believe sustainable travel is important worldwide in 2022

Sustainable initiatives travelers would adopt worldwide 2022, by region

Main sustainable initiatives travelers are willing to adopt worldwide in 2022, by region

Airbnb revenue worldwide 2017-2023

Revenue of Airbnb worldwide from 2017 to 2023 (in billion U.S. dollars)

Airbnb nights and experiences booked worldwide 2017-2023

Nights and experiences booked with Airbnb from 2017 to 2023 (in millions)

Technologies global hotels plan to implement in the next three years 2022

Technologies hotels are most likely to implement in the next three years worldwide as of 2022

Hotel technologies global consumers think would improve their future stay 2022

Must-have hotel technologies to create a more amazing stay in the future among travelers worldwide as of 2022

• Premium Statistic Travel and tourism revenue worldwide 2019-2028, by segment
• Premium Statistic Distribution of sales channels in the travel and tourism market worldwide 2018-2028
• Premium Statistic Inbound tourism visitor growth worldwide 2020-2025, by region
• Premium Statistic Outbound tourism visitor growth worldwide 2020-2025, by region

Travel and tourism revenue worldwide 2019-2028, by segment

Revenue of the global travel and tourism market from 2019 to 2028, by segment (in billion U.S. dollars)

Distribution of sales channels in the travel and tourism market worldwide 2018-2028

Revenue share of sales channels of the travel and tourism market worldwide from 2018 to 2028

Inbound tourism visitor growth worldwide 2020-2025, by region

Inbound tourism visitor growth worldwide from 2020 to 2022, with a forecast until 2025, by region

Outbound tourism visitor growth worldwide 2020-2025, by region

Outbound tourism visitor growth worldwide from 2020 to 2022, with a forecast until 2025, by region

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Report Description

Table of content, competitive landscape, methodology.

• Consumer Goods
• Travel & Luxury Travel
• Tourism Market Size, Share, Growth & Industry Trends [2032]

Tourism Market

Segments - by Travel Days (Within 7 Days, More Than 15 Days, and 7-15 Days), Travel Type (Business Spending and Leisure Spending), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2024–2032

Debadatta Patel

Fact-checked by:

Partha Paul

Tourism Market Outlook 2032

The global tourism market size was USD 12.4 Trillion in 2023 and is projected to reach USD 23.1 Trillion by 2032 , expanding at a CAGR of 5.4% during 2024–2032 . The market growth is attributed to the increasing standard of living and mobility. Increasing global mobility and disposable income are expected to boost the market. Tourism offers immense opportunities for economic growth and job creation as one of the world's largest economic sectors. It generates revenue, fosters cultural exchange, promotes peace, and helps preserve natural and cultural heritage.

Rising popularity of experiential tourism is projected to signify a shift in consumer preferences from traditional sightseeing to immersive experiences. Today's tourists seek authentic, personalized experiences that allow them to connect with local cultures, learn new skills, and gain a deeper understanding of their destinations. This trend is driving innovation in the tourism industry, with businesses developing unique offerings to cater to these evolving demands.

Impact of Artificial Intelligence (AI) in Tourism Market

Artificial Intelligence (AI) has a significant impact on tourism market. AI's role in enhancing customer service is particularly noteworthy, with chatbots and virtual assistants providing round-the-clock assistance, thereby improving response times and customer satisfaction. AI's ability to analyze vast amounts of data allows for the creation of highly personalized travel recommendations, enhancing customer engagement and fostering loyalty. AI-powered predictive analytics enable businesses to forecast demand accurately, optimize pricing strategies, and manage resources effectively on the operational side. Additionally, AI's role in automating routine tasks reduces operational costs and allows staff to focus on complex, value-adding activities.

Tourism Market Dynamics

Major drivers.

Surging globalization is expected to drive the market. Travel becomes easier and accessible as the world becomes interconnected. This trend is projected to boost the market, as it facilitates international travel and promotes cultural exchange. Rising government initiatives promoting tourism is projected to propel the market. Governments worldwide are estimated to invest in tourism infrastructure and marketing to attract international visitors. These initiatives are expected to boost the tourism market, as they enhance the accessibility and attractiveness of travel destinations.

Existing Restraints

Increasing environmental concerns are expected to pose a significant challenge to the market. The industry's impact on natural resources, pollution, and climate change is leading to growing scrutiny. This trend is projected to intensify, leading to stricter regulations and a decrease in tourist activities in certain regions. Growing security concerns are projected to act as a restraint on the market. Instances of terrorism, political instability, and natural disasters significantly deter tourists. This factor is likely to continue to influence the decisions of travelers, limiting the market.

Emerging Opportunities

­Increasing adoption of digital technology is projected to present a significant opportunity for the market. An increasing number of travelers are expected to use digital platforms for booking and planning their trips as technology advances. This trend is projected to open new avenues for market players, as they offer innovative and convenient digital solutions for travelers. High demand for wellness and medical tourism is expected to present potential for the market. Consumers are projected to seek travel experiences that promote wellness as health and wellness become important to them. This demand is likely to create opportunities for market players, as they develop and offer wellness-focused travel products and services.

Scope of the Tourism Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics are included in the report.

Regional Outlook

In terms of region , the global tourism market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe, specifically France held a major market share in 2023 due to its rich cultural heritage, world-renowned landmarks such as the Eiffel Tower and the Louvre, and its reputation as a global culinary capital. Additionally, France's well-developed infrastructure and strategic location in Europe, which allows for easy travel from neighboring countries, further bolstered its market share. The market in Asia Pacific, particularly China is projected to grow at a significant pace in the years to come owing to China's rich cultural history, diverse landscapes, and rapid urban development making it an increasingly attractive destination for international travelers. China's growing middle class is driving domestic tourism , contributing to its overall market share. The government of China’s initiatives to boost tourism, such as improving infrastructure and easing visa restrictions, are expected to enhance its appeal as a travel destination, thereby driving its market.

Tourism Market Segment Insights

Travel days segment analysis.

Based on travel days , the tourism market is divided into within 7 days, more than 15 days, and 7-15 days. The 7-15 days segment held the major share of the market in 2023 due to this duration offering an optimal balance between exploration and relaxation, enabling travelers to immerse themselves in the destination without feeling rushed. The rise of this segment is attributed to the increasing preference for comprehensive travel experiences that allow for a deeper understanding of the local culture and environment. The 7 days segment is expected to expand at a significant growth rate in the coming years owing to the growing demand for short, frequent getaways that provide a quick respite from daily routines. The convenience and affordability of these shorter trips and the increasing availability of weekend packages and city breaks, is expected to fuel the segment.

Travel Type Segment Analysis

On the basis of travel type , the global market is segregated into business spending and leisure spending. The business spending segment held largest market share in 2023 due to the necessity of face-to-face meetings and networking events in many industries. Despite the rise of digital communication tools, in-person interactions remain crucial in the business world, leading to a steady demand for business travel. The leisure spending segment is anticipated to grow at a substantial CAGR during the forecast period owing to the growing emphasis on work-life balance and the recognition of travel as a means of relaxation and rejuvenation. The increasing disposable income and the rising trend of experiential travel is projected to drive the segment in the coming years.

The tourism market has been segmented on the basis of

Travel Days

• Within 7 Days
• More Than 15 Days

Travel Type

• Business Spending
• Leisure Spending
• Asia Pacific
• North America
• Latin America
• Middle East & Africa

Key Players

• Austin Adventures, Inc.
• Butterfield & Robinson Inc.
• Cox & Kings Ltd.
• Discovery Nomads
• G Adventures
• Geographic Expeditions Inc.
• Intrepid Group, ltd.
• Mountain Travel Sobek
• Row Adventures

Key players competing in the global tourism market are Austin Adventures, Inc.; Butterfield & Robinson Inc.; Cox & Kings Ltd.; Discovery Nomads; G Adventures; Geographic Expeditions Inc.; Intrepid Group, ltd.; Mountain Travel Sobek; Row Adventures; and Tui Group. These companies use development strategies including mergers, acquisitions, partnerships, collaboration, and product launches to expand their consumer base worldwide.

In January 2021 , Geographic Expeditions Inc. , a key market player, initiated a three-country expedition across the Horn of Africa, encompassing less explored destinations such as Eritrea, Djibouti, and the self-proclaimed nation of Somaliland.

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Tourism Market

Tourism Market: Global Industry Analysis and Opportunity Assessment 2022 - 2032

Market Insights on Tourism covering sales outlook, demand forecast and up-to-date key trends

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Tourism Market Overview

Valued at US$ 10.5 Trillion in 2022, the global tourism market is expected to develop at a CAGR of 5% over the next ten years. By the end of this forecast year in 2032, analysts anticipate the tourism market size would be worth US$ 17.1 Trillion.

Countries such as the United States, France, and other European countries are traditionally famous tourist destinations across the world with an established tourism market. However, in recent years, several lesser-known Asian and African countries have come to the fore as destinations of appeal to foreign tourists. As a result, global tourism service providers are realigning their offerings to capitalize on the potential economic benefits of this shift.

The emergence of new trends such as adventure tourism, art tourism, and so on is projected to boost the global tourism market growth. Rock climbing, mountaineering, excavating, kayaking, and other pursuits are examples of adventure tourism significantly contributing to the tourism market share in recent years. Secondly, the adoption of tourism websites plays a significant role in the management and monetization of all types of tourism. The expanding tendency of social networking sites is also projected to give a promising possibility for tourism market advancement.

In accordance with a travel market analysis report, cultural and pilgrimage tourism are the sectors with the highest exponential growth in Asia, Africa, and South America, while adventure and ecological tourism are the fastest-growing sectors in North America and Europe. Unfortunately, outbreaks of diseases such as Ebola, SARS, and COVID in certain countries, along with geopolitical tensions, are having a significant impact on global tourism market opportunities.

During the years of the Covid-19 pandemic, the global tourism market dealt a near-fatal blow, and the market players' income declined due to severe lockdown circumstances and the suspension of transportation options. However, after the lifting of the lockdown, the tourism business recommenced in 2022 and is expected to return to its previous growth rate in the next one to two years.

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Govt. Initiatives to Bode Well for the Market

Health tourism produces significant cash in emerging nations, allowing them to expand their healthcare operations. As a response, public bodies have increased their engagement through travel and tourism websites in support of healthcare services. For instance, in February 2018, the administration of Thailand announced the requirements for granting smart visas for professionals or entrepreneurs willing to engage in launching new enterprises, which could assist global health tourism service providers in expanding their operations in Thailand.

As per the previous tourism market report, Thailand was ranked as the most popular medical tourist attraction in 2019. Thailand's prominence as one of Asia's most popular dental tourism destinations has contributed to its overall market development.

Increasing per capita income is driving the growth of global tourism market leading to continuous growth in international tourism. Over the last five years, tourism market in emerging economies, especially countries in South America and Asia have driven the global tourism market. Compared to a decade ago, global tourism market has undergone a lot of changes. Emerging economies now account for more market share as compared to developed economies. As per International Travel Association (ITA), the number of international tourists arrivals in the U.S.is expected to grow from 69.8 million in 2013 to 83.8 million by 2018.

Government bodies and organizations such as World Tourism Organization UNWTO are promoting tourism in order to attract diverse tourists across the globe. These initiatives are leading to the growth of global tourism market. Adventure tourism is new concept in tourism market driving the overall tourism market. Further, medical tourism is also a new trend observed in global tourism market. Significant price difference of medical procedures between different countries is driving the trend of medical tourism across the world. Global sports and game events is another driving factor for the global tourism market. People travel to enjoy sports events such as FIFA World Cup 2014, London Olympics 2012 and ICC World Cup 2011. However, disease outbreaks such as Ebola in specific countries affect the global tourism up to large extent. Ebola outbreak in West Africa affected the tourism market in African region.

The global tourism market is segmented on the basis of type, industry products, activities involved and geography. On the basis of type, international tourism and domestic/local tourism are the two major types of tourism market. Along with it, on the basis of purpose of travel or tourism the market for global tourism is segmented into adventure tourism, leisure business travel, conference or seminar travel, business tourism, visiting relatives and friends. The companies providing tourism services offer various products and services to their customer. Thus, the industry products included in the global tourism industry are traveler accommodations, travel arrangement and reservations, air transportation, other local transport such as car rental , food and beverage establishments, recreation and entertainment, gasoline and other retail activities. Further, the industry activities considered within the global tourism market include traveler accommodation services, providing hospitality services to international tourists, airline operation, automotive rental, travel agent and tour arrangement services. Countries such as U.S., Germany and France are popular destinations for global tourism; but in recent years other less well known countries from Asia and Africa have emerged as destinations of interest for international travelers. Thus, tourism service providers are realigning their services in order to reap the economic benefits from this trend

The global tourism market has a low level of concentration as there are large numbers of international and local players in tourism market. The market for global tourism is highly fragmented in nature. Aban Offshore Ltd., Accor Group, Crown Ltd., Balkan Holidays Ltd., Fred Harvey Company and G Adventures are some of the players in global tourism market.

This research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data and statistically-supported and industry-validated market data and projections with a suitable set of assumptions and methodology. It provides analysis and information by categories such as market segments, regions, product type and distribution channels.

The report covers exhaustive analysis on

• Market Segments
• Market Dynamics
• Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies involved
• Value Chain

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Regional analysis includes

• North America
• Latin America
• Western Europe
• Eastern Europe
• Middle East and Africa

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

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Growth in Global Market Size of Travel and Tourism (2018-2021, by %) Share Share on Twitter Share on LinkedIn Industry: Travel services Current: Market Sizing & Shares The global market size of the travel and tourism sector reached a value of $631 billion in 2021 The global travel and tourism market grew by 43% in 2021 The travel and tourism market grew at a CAGR of negative 13% during 2017-2021 Global Travel and Tourism: Industry Overview

Travel and Tourism is one of the key sectors that play a pivotal role in any country’s economy and make a significant contribution to the country’s GDP. The global growth in travel and tourism activities has led to the rise of travel intermediaries, making them an important part of selling travel products to customers.

The global market size of the travel and tourism sector reached a value of $631 billion in 2021, with 45% contribution from the in-store sector and the remaining 55% from the online sector. North America is the market leader with a contribution of 37% to the global market size followed by Asia-Pacific with 26%. In recent years, the rise in the number of online travel intermediaries was aided by the growth in the number of internet users along with the demand for convenience among travelers further supported the rise in the market for online travel Intermediaries.

Even though there has been a rise in the number of online travel intermediaries, in-store travel still has its relevance and has been growing steadily for the past few years as it provides a sense of security, especially for the elderly who are generally skeptical of the usage of online platforms.

The global travel and tourism market grew by 43% in 2021, with the biggest growth coming from South and Central America at 131%. The in-store sector saw a growth of 39% and online, 47%, as the industry witnessed a recovery in the demand after easing the restrictions which were placed on account of the outbreak of the COVID-19 pandemic and travel intermediaries’ sharp rise in travel products as the consumers plan their travel activities after the gap of almost two years. The growth in 2021 accounted for $191 billion with North America alone contributing $84 billion followed by South and Central America with $48 billion.

Meanwhile, the growth which the travel and tourism sector was going to see was reversed with the pandemic which completely devastated the industry in 2020. During the year 2020, the global market value of travel and tourism saw a de-growth of 62%, accounting for a whopping $733 billion. The biggest de-growth was seen in the Asia-Pacific region with $284 billion.

Key travel destinations among travelers include Thailand, France, Dubai, Los Angeles, and Rio de Janeiro among others.

The travel and tourism market grew at a CAGR of negative 13% during the period 2017-2021. The global travel industry along with its allied sectors saw a slump in market value with the pandemic in 2020. Before 2020, the industry was also witnessing slow but steady growth in most regions due to low economic growth. 

The major companies with a strong presence in the global travel market include Topdeck Travel Ltd., Dufry AG , Skyscanner,  Expedia , Kiwi.com, Hotwire, and South American Vacations among others.

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About tmr », travel and tourism market, travel and tourism market (type: leisure, educational, business, sports, medical tourism, and others; and application: domestic and international) - global industry analysis, size, share, growth, trends, and forecast, 2023-2031.

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Global Travel and Tourism Market Outlook 2031

• The global industry was valued at US$ 615.2 Bn in 2022
• It is estimated to grow at a CAGR of 5.3% from 2023 to 2031 and reach US$ 972.5 Bn by the end of 2031

Analysts’ Viewpoint on Market Scenario Growth in disposable income, affordable commutes, easy accessibility of remote locations, and emerging travel trends are major factors boosting the travel and tourism market growth during the forecast period. Rise in government investment in the tourism sector is also projected to drive demand for travel and tourism in the next few years. Surge in adoption of IoT is likely to offer lucrative opportunities to players in the global travel and tourism industry. However, political instability, natural disasters, and implementation of stringent immigration policies are estimated to limit the travel and tourism market progress in the near future.

Market Introduction

Travel and tourism refers to the movement of people from one place to another due to various reasons such as leisure, education, business, and sports. It can be domestic, overseas, short distance, or long distance. The tourism sector is witnessing immense growth opportunities around the globe owing to rise in discretionary income, governmental support, infrastructural development, and technical integration to facilitate easy commutes.

Online booking platforms, mobile apps , and travel websites are gaining traction among travelers. Rapid globalization has led to a more interconnected world through trade, social media networks, business, and culture. Thus, people are traveling within and out of their borders with ease. These scenarios and travel trends are expected to augment the travel and tourism market value in the next few years.

Social media platforms and online websites are being used widely to promote various tourist destinations and hospitality and leisure facilities. They are attracting travelers through influencer marketing , travel blogs, articles, and user-generated content. This, in turn, is projected to spur growth of the travel and tourism industry. Moreover, increase in investment in infrastructural development and emergence of new travel trends among millennials are boosting the travel and tourism market size.

Tourism is becoming one of the major sectors driving a country’s revenue. Thus, governments across the globe are promoting and investing heavily in the sector, which is leading to improvements in public transportation, tourist destinations, and accommodation facilities. According to the latest travel and tourism market trends, travel and tourism is gaining traction among the middle-class population due to surge in disposable income.

In 2019, an average household in the U.S. spent around US$ 2,100 on travel. Security and health concerns play a major role in the tourism sector. This average dropped to US$ 926 post the emergence of the COVID-19 pandemic in 2020. Thus, travelers prefer safe and secure destinations.

Rise in Government Investment in Travel and Tourism Sector

The tourism sector across the globe is growing at a rapid pace, especially after COVID-19 lockdowns were lifted. Major governments are focusing on promoting and enhancing tourist traffic. In India, the Ministry of Tourism, under the CSSS Scheme of ‘Incentive to Tour Operators for Enhancing Tourist Arrivals to India’ is extending financial incentives to foreign tour operators, approved by the government. These promotional activities are contributing to the market size of travel and tourism.

Accessibility to remote yet beautiful tourist places and increase in popularity of travel destinations through online platforms has resulted in the tourist industry emerging as one of the key sectors in many countries. According to the U.S. Department of Commerce, International arrivals to the U.S. grew from 19.2 million in 2020 to 22.1 million in 2021. Moreover, the U.S. government is focusing on attracting around 90 million international visitors who are expected to spend approximately US$ 279 Bn annually by 2027. Hence, rise in number of international visitors is estimated to fuel the travel and tourism market.

Surge in Disposable Income

Rise in digital transformation and growth in penetration of the internet are offering emerging opportunities in the travel and tourism market. Online resources provide convenience in booking flight tickets and hotels and searching for places to plan trips.

Increase in disposable income provides a sense of economic stability, in which people tend to spend on leisure activities such as travel. Families are more likely to plan vacations, leading to surge in demand for trips and tourism. The gross national disposable income in India reached US$ 3,182.4 Bn in the financial year 2021-2022, recording a growth of 17.4% compared to the previous year. In the U.S., personal income increased US$ 45.0 billion (0.2% at a monthly rate) in July 2023, according to the Bureau of Economic Analysis. Hence, rise in disposable income is projected to boost the travel and tourism market revenue during the forecast period.

Regional Outlook

According to the latest travel and tourism market forecast, Asia Pacific is anticipated to hold largest share from 2023 to 2031. Rise in disposable income and growth in government investment are fueling the market dynamics of the region. Geographical advantages, increase in number of international travelers, and presence of a well-established tourism sector are driving the travel and tourism market statistics in North America.

Analysis of Key Players

Most travel and tourism service providers are offering lucrative tour packages to attract more travelers. They are also investing heavily in promotional activities to increase their travel and tourism market share.

Accor, Adris Grupa d.d., Airbnb, Inc., Balkan Holidays Ltd., Carnival Corporation & plc, Crown Resorts Ltd., G Adventures, Hilton Worldwide Holdings Inc., TUI Group, Travel Leaders Group, LLC, Insight Vacations, and Frosch International Travel, Inc. are key players in the travel and tourism market.

Key Developments

• In August 2023 , G Adventures added two new National Geographic Family Journeys in Italy and Tanzania. The eight-day Tanzania Family Journey is expected to take families on game drives in the Serengeti throughout the tour and include a visit to a community tourism project.
• In July 2023 , TUI Group released a ChatGPT-powered chatbot on its U.K. app, the first of what is expected to be a wave of rollouts that incorporates generative AI into the company’s tech, to help consumers search through its own portfolio of products
• In February 2023 , Adris announced plans to invest US$ 511 Mn in its tourism arm Maistra until 2025 with an aim to boost its luxury segment

Travel and Tourism Market Snapshot

Frequently asked questions, how big was the travel and tourism market in 2022.

It was valued at US$ 615.2 Bn in 2022

What would be the CAGR of the travel and tourism industry during the forecast period?

It is estimated to be 5.3% from 2023 to 2031

How big will the travel and tourism business be in 2031?

It is projected to reach US$ 972.5 Bn by the end of 2031

What are the prominent factors driving demand for travel and tourism?

Rise in government investment in travel and tourism sector and surge in disposable income

Which region is likely to record the highest demand for travel and tourism?

Asia Pacific is anticipated to record the highest demand from 2023 to 2031

Who are the prominent travel and tourism service providers?

Accor, Adris Grupa d.d., Airbnb, Inc., Balkan Holidays Ltd., Carnival Corporation & plc, Crown Resorts Ltd., G Adventures, Hilton Worldwide Holdings Inc., TUI Group, Travel Leaders Group, LLC, Insight Vacations, and Frosch International Travel, Inc.

    1.1. Market Definition and Scope

    1.2. Market Segmentation

    1.3. Key Research Objectives

    1.4. Research Highlights

2. Assumptions

3. Research Methodology

4. Executive Summary

5. Market Overview

    5.1. Market Dynamics

        5.1.1. Drivers

        5.1.2. Restraints

        5.1.3. Opportunities

    5.2. Key Trends Analysis

        5.2.1. Demand Side Analysis

        5.2.2. Supply Side Analysis

    5.3. Key Market Indicators

        5.3.1. Overall Entertainment Market Overview

    5.4. Industry SWOT Analysis

    5.5. Porter’s Five Forces Analysis

    5.6. Value Chain Analysis

    5.7. Service Provider Analysis

    5.8. Global Travel and Tourism Market Analysis and Forecast, 2017 - 2031

        5.8.1. Market Value Projection (US$ Bn)

6. Global Travel and Tourism Market Analysis and Forecast, By Type

    6.1. Travel and Tourism Market (US$ Bn), By Type, 2017 - 2031

        6.1.1. Leisure

        6.1.2. Educational

        6.1.3. Business

        6.1.4. Sports

        6.1.5. Medical Tourism

        6.1.6. Others (Event Travel, Volunteer Travel, etc.)

    6.2. Incremental Opportunity, By Type

7. Global Travel and Tourism Market Analysis and Forecast, By Application

    7.1. Travel and Tourism Market (US$ Bn), By Application, 2017 - 2031

        7.1.1. Domestic

        7.1.2. International

    7.2. Incremental Opportunity, By Application

8. Global Travel and Tourism Market Analysis and Forecast, By Traveler Type

    8.1. Travel and Tourism Market (US$ Bn), By Traveler Type, 2017 - 2031

        8.1.1. Solo Traveler

        8.1.2. Couple Traveler

        8.1.3. Group Traveler

    8.2. Incremental Opportunity, By Traveler Type

9. Global Travel and Tourism Market Analysis and Forecast, By Travel Days

    9.1. Travel and Tourism Market (US$ Bn), By Travel Days, 2017 - 2031

        9.1.1. Less than 7 Days

        9.1.2. 8-15 Days

        9.1.3. 16-30 Days

        9.1.4. More than 30 Days

    9.2. Incremental Opportunity, By Travel Days

10. Global Travel and Tourism Market Analysis and Forecast, By Travel Mode

    10.1. Travel and Tourism Market (US$ Bn), By Travel Mode, 2017 - 2031

        10.1.1. Travel Packages

        10.1.2. Self-catered

    10.2. Incremental Opportunity, By Travel Mode

11. Global Travel and Tourism Market Analysis and Forecast, By Booking

    11.1. Travel and Tourism Market (US$ Bn), By Booking, 2017 - 2031

        11.1.1. Online

        11.1.2. Offline

    11.2. Incremental Opportunity, By Booking

12. Global Travel and Tourism Market Analysis and Forecast, by Region

    12.1. Travel and Tourism Market (US$ Bn), by Region, 2017 - 2031

        12.1.1. North America

        12.1.2. Europe

        12.1.3. Asia Pacific

        12.1.4. Middle East & Africa

        12.1.5. South America

    12.2. Incremental Opportunity, by Region

13. North America Travel and Tourism Market Analysis and Forecast

    13.1. Regional Snapshot

    13.2. Price Trend Analysis

        13.2.1. Weighted Average Selling Price (US$)

    13.3. Demographic Overview

    13.4. Key Brand Analysis

    13.5. Key Trends Analysis

        13.5.1. Demand Side Analysis

        13.5.2. Supply Side Analysis

    13.6. Consumer Buying Behavior Analysis

    13.7. Travel and Tourism Market (US$ Bn), By Type, 2017 - 2031

        13.7.1. Leisure

        13.7.2. Educational

        13.7.3. Business

        13.7.4. Sports

        13.7.5. Medical Tourism

        13.7.6. Others (Event Travel, Volunteer Travel, etc.)

    13.8. Travel and Tourism Market (US$ Bn), By Application, 2017 - 2031

        13.8.1. Domestic

        13.8.2. International

    13.9. Travel and Tourism Market (US$ Bn), By Traveler Type, 2017 - 2031

        13.9.1. Solo Traveler

        13.9.2. Couple Traveler

        13.9.3. Group Traveler

    13.10. Travel and Tourism Market (US$ Bn), By Travel Days, 2017 - 2031

        13.10.1. Less than 7 Days

        13.10.2. 8-15 Days

        13.10.3. 16-30 Days

        13.10.4. More than 30 Days

    13.11. Travel and Tourism Market (US$ Bn), By Travel Mode, 2017 - 2031

        13.11.1. Travel Packages

        13.11.2. Self-catered

    13.12. Travel and Tourism Market (US$ Bn), By Booking, 2017 - 2031

        13.12.1. Online

        13.12.2. Offline

    13.13. Travel and Tourism Market (US$ Bn) Forecast, By Country, 2017 - 2031

        13.13.1. U.S.

        13.13.2. Canada

        13.13.3. Rest of North America

    13.14. Incremental Opportunity Analysis

14. Europe Travel and Tourism Market Analysis and Forecast

    14.1. Regional Snapshot

    14.2. Price Trend Analysis

        14.2.1. Weighted Average Selling Price (US$)

    14.3. Demographic Overview

    14.4. Key Brand Analysis

    14.5. Key Trends Analysis

        14.5.1. Demand Side Analysis

        14.5.2. Supply Side Analysis

    14.6. Consumer Buying Behavior Analysis

    14.7. Travel and Tourism Market (US$ Bn), By Type, 2017 - 2031

        14.7.1. Leisure

        14.7.2. Educational

        14.7.3. Business

        14.7.4. Sports

        14.7.5. Medical Tourism

        14.7.6. Others (Event Travel, Volunteer Travel, etc.)

    14.8. Travel and Tourism Market (US$ Bn), By Application, 2017 - 2031

        14.8.1. Domestic

        14.8.2. International

    14.9. Travel and Tourism Market (US$ Bn), By Traveler Type, 2017 - 2031

        14.9.1. Solo Traveler

        14.9.2. Couple Traveler

        14.9.3. Group Traveler

    14.10. Travel and Tourism Market (US$ Bn), By Travel Days, 2017 - 2031

        14.10.1. Less than 7 Days

        14.10.2. 8-15 Days

        14.10.3. 16-30 Days

        14.10.4. More than 30 Days

    14.11. Travel and Tourism Market (US$ Bn), By Travel Mode, 2017 - 2031

        14.11.1. Travel Packages

        14.11.2. Self-catered

    14.12. Travel and Tourism Market (US$ Bn), By Booking, 2017 - 2031

        14.12.1. Online

        14.12.2. Offline

    14.13. Travel and Tourism Market (US$ Bn) Forecast, By Country, 2017 - 2031

        14.13.1. U.K.

        14.13.2. Germany

        14.13.3. France

        14.13.4. Rest of Europe

    14.14. Incremental Opportunity Analysis

15. Asia Pacific Travel and Tourism Market Analysis and Forecast

    15.1. Regional Snapshot

    15.2. Price Trend Analysis

        15.2.1. Weighted Average Selling Price (US$)

    15.3. Demographic Overview

    15.4. Key Brand Analysis

    15.5. Key Trends Analysis

        15.5.1. Demand Side Analysis

        15.5.2. Supply Side Analysis

    15.6. Consumer Buying Behavior Analysis

    15.7. Travel and Tourism Market (US$ Bn), By Type, 2017 - 2031

        15.7.1. Leisure

        15.7.2. Educational

        15.7.3. Business

        15.7.4. Sports

        15.7.5. Medical Tourism

        15.7.6. Others (Event Travel, Volunteer Travel, etc.)

    15.8. Travel and Tourism Market (US$ Bn), By Application, 2017 - 2031

        15.8.1. Domestic

        15.8.2. International

    15.9. Travel and Tourism Market (US$ Bn), By Traveler Type, 2017 - 2031

        15.9.1. Solo Traveler

        15.9.2. Couple Traveler

        15.9.3. Group Traveler

    15.10. Travel and Tourism Market (US$ Bn), By Travel Days, 2017 - 2031

        15.10.1. Less than 7 Days

        15.10.2. 8-15 Days

        15.10.3. 16-30 Days

        15.10.4. More than 30 Days

    15.11. Travel and Tourism Market (US$ Bn), By Travel Mode, 2017 - 2031

        15.11.1. Travel Packages

        15.11.2. Self-catered

    15.12. Travel and Tourism Market (US$ Bn), By Booking, 2017 - 2031

        15.12.1. Online

        15.12.2. Offline

    15.13. Travel and Tourism Market (US$ Bn) Forecast, By Country, 2017 - 2031

        15.13.1. China

        15.13.2. India

        15.13.3. Japan

        15.13.4. Rest of Asia Pacific

    15.14. Incremental Opportunity Analysis

16. Middle East & Africa Travel and Tourism Market Analysis and Forecast

    16.1. Regional Snapshot

    16.2. Price Trend Analysis

        16.2.1. Weighted Average Selling Price (US$)

    16.3. Demographic Overview

    16.4. Key Brand Analysis

    16.5. Key Trends Analysis

        16.5.1. Demand Side Analysis

        16.5.2. Supply Side Analysis

    16.6. Consumer Buying Behavior Analysis

    16.7. Travel and Tourism Market (US$ Bn), By Type, 2017 - 2031

        16.7.1. Leisure

        16.7.2. Educational

        16.7.3. Business

        16.7.4. Sports

        16.7.5. Medical Tourism

        16.7.6. Others (Event Travel, Volunteer Travel, etc.)

    16.8. Travel and Tourism Market (US$ Bn), By Application, 2017 - 2031

        16.8.1. Domestic

        16.8.2. International

    16.9. Travel and Tourism Market (US$ Bn), By Traveler Type, 2017 - 2031

        16.9.1. Solo Traveler

        16.9.2. Couple Traveler

        16.9.3. Group Traveler

    16.10. Travel and Tourism Market (US$ Bn), By Travel Days, 2017 - 2031

        16.10.1. Less than 7 Days

        16.10.2. 8-15 Days

        16.10.3. 16-30 Days

        16.10.4. More than 30 Days

    16.11. Travel and Tourism Market (US$ Bn), By Travel Mode, 2017 - 2031

        16.11.1. Travel Packages

        16.11.2. Self-catered

    16.12. Travel and Tourism Market (US$ Bn), By Booking, 2017 - 2031

        16.12.1. Online

        16.12.2. Offline

    16.13. Travel and Tourism Market (US$ Bn) Forecast, By Country, 2017 - 2031

        16.13.1. GCC

        16.13.2. South Africa

        16.13.3. Rest of Middle East & Africa

    16.14. Incremental Opportunity Analysis

17. South America Travel and Tourism Market Analysis and Forecast

    17.1. Regional Snapshot

    17.2. Price Trend Analysis

        17.2.1. Weighted Average Selling Price (US$)

    17.3. Demographic Overview

    17.4. Key Brand Analysis

    17.5. Key Trends Analysis

        17.5.1. Demand Side Analysis

        17.5.2. Supply Side Analysis

    17.6. Consumer Buying Behavior Analysis

    17.7. Travel and Tourism Market (US$ Bn), By Type, 2017 - 2031

        17.7.1. Leisure

        17.7.2. Educational

        17.7.3. Business

        17.7.4. Sports

        17.7.5. Medical Tourism

        17.7.6. Others (Event Travel, Volunteer Travel, etc.)

    17.8. Travel and Tourism Market (US$ Bn), By Application, 2017 - 2031

        17.8.1. Domestic

        17.8.2. International

    17.9. Travel and Tourism Market (US$ Bn), By Traveler Type, 2017 - 2031

        17.9.1. Solo Traveler

        17.9.2. Couple Traveler

        17.9.3. Group Traveler

    17.10. Travel and Tourism Market (US$ Bn), By Travel Days, 2017 - 2031

        17.10.1. Less than 7 Days

        17.10.2. 8-15 Days

        17.10.3. 16-30 Days

        17.10.4. More than 30 Days

    17.11. Travel and Tourism Market (US$ Bn), By Travel Mode, 2017 - 2031

        17.11.1. Travel Packages

        17.11.2. Self-catered

    17.12. Travel and Tourism Market (US$ Bn), By Booking, 2017 - 2031

        17.12.1. Online

        17.12.2. Offline

    17.13. Travel and Tourism Market (US$ Bn) Forecast, By Country, 2017 - 2031

        17.13.1. Brazil

        17.13.2. Rest of South America

    17.14. Incremental Opportunity Analysis

18. Competition Landscape

    18.1. Market Player - Competition Dashboard

    18.2. Market Revenue Share Analysis (%), (2022)

    18.3. Company Profiles (Details - Company Overview, Sales Area/Geographical Presence, Revenue, Strategy & Business Overview)

        18.3.1. Accor

            18.3.1.1. Company Overview

            18.3.1.2. Sales Area/Geographical Presence

            18.3.1.3. Revenue

            18.3.1.4. Strategy & Business Overview

        18.3.2. Adris Grupa d.d.

            18.3.2.1. Company Overview

            18.3.2.2. Sales Area/Geographical Presence

            18.3.2.3. Revenue

            18.3.2.4. Strategy & Business Overview

        18.3.3. Airbnb, Inc.

            18.3.3.1. Company Overview

            18.3.3.2. Sales Area/Geographical Presence

            18.3.3.3. Revenue

            18.3.3.4. Strategy & Business Overview

        18.3.4. Balkan Holidays Ltd.

            18.3.4.1. Company Overview

            18.3.4.2. Sales Area/Geographical Presence

            18.3.4.3. Revenue

            18.3.4.4. Strategy & Business Overview

        18.3.5. Carnival Corporation & plc

            18.3.5.1. Company Overview

            18.3.5.2. Sales Area/Geographical Presence

            18.3.5.3. Revenue

            18.3.5.4. Strategy & Business Overview

        18.3.6. Crown Resorts Ltd.

            18.3.6.1. Company Overview

            18.3.6.2. Sales Area/Geographical Presence

            18.3.6.3. Revenue

            18.3.6.4. Strategy & Business Overview

        18.3.7. G Adventures

            18.3.7.1. Company Overview

            18.3.7.2. Sales Area/Geographical Presence

            18.3.7.3. Revenue

            18.3.7.4. Strategy & Business Overview

        18.3.8. Hilton Worldwide Holdings Inc.

            18.3.8.1. Company Overview

            18.3.8.2. Sales Area/Geographical Presence

            18.3.8.3. Revenue

            18.3.8.4. Strategy & Business Overview

        18.3.9. TUI Group

            18.3.9.1. Company Overview

            18.3.9.2. Sales Area/Geographical Presence

            18.3.9.3. Revenue

            18.3.9.4. Strategy & Business Overview

        18.3.10. Travel Leaders Group, LLC

            18.3.10.1. Company Overview

            18.3.10.2. Sales Area/Geographical Presence

            18.3.10.3. Revenue

            18.3.10.4. Strategy & Business Overview

        18.3.11. Insight Vacations

            18.3.11.1. Company Overview

            18.3.11.2. Sales Area/Geographical Presence

            18.3.11.3. Revenue

            18.3.11.4. Strategy & Business Overview

        18.3.12. Frosch International Travel, Inc.

            18.3.12.1. Company Overview

            18.3.12.2. Sales Area/Geographical Presence

            18.3.12.3. Revenue

            18.3.12.4. Strategy & Business Overview

        18.3.13. Other Key Players

            18.3.13.1. Company Overview

            18.3.13.2. Sales Area/Geographical Presence

            18.3.13.3. Revenue

            18.3.13.4. Strategy & Business Overview

19. Go To Market Strategy

    19.1. Identification of Potential Market Spaces

    19.2. Understanding Procurement Process of Customers

    19.3. Preferred Sales & Marketing Strategy

    19.4. Prevailing Market Risks

List of Tables

Table 1: Global Travel and Tourism Market Value (US$ Bn) Projection By Type 2017-2031

Table 2: Global Travel and Tourism Market Value (US$ Bn) Projection By Application 2017-2031

Table 3: Global Travel and Tourism Market Value (US$ Bn) Projection By Traveler Type 2017-2031

Table 4: Global Travel and Tourism Market Value (US$ Bn) Projection By Travel Days 2017-2031

Table 5: Global Travel and Tourism Market Value (US$ Bn) Projection By Travel Mode 2017-2031

Table 6: Global Travel and Tourism Market Value (US$ Bn) Projection By Booking 2017-2031

Table 7: Global Travel and Tourism Market Value (US$ Bn) Projection By Region 2017-2031

Table 8: North America Travel and Tourism Market Value (US$ Bn) Projection By Type 2017-2031

Table 9: North America Travel and Tourism Market Value (US$ Bn) Projection By Application 2017-2031

Table 10: North America Travel and Tourism Market Value (US$ Bn) Projection By Traveler Type 2017-2031

Table 11: North America Travel and Tourism Market Value (US$ Bn) Projection By Travel Days 2017-2031

Table 12: North America Travel and Tourism Market Value (US$ Bn) Projection By Travel Mode 2017-2031

Table 13: North America Travel and Tourism Market Value (US$ Bn) Projection By Booking 2017-2031

Table 14: North America Travel and Tourism Market Value (US$ Bn) Projection By Country 2017-2031

Table 15: Europe Travel and Tourism Market Value (US$ Bn) Projection By Type 2017-2031

Table 16: Europe Travel and Tourism Market Value (US$ Bn) Projection By Application 2017-2031

Table 17: Europe Travel and Tourism Market Value (US$ Bn) Projection By Traveler Type 2017-2031

Table 18: Europe Travel and Tourism Market Value (US$ Bn) Projection By Travel Days 2017-2031

Table 19: Europe Travel and Tourism Market Value (US$ Bn) Projection By Travel Mode 2017-2031

Table 20: Europe Travel and Tourism Market Value (US$ Bn) Projection By Booking 2017-2031

Table 21: Europe Travel and Tourism Market Value (US$ Bn) Projection By Country 2017-2031

Table 22: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection By Type 2017-2031

Table 23: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection By Application 2017-2031

Table 24: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection By Traveler Type 2017-2031

Table 25: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection By Travel Days 2017-2031

Table 26: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection By Travel Mode 2017-2031

Table 27: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection By Booking 2017-2031

Table 28: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection By Country 2017-2031

Table 29: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection By Type 2017-2031

Table 30: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection By Application 2017-2031

Table 31: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection By Traveler Type 2017-2031

Table 32: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection By Travel Days 2017-2031

Table 33: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection By Travel Mode 2017-2031

Table 34: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection By Booking 2017-2031

Table 35: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection By Country 2017-2031

Table 36: South America Travel and Tourism Market Value (US$ Bn) Projection By Type 2017-2031

Table 37: South America Travel and Tourism Market Value (US$ Bn) Projection By Application 2017-2031

Table 38: South America Travel and Tourism Market Value (US$ Bn) Projection By Traveler Type 2017-2031

Table 39: South America Travel and Tourism Market Value (US$ Bn) Projection By Travel Days 2017-2031

Table 40: South America Travel and Tourism Market Value (US$ Bn) Projection By Travel Mode 2017-2031

Table 41: South America Travel and Tourism Market Value (US$ Bn) Projection By Booking 2017-2031

Table 42: South America Travel and Tourism Market Value (US$ Bn) Projection By Country 2017-2031

List of Figures

Figure 1: Global Travel and Tourism Market Value (US$ Bn) Projection, By Type 2017-2031

Figure 2: Global Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Type 2023-2031

Figure 3: Global Travel and Tourism Market Value (US$ Bn) Projection, By Application 2017-2031

Figure 4: Global Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Application 2023-2031

Figure 5: Global Travel and Tourism Market Value (US$ Bn) Projection, By Traveler Type 2017-2031

Figure 6: Global Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Traveler Type 2023-2031

Figure 7: Global Travel and Tourism Market Value (US$ Bn) Projection, By Travel Days 2017-2031

Figure 8: Global Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Days 2023-2031

Figure 9: Global Travel and Tourism Market Value (US$ Bn) Projection, By Travel Mode 2017-2031

Figure 10: Global Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Mode 2023-2031

Figure 11: Global Travel and Tourism Market Value (US$ Bn) Projection, By Booking 2017-2031

Figure 12: Global Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Booking 2023-2031

Figure 13: Global Travel and Tourism Market Value (US$ Bn) Projection, By Region 2017-2031

Figure 14: Global Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Region 2023-2031

Figure 15: North America Travel and Tourism Market Value (US$ Bn) Projection, By Type 2017-2031

Figure 16: North America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Type 2023-2031

Figure 17: North America Travel and Tourism Market Value (US$ Bn) Projection, By Application 2017-2031

Figure 18: North America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Application 2023-2031

Figure 19: North America Travel and Tourism Market Value (US$ Bn) Projection, By Traveler Type 2017-2031

Figure 20: North America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Traveler Type 2023-2031

Figure 21: North America Travel and Tourism Market Value (US$ Bn) Projection, By Travel Days 2017-2031

Figure 22: North America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Days 2023-2031

Figure 23: North America Travel and Tourism Market Value (US$ Bn) Projection, By Travel Mode 2017-2031

Figure 24: North America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Mode 2023-2031

Figure 25: North America Travel and Tourism Market Value (US$ Bn) Projection, By Booking 2017-2031

Figure 26: North America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Booking 2023-2031

Figure 27: North America Travel and Tourism Market Value (US$ Bn) Projection, By Country 2017-2031

Figure 28: North America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Country 2023-2031

Figure 29: Europe Travel and Tourism Market Value (US$ Bn) Projection, By Type 2017-2031

Figure 30: Europe Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Type 2023-2031

Figure 31: Europe Travel and Tourism Market Value (US$ Bn) Projection, By Application 2017-2031

Figure 32: Europe Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Application 2023-2031

Figure 33: Europe Travel and Tourism Market Value (US$ Bn) Projection, By Traveler Type 2017-2031

Figure 34: Europe Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Traveler Type 2023-2031

Figure 35: Europe Travel and Tourism Market Value (US$ Bn) Projection, By Travel Days 2017-2031

Figure 36: Europe Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Days 2023-2031

Figure 37: Europe Travel and Tourism Market Value (US$ Bn) Projection, By Travel Mode 2017-2031

Figure 38: Europe Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Mode 2023-2031

Figure 39: Europe Travel and Tourism Market Value (US$ Bn) Projection, By Booking 2017-2031

Figure 40: Europe Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Booking 2023-2031

Figure 41: Europe Travel and Tourism Market Value (US$ Bn) Projection, By Country 2017-2031

Figure 42: Europe Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Country 2023-2031

Figure 43: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection, By Type 2017-2031

Figure 44: Asia Pacific Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Type 2023-2031

Figure 45: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection, By Application 2017-2031

Figure 46: Asia Pacific Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Application 2023-2031

Figure 47: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection, By Traveler Type 2017-2031

Figure 48: Asia Pacific Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Traveler Type 2023-2031

Figure 49: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection, By Travel Days 2017-2031

Figure 50: Asia Pacific Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Days 2023-2031

Figure 51: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection, By Travel Mode 2017-2031

Figure 52: Asia Pacific Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Mode 2023-2031

Figure 53: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection, By Booking 2017-2031

Figure 54: Asia Pacific Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Booking 2023-2031

Figure 55: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection, By Country 2017-2031

Figure 56: Asia Pacific Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Country 2023-2031

Figure 57: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection, By Type 2017-2031

Figure 58: Middle East & Africa Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Type 2023-2031

Figure 59: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection, By Application 2017-2031

Figure 60: Middle East & Africa Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Application 2023-2031

Figure 61: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection, By Traveler Type 2017-2031

Figure 62: Middle East & Africa Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Traveler Type 2023-2031

Figure 63: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection, By Travel Days 2017-2031

Figure 64: Middle East & Africa Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Days 2023-2031

Figure 65: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection, By Travel Mode 2017-2031

Figure 66: Middle East & Africa Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Mode 2023-2031

Figure 67: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection, By Booking 2017-2031

Figure 68: Middle East & Africa Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Booking 2023-2031

Figure 69: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection, By Country 2017-2031

Figure 70: Middle East & Africa Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Country 2023-2031

Figure 71: South America Travel and Tourism Market Value (US$ Bn) Projection, By Type 2017-2031

Figure 72: South America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Type 2023-2031

Figure 73: South America Travel and Tourism Market Value (US$ Bn) Projection, By Application 2017-2031

Figure 74: South America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Application 2023-2031

Figure 75: South America Travel and Tourism Market Value (US$ Bn) Projection, By Traveler Type 2017-2031

Figure 76: South America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Traveler Type 2023-2031

Figure 77: South America Travel and Tourism Market Value (US$ Bn) Projection, By Travel Days 2017-2031

Figure 78: South America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Days 2023-2031

Figure 79: South America Travel and Tourism Market Value (US$ Bn) Projection, By Travel Mode 2017-2031

Figure 80: South America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Mode 2023-2031

Figure 81: South America Travel and Tourism Market Value (US$ Bn) Projection, By Booking 2017-2031

Figure 82: South America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Booking 2023-2031

Figure 83: South America Travel and Tourism Market Value (US$ Bn) Projection, By Country 2017-2031

Figure 84: South America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Country 2023-2031

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• Tourism Market
• Hospitality & Tourism

Tourism Market Size, Share, and Growth, Analysis Research Report – Segmented By Type (International Tourism and Domestic/Local Tourism), Purpose (Adventure Tourism, Business Travel, Conference or Seminar Travel, Family and Friend Visits and Others), and Region - Industry Forecast of 2022 to 2027.

• Product Description
• Table of Contents
• List of table & Figure

• Description

Tourism Market Size & Growth (2022 - 2027):

The Global  Tourism Market is predicted to raise at a growth rate of 0.2% to US$ 1.5 trillion in next the five years. Worldwide tourism has performed well over the five-year period, and economies in emerging markets continue to stimulate expansion. In addition, countries in Asia and South America have seen a strong expansion in per capita income, which has allowed consumers in these regions to travel abroad in escalating numbers. However, due to the worldwide spread of COVID-19 (coronavirus) in 2020, industry revenue is predicted to decline by 8.9%. The worldwide pandemic is supposed to have a huge effect on all tourism-related industries, as many countries suspend international travel and limit the number of domestic flights.

Tourism is defined as the fact that international visitors who cross borders travel mainly for business, conferences, government affairs, and for leisure, vacations or to visit local people, friends, and family. The main industries that benefit from tourism spending include national and international air transport, accommodation services, food services, beverages, car rental, and travel agencies.

Market Trends:

Government agencies and organizations such as the World Tourism Organization, and UNWTO, promote tourism to attract diverse tourists from around the world. These initiatives are leading to the expansion of the world tourism market. Adventure tourism is a new concept in the tourism market that drives the entire industry. Also, medical tourism is also a new concept that is gaining ground around the world. The significant difference in prices for medical procedures between different countries is driving the trend in the medical tourism sector. Another determining factor for the global tourism market is the surge in international sporting and recreational events.

Market Drivers:

The increase in per capita income stimulates the expansion of the global tourism market, which translates into a continuous expansion of international tourism. For the past five years, the tourism market in emerging economies, particularly countries in South America and Asia, has been the driving force behind the worldwide industry. Compared to ten years ago, the world tourism market has undergone many changes. Emerging economies now represent more market share than developed economies. In recent years, the adventure tourism industry has grown exponentially worldwide. Also, travelers are interested in visiting unknown destinations for fun. Besides, a significant increase in government initiatives in the form of public and private partnerships to promote tourism is driving the expansion of the worldwide adventure travel market. The comfort factor associated with the application and implementation of the e-tourism market has been an important factor for this market. Access to the complete travel package as well as strategic access to know all the relevant information related to the place has helped customers opt for electronic means to make their travel plans.

Market Restraints:

The risk of unpredictable weather conditions limits the expansion of the global tourism market.

Market Opportunities:

The development of new trends like adventure tourism, medical tourism, etc., are likely to promote the expansion in call of the global tourism market. Adventure tourism includes some activities such as rock climbing, hiking, caving, rafting, and others. Tourism is one of the sectors with the highest exponential expansion, among which adventure tourism is one of the fastest growing. According to a study of the travel market, Europe and America are the two main regions of this market. Furthermore, the introduction of artificial intelligence plays a vital role in the operation and exploitation of adventure tourism. The growing trend of social media is also estimated to offer a promising opportunity for this market expansion.

Market Challenges:

However, outbreaks of diseases like Ebola, SARS, and COVID in some countries are heavily affecting worldwide tourism.

Market Recent Developments:

Mumbai-based Gem Tours & Travel has declared a coronavirus vaccination tour package for High Network Individual consumers who wish to travel to the United States for the shooting.

TOURISM MARKET REPORT COVERAGE:

Market Segmentation:

Tourism Market -  By Type:

• International Tourism
• Domestic/Local Tourism

Tourism Market -  By Purpose:

• Adventure Tourism
• Business Travel
• Conference or Seminar Travel
• Family and Friend Visits

Tourism service companies offer various products and services to their clients. Thus, the industry products included in the worldwide tourism industry are accommodation for travelers, travel organizations and reservations, air transport, other local transport such as car rental, food and drink establishments, recreation and entertainment, gasoline, and other activities. In addition, industrial activities considered in the worldwide tourism market include accommodation services for travelers, provision of hospitality services to international tourists, airline operation, motor vehicle leasing, travel agencies, and travel organization services.

Market Regional Analysis:

The  Tourism Market Report includes the segmentation of Regions:

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa 

Countries like the United States, Germany, and France are popular destinations for world tourism. But in recent years, other lesser-known countries in Asia and Africa have emerged as destinations of interest to international travellers. Therefore, tourism service providers are reorienting their services to take advantage of the economic benefits of this trend. Thailand was the most popular destination for medical tourism in 2019. The expansion of the market was due to Thailand's status as one of the most popular tourist destinations in Asia. The escalating number of private hospitals, improvements in health infrastructure in general, and cheaper treatment costs are responsible for the expansion of medical tourists arriving in Thailand. Thailand has more than 450 private hospitals and that number is likely to grow exponentially.

Medical tourism generates substantial income in developing economies, helping them to further develop their health activities. This has resulted in escalated participation and promotion of medical tourism by government authorities. For example, in Thailand, the government is targeting potential new markets such as China, Laos, Myanmar, Cambodia, and Vietnam to benefit from the growing wealth and growing call for professional healthcare services in these countries. In February 2018, the government announced the prerequisites for the issuance of smart visas for professionals or entrepreneurs interested in investing in new businesses, which will help international medical tourism providers expand their business in Thailand with incentives such as granting a visa period of 4 years.

Impact of COVID-19 on the Tourism Market:

The novel coronavirus, which is one of its types of humanitarian disasters, has affected people and businesses around the world, triggering a worldwide economic crisis. In this sense, the tourism sector is no exception.  COVID-19 has given almost a death blow to the tourism industry around the world. The strict lockdown conditions and shutdown of transport modes have resulted in declining revenue in this industry. However, with the relaxation of lockdown conditions, the business is supposed to resume in 2021.

Market Key Players:

The Tourism Market has a low level of concentration as there are large numbers of international and local players in the tourism market. The market for global tourism is highly fragmented in nature.

• Aban Offshore Ltd.
• Accor Group
• Balkan Holidays Ltd.
• Fred Harvey Company
• G Adventures

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1. What is the Tourism Market growth rate during the projection period? --> 1. What is the Tourism Market growth rate during the projection period? +

The Global Tourism Market is expected to grow with a CAGR of 0.2% between 2022-2027.

2. What can be the total Tourism Market value? --> 2. What can be the total Tourism Market value? +

The Global Tourism Market size is expected to reach a revised size of US$ 1.5 trillion by 2027.

3. Name any three Tourism Market key players? --> 3. Name any three Tourism Market key players? +

Accor Group, Crown Ltd., and Balkan Holidays Ltd. are the three tourism market key players.

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Tourism Market

Tourism Market Size By Travel Days (Within 7 Days, More Than 15 Days, and 7-15 Days), By Travel Type (Business Spending and Leisure Spending), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030

• Report ID: TBI-13245
• Published Date: Jan, 2023
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• Table of Content
• Market Segmentation

Methodology

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The global tourism market is expected to reach USD 16.9 Trillion by 2030, at a CAGR of 5.4% during the forecast period 2022 to 2030. Asia Pacific is expected to grow the fastest during the forecast period. 

Market Overview:

Travel may be short-distance, long-distance, domestic, or international. The travel demand is expected to increase significantly over the next few years due to various factors, particularly after the relaxation of travel limitations connected to COVID-19. The different aspects of the broader service sector that meet the wants and needs of people who travel from one part of the world to another are included in the travel business. Sustainable travel, which is predicted to be the future of travel, is projected to have a growing impact on the expansion of the travel and tourist industry. The improvement in accessibility to several isolated but stunning sites as well as the development in disposable income, are the main factors driving the travel and tourism business. The travel and tourist industry has benefited from the robust growth of the general infrastructure and transportation systems. Unique once-in-a-lifetime experiences are becoming more and more popular among millennial tourists. Ecological trips are growing in popularity in this setting. As a result, the global travel and tourism market is expanding faster than before. To diversify their revenue streams, businesses in the travel and tourism industry must provide cutting-edge and distinctive travel experiences, such as immersive tours.

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Recent Development

• Hilton Worldwide Holdings Inc. made intentions to increase its presence in the Caribbean and Latin America public in August 2022. By the end of 2022, the business anticipates opening its 200th hotel in the area. The company also inked 15 new development partnerships. It announced intentions to open 15 further hotels in the second half of 2022, increasing the total number of projects in its pipeline to 105, totalling almost 15,750 rooms.
• On Unguja, the largest island in Zanzibar, RIU debuted the Riu Jambo, its second hotel, in June 2022. With a total of 461 rooms, it is a 4-star, 24-hour all-inclusive hotel.

Market Dynamics:

Increasing Government Initiatives - Emerging countries benefit greatly from health tourism's financial output, which enables them to improve their healthcare infrastructure. Public authorities have responded by increasing their participation in travel and tourist websites in favour of healthcare services. For instance, the Thai government released the criteria for issuing smart visas to professionals or business owners seeking to start new ventures in February 2018. This announcement may help international health tourism service providers expand their operations in Thailand.

Restraints:

Rise in Cost- However, one of the main reasons that would impede market growth and further complicate the expansion of the tourism market over the forecast period is the rise in the cost of research and development activities. The development of the cultural tourist business will be further hampered by the strict rules put in place by the authorities in response to the impact of COVID-19.

Opportunities:

Promotions by the government - To draw in a variety of travellers from all over the world, governments and organisations like the World Tourism Organization (UNWTO) are promoting tourism. The global tourism market is expanding as a result of these measures. The emerging notion of adventure tourism is driving the whole tourism market. Furthermore, a recent development in the global tourism industry is medical tourism . The notable price differences between medical procedures in various nations drive the global trend of medical tourism. International sporting events also drive the global tourism business. Sports events like the FIFA World Cup 2014, the London Olympics 2012, and the ICC World Cup 2011 attract travellers.

Challenges:

Several Risks Associated - When a person is travelling to another country, there are several risks associated with it, such as; contracting disease, robbery, legal issues etc. Furthermore, there are several language barriers which also challenge the market’s growth over the forecast period.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific emerged as the largest market for the global tourism market, with a 40% share of the market revenue in 2022.

Asia Pacific currently dominates tourism with a 40% market revenue share in 2022. China and India are the two most powerful nations in the region. The developing BRICS nations are a focus for international tourism and travel companies. In China, the travel and tourism sector is expanding. Tourism industry participants worldwide should benefit financially from inbound and outbound tourism to growing Asia-Pacific nations. Thailand, Japan, Singapore, Vietnam, Indonesia, Malaysia, the Philippines, and South Korea are the most popular travel destinations. After the pandemic's peak, there has been a persistent trend toward ecotourism, emphasising conservation, adventure travel, and health and wellness tours.

Europe is expected to witness the fastest growth during the forecast period. To increase tourism, important government agencies in the area are working with specialised tourism businesses and other government agencies. This is a significant factor influencing the European travel and tourism industry globally.

Europe Region Tourism Market Share in 2022 - 33%

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Travel Days Analysis:

The travel days segment is divided into within 7 days, more than 15 days, and 7-15 days. The within 7 days segment dominated the market, with a market share of around 40% in 2022. The travel days are usually 7 days. As people have their professional responsibilities so they cant expand their travelling days to more than 7, which adds impetus to the segment’s growth.

Travel Type Analysis:

The travel type segment is divided into business spending and leisure spending. Over the forecast period, the business spending segment is expected to grow at the fastest CAGR of 5.9%. Most of the businesses offer travelling facilities to their employees, adding impetus to the segment’s growth.

List of Key Market Players:

• Austin Adventures, Inc.
• Butterfield & Robinson Inc.
• G Adventures
• Geographic Expeditions Inc.
• Intrepid Group, ltd.
• Mountain Travel Sobek
• Discovery Nomads
• Row Adventures
• Cox & Kings Ltd.

Report Description: 

Frequesntly Asked Questions

What is the market size of the global tourism market.

As per The Brainy Insights, the size of the tourism market was valued at USD 11.1 Trillion in 2022 to USD 16.9 Trillion by 2030.

What is the market growth rate of the global tourism market?

The global tourism market is growing at a CAGR of 5.4% during the forecast period 2022-2030.

Which region dominates the global tourism market?

Asia Pacific currently emerged as the largest market for Tourism.

Who are the key players in the global tourism market?

Key players in the Tourism market are Austin Adventures, Inc., Butterfield & Robinson Inc., G Adventures, Geographic Expeditions Inc., Intrepid Group, ltd., Mountain Travel Sobek, Discovery Nomads, Row Adventures, Tui Group, and Cox & Kings Ltd.

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• Report can be prepared for any specific country/region/segment
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1. Introduction     1.1. Objectives of the Study     1.2. Market Definition     1.3. Research Scope     1.4. Currency     1.5. Key Target Audience 2. Research Methodology and Assumptions 3. Executive Summary 4. Premium Insights     4.1. Porter’s Five Forces Analysis     4.2. Value Chain Analysis     4.3. Top Investment Pockets           4.3.1. Market Attractiveness Analysis By Travel Days           4.3.2. Market Attractiveness Analysis By Travel Type           4.3.3. Market Attractiveness Analysis By Region     4.4. Industry Trends 5. Market Dynamics     5.1. Market Evaluation     5.2. Drivers           5.2.1. Increasing Government Initiatives     5.3. Restraints           5.3.1. Rise in Cost     5.4. Opportunities           5.4.1. Promotions by government     5.5. Challenges           5.5.1. Several Risks Associated 6. Global Tourism Market Analysis and Forecast, By Travel Days     6.1. Segment Overview     6.2. Within 7 Days     6.3. More Than 15 Days     6.4. 7-15 Days 7. Global Tourism Market Analysis and Forecast, By Travel Type     7.1. Segment Overview     7.2. Business Spending     7.3. Leisure Spending 8. Global Tourism Market Analysis and Forecast, By Regional Analysis     8.1. Segment Overview     8.2. North America           8.2.1. U.S.           8.2.2. Canada           8.2.3. Mexico     8.3. Europe           8.3.1. Germany           8.3.2. France           8.3.3. U.K.           8.3.4. Italy           8.3.5. Spain     8.4. Asia-Pacific           8.4.1. Japan           8.4.2. China           8.4.3. India     8.5. South America           8.5.1. Brazil     8.6. Middle East and Africa           8.6.1. UAE           8.6.2. South Africa 9. Global Tourism Market-Competitive Landscape     9.1. Overview     9.2. Market Share of Key Players in Global Tourism Market           9.2.1. Global Company Market Share           9.2.2. North America Company Market Share           9.2.3. Europe Company Market Share           9.2.4. APAC Company Market Share     9.3. Competitive Situations and Trends           9.3.1. Travel Days Launches and Developments           9.3.2. Partnerships, Collaborations, and Agreements           9.3.3. Mergers & Acquisitions           9.3.4. Expansions 10. Company Profiles     10.1. Austin Adventures, Inc.           10.1.1. Business Overview           10.1.2. Company Snapshot           10.1.3. Company Market Share Analysis           10.1.4. Company Travel Days Portfolio           10.1.5. Recent Developments           10.1.6. SWOT Analysis     10.2. Butterfield & Robinson Inc           10.2.1. Business Overview           10.2.2. Company Snapshot           10.2.3. Company Market Share Analysis           10.2.4. Company Travel Days Portfolio           10.2.5. Recent Developments           10.2.6. SWOT Analysis     10.3. G Adventures           10.3.1. Business Overview           10.3.2. Company Snapshot           10.3.3. Company Market Share Analysis           10.3.4. Company Travel Days Portfolio           10.3.5. Recent Developments           10.3.6. SWOT Analysis     10.4. Geographic Expeditions Inc.           10.4.1. Business Overview           10.4.2. Company Snapshot           10.4.3. Company Market Share Analysis           10.4.4. Company Travel Days Portfolio           10.4.5. Recent Developments           10.4.6. SWOT Analysis     10.5. Intrepid Group, ltd.           10.5.1. Business Overview           10.5.2. Company Snapshot           10.5.3. Company Market Share Analysis           10.5.4. Company Travel Days Portfolio           10.5.5. Recent Developments           10.5.6. SWOT Analysis     10.6. Mountain Travel Sobek           10.6.1. Business Overview           10.6.2. Company Snapshot           10.6.3. Company Market Share Analysis           10.6.4. Company Travel Days Portfolio           10.6.5. Recent Developments           10.6.6. SWOT Analysis     10.7. Discovery Nomads           10.7.1. Business Overview           10.7.2. Company Snapshot           10.7.3. Company Market Share Analysis           10.7.4. Company Travel Days Portfolio           10.7.5. Recent Developments           10.7.6. SWOT Analysis     10.8. Row Adventures           10.8.1. Business Overview           10.8.2. Company Snapshot           10.8.3. Company Market Share Analysis           10.8.4. Company Travel Days Portfolio           10.8.5. Recent Developments           10.8.6. SWOT Analysis     10.9. Tui Group           10.9.1. Business Overview           10.9.2. Company Snapshot           10.9.3. Company Market Share Analysis           10.9.4. Company Travel Days Portfolio           10.9.5. Recent Developments           10.9.6. SWOT Analysis     10.10. Cox & Kings Ltd.           10.10.1. Business Overview           10.10.2. Company Snapshot           10.10.3. Company Market Share Analysis           10.10.4. Company Travel Days Portfolio           10.10.5. Recent Developments           10.10.6. SWOT Analysis

List of Table

1. Global Tourism Market, By Travel Days, 2019-2030 (USD Trillion)

2. Global Within 7 Days, Tourism Market, By Region, 2019-2030 (USD Trillion) 

3. Global More Than 15 Days, Tourism Market, By Region, 2019-2030 (USD Trillion)

4. Global 7-15 Days, Tourism Market, By Region, 2019-2030 (USD Trillion)

5. Global Tourism Market, By Travel Type, 2019-2030 (USD Trillion)

6. Global Business Spending, Tourism Market, By Region, 2019-2030 (USD Trillion)

7. Global Leisure Spending, Tourism Market, By Region, 2019-2030 (USD Trillion)

8. North America Tourism Market, By Travel Days, 2019-2030 (USD Trillion)

9. North America Tourism Market, By Travel Type, 2019-2030 (USD Trillion)

10. U.S. Tourism Market, By Travel Days, 2019-2030 (USD Trillion)

11. U.S. Tourism Market, By Travel Type, 2019-2030 (USD Trillion)

12. Canada Tourism Market, By Travel Days, 2019-2030 (USD Trillion)

13. Canada Tourism Market, By Travel Type, 2019-2030 (USD Trillion)

14. Mexico Tourism Market, By Travel Days, 2019-2030 (USD Trillion)

15. Mexico Tourism Market, By Travel Type, 2019-2030 (USD Trillion)

16. Europe Tourism Market, By Travel Days, 2019-2030 (USD Trillion)

17. Europe Tourism Market, By Travel Type, 2019-2030 (USD Trillion)

18. Germany Tourism Market, By Travel Days, 2019-2030 (USD Trillion)

19. Germany Tourism Market, By Travel Type, 2019-2030 (USD Trillion)

20. France Tourism Market, By Travel Days, 2019-2030 (USD Trillion)

21. France Tourism Market, By Travel Type, 2019-2030 (USD Trillion)

22. U.K. Tourism Market, By Travel Days, 2019-2030 (USD Trillion)

23. U.K. Tourism Market, By Travel Type, 2019-2030 (USD Trillion)

24. Italy Tourism Market, By Travel Days, 2019-2030 (USD Trillion)

25. Italy Tourism Market, By Travel Type, 2019-2030 (USD Trillion)

26. Spain Tourism Market, By Travel Days, 2019-2030 (USD Trillion)

27. Spain Tourism Market, By Travel Type, 2019-2030 (USD Trillion)

28. Asia Pacific Tourism Market, By Travel Days, 2019-2030 (USD Trillion)

29. Asia Pacific Tourism Market, By Travel Type, 2019-2030 (USD Trillion)

30. Japan Tourism Market, By Travel Days, 2019-2030 (USD Trillion)

31. Japan Tourism Market, By Travel Type, 2019-2030 (USD Trillion)

32. China Tourism Market, By Travel Days, 2019-2030 (USD Trillion)

33. China Tourism Market, By Travel Type, 2019-2030 (USD Trillion)

34. India Tourism Market, By Travel Days, 2019-2030 (USD Trillion)

35. India Tourism Market, By Travel Type, 2019-2030 (USD Trillion)

36. South America Tourism Market, By Travel Days, 2019-2030 (USD Trillion)

37. South America Tourism Market, By Travel Type, 2019-2030 (USD Trillion)

38. Brazil Tourism Market, By Travel Days, 2019-2030 (USD Trillion)

39. Brazil Tourism Market, By Travel Type, 2019-2030 (USD Trillion)

40. Middle East and Africa Tourism Market, By Travel Days, 2019-2030 (USD Trillion)

41. Middle East and Africa Tourism Market, By Travel Type, 2019-2030 (USD Trillion)

42. UAE Tourism Market, By Travel Days, 2019-2030 (USD Trillion)

43. UAE Tourism Market, By Travel Type, 2019-2030 (USD Trillion)

44. South Africa Tourism Market, By Travel Days, 2019-2030 (USD Trillion)

45. South Africa Tourism Market, By Travel Type, 2019-2030 (USD Trillion)

List of Figures  

1. Global Tourism Market Segmentation

2. Global Tourism Market: Research Methodology

3. Market Size Estimation Methodology: Bottom-Up Approach

4. Market Size Estimation Methodology: Top-Down Approach

5. Data Triangulation

6. Porter’s Five Forces Analysis 

7. Value Chain Analysis 

8. Global Tourism Market Attractiveness Analysis By Travel Days

9. Global Tourism Market Attractiveness Analysis By Travel Type

10. Global Tourism Market Attractiveness Analysis By Region

11. Global Tourism Market: Dynamics

12. Global Tourism Market Share By Travel Days (2022 & 2030)

13. Global Tourism Market Share By Travel Type (2022 & 2030)

14. Global Tourism Market Share By Regions (2022 & 2030)

15. Global Tourism Market Share By Company (2021)

This study forecasts global, regional, and country revenue from 2019 to 2030. Brainy Insights has segmented the global tourism market based on the below-mentioned segments:

Global Tourism Market by Travel Days: 

• Within 7 Days
• More Than 15 Days

Global Tourism Market by Travel Type:

• Business Spending
• Leisure Spending

Global Tourism Market by Region:

• South Africa

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Tourism Market Size & Share, by Type (Domestic, International); Purpose (Adventure, Business, Medical, Conference or Seminar, Religious, Educational) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

• Report ID: 109
• Published Date: Feb 14, 2023
• Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Tourism Market size is estimated to reach USD 9 Billion by the end of 2035, growing at a CAGR of 3% during the forecast period, i.e., 2023-2035. In the year 2023, the industry size of tourism was over USD 6 Billion. 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. Tourism increases the economy of a region, also generates job opportunities, improves the infrastructure of the region, and raises communication between foreign and native citizens.

Tourism Market: Key Insights

Tourism sector: growth drivers and challenges.

Growth Drivers

• Increasing Preference for Experiential Tours, Especially Among Millennials – The millennials are more attracted to experiential tours to experience the hotels, resorts, culture, and luxury. These tours are reasonable for what the company offers which includes all the facilities such as food, accommodation, and entertainment. Experiential tours can be on trains, ships, planes, or in territorial hotels. The expenditure on experiential tours as per 2022 estimations was more than 30% of 2019 statistics with 33% of spending on recreational activities.
• Increasing Per Capita Income of the People in Low and Middle-Income Countries - 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 Owing to Increasing Concern of People About the Environment - 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 sustainable travel options reached above 70%.
• Surge in Socio-Economic Growth with Rising Number of Students Studying Abroad – Socio-economic growth is a procedure that focuses on 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 number of arrivals in international tourism around the globe reached 2.4 billion.
• Escalating Trend of Low-Cost Carriers (LCCs) as People are More Inclined Towards Low-Budget Travelling - 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.
• Outbreak of Fatal Diseases Such as Swine Flu, COVID-19, and Ebola
• The rise of communicable diseases such as COVID-19, flu, and Ebola adversely affects the healthcare infrastructure of the world. The economy, socio-political and cultural environment was equally affected during the COVID-19 pandemic. The occurrence of swine flu killed between 800 to 1.5 billion. COVID-19 had more than 10% of infected cases be fatal. Also, it is discovered that migrants carried most of the infections. So, to cut off the spread government ceased all means of traveling which hinders the market growth.
• Rising Natural Disasters Destroying the Economic Status of People
• Surging Geopolitical Tension Across the World

Tourism Segmentation

Purpose (Adventure, Business, Medical, Conference or Seminar, Religious, Educational)

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, the medical segment is expected to obtain the highest share over the forecast period owing to the improvement, and restoration of tourists’ health through cost-effective healthcare facilities, the presence of skilled and experienced professionals, easy availability of infrastructure and medical equipment, 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.

Our in-depth analysis of the global Tourism Market  includes the following segments:

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Tourism Industry - Regional Synopsis

Regionally, the global Tourism Market  is studied into five major regions including North America, Europe, Asia Pacific, Latin America and the 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.

Companies Dominating the Tourism Market

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

In The News

• 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.
• 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.

Author Credits:   Yashika Karodiwal, Radhika Gupta

Frequently Asked Questions (FAQ) Growth Drivers and Challenges -->

What are the major factors driving the growth of the tourism market, what would be the cagr of tourism market over the forecast period, what are the challenges affecting the tourism market growth, which region will provide more business opportunities for growth of tourism market in future, who are the major players dominating the tourism market, how are the company profiles selected, what are the segments in the tourism market, which segment captures the largest market size in purpose segment in the tourism market, tourism market report scope.

• Tourism Industry Market Size
• Tourism Industry Market Trends
• Tourism Industry Market Analysis
• Tourism Industry Market Share
• Tourism Industry Market Companies

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Travel Market by Sector, Type, and Geography - Forecast and Analysis 2023-2027

• Published: Oct 2023
• SKU: IRTNTR71431

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Travel Market Forecast 2023-2027 

The Global Travel Market size is forecast to increase by USD 3,392.95 billion   at a CAGR of 14.18% between 2022 and 2027. The Global Travel Market is experiencing significant growth driven by various factors. The rising preference for experiential travel among consumers, coupled with the expansion of the medical tourism sector, is contributing to market expansion. Additionally, government initiatives promoting tourism are fostering increased travel activities worldwide. These trends collectively underscore the dynamic landscape of the global travel industry, presenting lucrative opportunities for stakeholders across the value chain. This market research and growth report includes an in-depth analysis of market drivers, trends, and challenges during the forecast period. 

What will be the size of the Market During the Forecast Period?

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The market is experiencing robust growth, propelled by various factors. The rise in experiential travel and the flourishing medical tourism industry, supported by government tourism promotion efforts, are driving international tourist footfall. Additionally, the widespread availability of online travel agencies has revolutionized travel booking, while increasing disposable income among travelers fuels demand across transportation, hotel, and travel activity sectors. This convergence of factors underscores the dynamic expansion of the global travel and tourism industry.

Market segmentation

In the transportation segment of the market, various entities contribute to facilitating travel experiences for individuals worldwide. Airlines, tour operators, and travel agencies play integral roles in offering transportation services to both domestic and international destinations. With the advent of online booking platforms, travelers can conveniently plan and book their journeys using smartphones and other digital devices. This accessibility has fueled the growth of low-cost airlines, making leisure and business travel more affordable and accessible. The transportation segment not only caters to domestic travel needs but also supports international economic development by facilitating tourism and business travel between countries. Overall, the transportation sector remains a vital component of the market, providing essential services and contributing to global connectivity and economic growth.

The transportation segment  is estimated to witness significant growth during the forecast period. With the improvement in the global economy, there has been simultaneous growth in the airline travel industries of many countries worldwide. Increased revenue and associated taxes are generated as a result of increased passenger traffic, which, in turn, contribute to economic development.

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The transportation segment   was the largest segment and was valued at  USD 2,191.96 billion  in 2017 .  With the introduction of travel packages such as tourism packages, tourists can opt for preferred destinations and resorts after comparing their prices and offerings. In order to provide tourists with special tourist services, some tourism enterprises cooperate with resorts and privately operated helicopters.

Market Dynamics and Customer Landscape

The market is witnessing dynamic growth, fueled by international economic development and the rising trend of experiential travel. The burgeoning medical tourism industry, supported by government tourism promotion efforts, attracts a significant international tourist footfall. Online travel agencies play a pivotal role in facilitating travel arrangements, catering to the disposable income of travelers. With a focus on transportation, hotels, and diverse travel activities, the industry thrives on the seamless integration of airlines, tour operators, and travel agencies. Enabled by online booking platforms and the widespread use of smartphones, travelers enjoy diverse leisure experiences, both domestically and internationally. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

The growing popularity of experiential travel is driving growth in the travel market. More significant and authentic experiences are increasingly sought by modern travelers that allow them to connect with local cultures, traditions, and communities. Experiential travel offers a deeper understanding of a destination's way of life and its people. Younger people prioritize experiences over material possessions, and creating memories and stories to share is something they prefer. 

Moreover, travelers are increasingly seeking off-the-beaten-path experiences to avoid the negative impacts of over-tourism. Experience travel enables travelers to make a choice about the journeys they take according to their preferences and interests. Activities like hiking , wildlife safaris, and volunteering can provide immersive and impactful experiences. Such factors are expected to drive the growth of the arket during the forecast period.

Significant Market Trends

The increasing international tourist footfall is a key trend in the travel market. In recent years, the number of inbound tourists in the world is growing rapidly, consequently driving the number of tourists and fueling the demand for travel activities. The rising number of travelers to both the international and national markets , pleasure, and sports trips is a major element in the increase in footfall of tourists. 

Moreover, as the number of international travelers grows, so does the demand for travel activities , particularly through online travel service platforms . In addition to corporate travel, there is growing demand in the tourism sector as a result of increased government initiatives aimed at promoting tourism. The growth in the number of international tourist arrivals fuels the growth in demand for travel activities and is expected to drive the growth of the global travel market during the forecast period.

Major Market Challenge

The threat of growing terrorism is a major challenge faced by the travel market. There has been a rise in terrorist activities globally, mainly since 2016. The main motive of terrorism is to create panic among people, which leads to a change in their behavior. Industry such as hotels and travel are directly affected by these terrorist attacks.

However, terrorism further leads to the rise in border clearance issues with delays and tighter inspections, making travel tiresome. In addition, the increasing demand for increased safety around oil and gas pipelines as well as the electricity transmission lines is leading to higher costs. Therefore, the increase in terrorist activities is likely to hamper the growth of the global travel market during the forecast period.

Market Customer Landscape

The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Travel Market Customer Landscape

Who are the Major Travel Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

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.

The market analysis and report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

• 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.
• MakeMyTrip Ltd.
• PT Global Digital Niaga
• PT Traveloka Indonesia

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Key Regions

For more insights on the market share of various regions Download PDF Sample now!

APAC  is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The rapid economic growth in many APAC countries, such as China, India, and Japan, has led to an expanding middle class with increased disposable income. As people's financial capabilities improve, they have more resources to spend on leisure activities, including travel.

Moreover, urbanization is on the rise in the APAC region, leading to the development of more cities and metropolitan areas. As a result, business trips, conferences, and cultural exchanges can be facilitated. Initiatives such as simplification of visa procedures, the development of tourism infrastructure, and promotion efforts are also part of this. The APAC region has become a significant market for cruise tourism, with various cruise lines offering itineraries that explore coastal cities and islands. Such factors are expected to drive the growth of the global travel market during the forecast period.

Market Analyst Overview

The market encompasses various sectors, including the booming medical tourism industry, which attracts travelers seeking healthcare services abroad. Governments promote tourism through various initiatives, and online travel agencies facilitate booking with the disposable income of travelers. Airlines, tour operators, and travel agencies cater to diverse needs, with online booking options and the presence of low-cost carriers. The prevalence of smartphones has transformed the landscape, enabling convenient access to travel websites and information. Responsible and sustainable tourism practices are encouraged, and supported by technologies like augmented reality, virtual reality, and artificial intelligence. Domestically and regionally, transportation services utilize large airports, road, and rail networks, enhancing connectivity and facilitating sustainable tourism practices.

The global travel and tourism industry is significantly influenced by tourism promotion by governments, aiming to boost both domestic travel and regional travel . The emergence of low-cost airlines has made travel more accessible, aligning with responsible tourism practices and ethical and sustainable tourist practices promoted by various stakeholders. Enhanced maritime mobility complements land-based travel , while efficient communication systems ensure connectivity. Governments worldwide are increasingly focusing on sustainable tourism initiatives, encouraging responsible travel behavior and preserving natural resources. As travelers prioritize eco-friendly options, the industry adapts, offering sustainable alternatives. In this dynamic landscape, collaboration between governments , industry players, and travelers fosters a more sustainable and responsible approach to global travel.

• Segment Overview

The travel market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Transportation
• Travel activities
• Rest of Europe
• Saudi Arabia
• South Africa
• Rest of the Middle East & Africa

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What are the Key Data Covered in this Market Research and Growth Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting    between 2023 and 2027
• Precise estimation of the market in focus on the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behavior
• Growth of the market across APAC, Europe, North America, South America, and the Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market growth analysis of factors that will challenge the market trends and analysis of market companies

We can help! Our analysts can customize this market research report to meet your requirements. 

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Frequently Asked Questions?

How big is the travel market market , what is the travel market market growth, which segment accounted for the largest travel market market share , who are the key players in the travel market market , what are the factors driving the travel market market .

• Growing popularity of experiential travel
• Increasing international tourist footfall

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Global Tourism - Market Research Report

Global tourism trends (2019-2024), global tourism industry outlook (2024-2029), poll average industry growth 2024-2029 : x.x lock purchase this report or a membership to unlock the average company profit margin for this industry., global tourism industry statistics, biggest companies in the global tourism industry, what is the global tourism industry, industry definition, industry products and services, industry activities.

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Market research report - table of contents

About this report, main activities, similar industries, additional resources, industry at a glance, industry statistics snapshot, industry structure, executive summary, industry performance, key external drivers, current performance, industry outlook, industry life cycle, products and markets, supply chain, key buying industries, key selling industries, products & services, demand determinants, major markets, international trade, business locations.

Competitive Landscape

Market share concentration, key success factors, cost structure benchmarks, basis of competition, barriers to entry, industry globalization, major companies, operating conditions, capital intensity, technology & systems, revenue volatility.

Regulation & Policy

Industry assistance, key statistics,  table: industry data for the,  table: annual percentage change for key industry data,  table: key ratios for industry key data,  table: industry financial ratios, jargon & glossary, product & services segmentation.

Major Players

Analyst insights,  table: industry data for the industry, industry jargon.

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Total Current Assets / Total Current Liabilities

This ratio is a rough indication of a firm’s ability to service its current obligations. Generally, the higher the current ratio, the greater the "cushion" between current obligations and a firm’s ability to pay them. While a stronger ratio shows that the numbers for current assets exceed those for current liabilities, the composition and quality of current assets are critical factors in the analysis of an individual firm’s liquidity.

Total Revenue / Accounts Receivable

365 / Receivables Turnover Ratio

This figure expresses the average number of days that receivables are outstanding. Generally, the greater the number of days outstanding, the greater the probability of delinquencies in accounts receivable. A comparison of this ratio may indicate the extent of a company’s control over credit and collections. However, companies within the same industry may have different terms offered to customers, which must be considered.

Total Revenue / Closing Inventory

This is an efficiency ratio, which indicates the average liquidity of the inventory or whether a business has over or under stocked inventory. This ratio is also known as "inventory turnover" and is often calculated using "cost of sales" rather than "total revenue." This ratio is not very relevant for financial, construction and real estate industries.

365 / Inventory Turnover Ratio

Dividing the inventory turnover ratio into 365 days yields the average length of time units are in inventory.

Total Revenue / Net Working Capital

Because it reflects the ability to finance current operations, working capital is a measure of the margin of protection for current creditors. When you relate the level of sales resulting from operations to the underlying working capital, you can measure how efficiently working capital is being used. *Net Working Capital = Current Assets - Current Liabilities

(Net Profit + Interest & Bank Charges) / Interest & Bank Charges)

This ratio calculates the average number of times that interest owing is earned and, therefore, indicates the debt risk of a business. The larger the ratio, the more able a firm is to cover its interest obligations on debt. This ratio is not very relevant for financial industries. This ratio is also known as "times interest earned."

Total Liabilities / Total Equity

This is a solvency ratio, which indicates a firm's ability to pay its long-term debts. The lower the positive ratio is, the more solvent the business. The debt to equity ratio also provides information on the capital structure of a business, the extent to which a firm's capital is financed through debt. This ratio is relevant for all industries.

Total Liabilities / Total Assets

This is a solvency ratio indicating a firm's ability to pay its long-term debts, the amount of debt outstanding in relation to the amount of capital. The lower the ratio, the more solvent the business is.

(Net Fixed Assets * 100) / Equity

Net fixed assets represent long-term investment, so this percentage indicates relative capital investment structure.

Total Revenue / Equity

It indicates the profitability of a business, relating the total business revenue to the amount of investment committed to earning that income. This ratio provides an indication of the economic productivity of capital.

(Net Profit * 100) / Equity

This percentage indicates the profitability of a business, relating the business income to the amount of investment committed to earning that income. This percentage is also known as "return on investment" or "return on equity." The higher the percentage, the relatively better profitability is.

(Net Profit + Interest and Bank Charges) * 100 / Total Assets

This percentage, also known as "return on total investment," is a relative measure of profitability and represents the rate of return earned on the investment of total assets by a business. It reflects the combined effect of both the operating and the financing/investing activities of a business. The higher the percentage, the better profitability is.

(Total Current Assets * 100) / Total Assets

This percentage represents the total of cash and other resources that are expected to be realized in cash, or sold or consumed within one year or the normal operating cycle of the business, whichever is longer.

(Accounts Receivable * 100) / Total Assets

This percentage represents all claims against debtors arising from the sale of goods and services and any other miscellaneous claims with respect to non-trade transaction. It excludes loan receivables and some receivables from related parties.

(Closing Inventory * 100) / Total Assets

This percentage represents tangible assets held for sale in the ordinary course of business, or goods in the process of production for such sale, or materials to be consumed in the production of goods and services for sale. It excludes assets held for rental purposes.

(Other Current Assets * 100) / Total Assets

This percentage represents all current assets not accounted for in accounts receivable and closing inventory.

(Net Tangible & Intangible Assets * 100) / Total Assets

This percentage represents tangible or intangible property held by businesses for use in the production or supply of goods and services or for rental to others in the regular operations of the business. It excludes those assets intended for sale. Examples of such items are plant, equipment, patents, goodwill, etc. Valuation of net fixed assets is the recorded net value of accumulated depreciation, amortization and depletion.

(All Other Assets & Adjustments * 100) / Total Assets

This percentage represents all other assets not elsewhere recorded, such as long-term bonds.

Average Total Assets

This figure represents the average value of all resources controlled by an enterprise as a result of past transactions or events from which future economic benefits may be obtained.

(Total Current Liabilities * 100) / Total Assets

This percentage represents obligations that are expected to be paid within one year, or within the normal operating cycle, whichever is longer. Current liabilities are generally paid out of current assets or through creation of other current liabilities. Examples of such liabilities include accounts payable, customer advances, etc.

(Current Bank Loans * 100) / Total Assets

This percentage represents all current loans and notes payable to Canadian chartered banks and foreign bank subsidiaries, with the exception of loans from a foreign bank, loans secured by real estate mortgages, bankers acceptances, bank mortgages and the current portion of long-term bank loans.

(Other Current Liabilities * 100) / Total Assets

(Long-Term Liabilities * 100) / Total Assets

This percentage represents obligations that are not reasonably expected to be liquidated within the normal operating cycle of the business but, instead, are payable at some date beyond that time. It includes obligations such as long-term bank loans and notes payable to Canadian chartered banks and foreign subsidiaries, with the exception of loans secured by real estate mortgages, loans from foreign banks and bank mortgages and other long-term liabilities.

(Total Liabilities * 100) / Total Assets

This percentage represents the obligations of an enterprise arising from past transactions or events, the settlements of which may result in the transfer of assets, provision of services or other yielding of economic benefits in the future.

(Total Equity * 100) / Total Assets

This percentage represents the net worth of businesses and includes elements such as the value of common and preferred shares, as well as earned, contributed and other surpluses.

Average Total Liabilities + Average Total Equity

This figure represents the sum of two separate line items, which are added together and checked against a company’s total assets. This figure must match total assets to ensure a balance sheet is properly balanced.

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Global Tourism Market Size Likely to Grow at a CAGR of 3.7% By 2033

Released Date: January 5, 2024 | Author Name: Katelin Kharrati | Location: Sandy, USA

As per the current market research conducted by the CMI Team, the global Tourism Market size is expected to record a CAGR of 3.7% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 8,879.2 Billion . By 2032, the valuation is anticipated to reach USD 12,313.5 Billion .

Tourism Market : Growth Factors and Dynamics

• Digital Transformation : The tourism market is undergoing a digital transformation, with online booking platforms, mobile apps, and virtual experiences driving growth. Enhanced connectivity and user-friendly technology contribute to a seamless and personalized traveler experience.
• Rising Middle-Class Travelers : The growth of the middle class, particularly in emerging markets, fuels increased tourism. Rising disposable incomes enable more people to explore domestic and international destinations, driving demand for travel services, accommodations, and experiences.
• Cultural and Experiential Tourism : There is a shift towards cultural and experiential tourism, with travelers seeking authentic, immersive experiences. This trend drives demand for unique destinations, local cuisine, and activities that provide a deeper connection with the culture and heritage of a place.
• Sustainable Tourism Practices : Increasing awareness of environmental issues and sustainability concerns has led to a rise in eco-friendly and responsible tourism. Travelers prioritize destinations and businesses that adopt sustainable practices, influencing the industry to implement environmentally conscious initiatives.
• Globalization and Accessibility : Improved transportation infrastructure and increased airline connectivity contribute to the globalization of tourism. Accessible travel options make it easier for people to explore diverse destinations, fostering cross-cultural interactions and expanding the overall tourism market.
• Impact of External Factors : The tourism market is susceptible to external factors, including geopolitical events, natural disasters, and public health crises. These factors can significantly influence travel patterns, with sudden shifts in demand and disruptions affecting the overall dynamics of the tourism industry.
• Innovations in Travel Technology : Continuous advancements in travel technology, such as virtual reality, augmented reality, and artificial intelligence, are shaping the tourism market. These innovations enhance the pre-travel planning experience, provide real-time assistance during travel, and contribute to more personalized and efficient customer service, influencing overall market growth.

Tourism Market: Partnership and Acquisitions

• In 2022, Exodus Travels Ltd . received the Sustainability Champion of the Year award at the 2022 Which? Awards. Recognized for green initiatives like rewilding 100 square meters per customer and a commitment to halve their carbon footprint by 2030, showcasing the company’s dedication to environmental responsibility and sustainability.
• In 2021, G Adventures invested Reforest, a digital platform linking travelers with local communities engaged in reforestation efforts. This partnership allows travelers to contribute by planting trees in areas crucial for tourism, fostering sustainable practices and environmental conservation within the travel industry.

Report Scope

Tourism Market: COVID-19 Analysis

The COVID-19 pandemic has had a significant impact on the Tourism Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

• Travel Restrictions and Border Closures : Stringent travel restrictions and border closures significantly reduced international tourism. Lockdowns, quarantine measures, and the suspension of flights disrupted travel plans, leading to a sharp decline in tourist arrivals globally.
• Decline in Consumer Confidence : The pandemic instilled fear and uncertainty, causing a decline in consumer confidence in travel. Concerns about health and safety , coupled with economic uncertainties, led to cancellations and a reluctance to engage in travel-related activities.
• Economic Downturn and Job Losses : The tourism sector faced a severe economic downturn, with businesses experiencing closures and job losses. Hospitality, transportation, and related industries suffered, impacting the livelihoods of millions of people dependent on tourism-related employment.
• Vaccination Rollouts and Health Protocols : Global vaccination efforts and the implementation of robust health protocols have been crucial for the recovery. Countries and businesses that prioritize public health measures inspire traveler confidence and contribute to a gradual return to normalcy.
• Digital Transformation and Contactless Services : The adoption of digital technologies for contactless services, including online bookings, e-tickets, and digital health passports, facilitates a safer and more efficient travel experience. Digital transformation enhances operational resilience and meets evolving consumer expectations.
• Domestic Tourism Promotion : Many destinations are focusing on promoting domestic tourism as an initial recovery strategy. Governments and businesses are encouraging residents to explore local attractions, helping to revitalize the tourism sector while international travel remains restricted.
• Collaboration and Industry Partnerships : Collaboration among stakeholders, including governments, travel agencies, airlines, and hospitality providers, is crucial for a coordinated recovery. Joint marketing efforts, shared resources, and standardized safety measures contribute to rebuilding trust and reinvigorating the tourism market .
• Diversification of Tourism Offerings : To attract a wider audience, destinations are diversifying their tourism offerings. Emphasizing outdoor activities, cultural experiences, and sustainable tourism practices helps create unique and resilient tourism products that appeal to changing traveler preferences.
• Flexible Booking Policies and Travel Insurance : The adoption of flexible booking policies by travel-related businesses, allowing for easy cancellations or rescheduling, has become a key recovery strategy. Additionally, the promotion and availability of travel insurance that covers unexpected disruptions, including health-related issues, provide travellers with a sense of security, encouraging them to plan and book trips with reduced financial risk.

In conclusion, the COVID-19 pandemic has had a mixed impact on the Tourism Market, with some challenges and opportunities arising from the pandemic.

Global Tourism Market 2023–2032 (By Billion)

List of the prominent players in the Tourism Market :

• Expedia Group Inc.
• Booking Holdings Inc.
• Airbnb Inc.
• com Group Limited
• com International Ltd.
• Marriott International Inc.
• Hilton Worldwide Holdings Inc.
• InterContinental Hotels Group PLC
• The Priceline Group Inc.
• Delta Air Lines Inc.
• American Express Global Business Travel (GBT)
• Wyndham Hotels & Resorts Inc.
• Hyatt Hotels Corporation

The Tourism Market is segmented as follows:

By Travel Purpose

• Leisure Tourism
• Business Tourism
• Medical Tourism
• Cultural & Heritage Tourism

By Travel Type

By Geographic

• Domestic Tourism
• International Tourism

By Mode of Booking

• OTA Platform
• Direct Booking

By Age Group

• Below 30 years
• 30 to 41 Years
• 42 to 49 Years
• 50 Years & Above

Regional Coverage:

• Rest of North America
• Netherlands
• Rest of Europe
• New Zealand
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• South Africa
• Rest of the Middle East & Africa
• Rest of Latin America
• Top Navigation

Global Online Travel Market by Service type (Transportation, Travel Accommodation, and Vacation Packages), by Platform (Mobile and Desktop), Mode of Booking (Online Travel Agencies (OTAs) and Direct Travel Suppliers); By Region (U.S., Canada, Mexico, Rest of North America, The UK, France, Germany, Italy, Spain, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, the Netherlands, Luxembourg), Rest of Europe, China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa, Brazil, Argentina, Rest of Latin America) – Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast, 2021-2030

The Global Online Travel Market size was valued at USD 354.2 Bn in 2021. The market is projected to grow USD 1,835.6 Bn in 2030, at a CAGR of 14.8 %. Review sites and travel e-commerce sites make up the majority of the internet travel sector. It provides the convenience of reserving from the comfort of one's own home and frequently entices customers with package deals and cost-cutting choices. As a result, many tourists are opting to book their trips online rather than through traditional brick-and-mortar travel firms. Furthermore, the primary global online travel market is being driven by greater consumer spending power, a government initiative to promote tourism, growing internet and credit card usage, and the creation of new online segments. The increasing penetration of international flight and hotel bookings supplied by online portals such as Booking.com, TripAdvisor.com,  .  

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The emergence of the travel and tourism business, as well as shifting patterns in standard of life, has resulted in a steady increase in the online travel market. The demand for online travels varies depending on the property type and is impacted by factors including location, size, and on-site amenities. The market is likely to be driven by rising disposable income, popularizing weekend culture, the introduction of low-cost airline services, and the developing service industry. The rise in spending power and the style of living are two of the most important factors driving people to luxury resorts. The demand for online travels is also fueled by a city's or country's hosting of sporting events. The development of the market has been hastened by the emergence of online lodging booking services. Marriott International, for example, published a new edition of its mobile app, Marriott Bonvoy, on February 10, 2021, with new features like better booking possibilities, greater personalized experiences, and customizations in earning and redeeming points. As a result, the industry is expected to consolidate due to growing demand for premium services with better booking options.  

COVID-19 Analysis

The epidemic of COVID-19 has had a significant influence on the tourism and travel industries. The global implementation of social distancing, stay-at-home, and travel restrictions has stifled the expansion of the online travel industry. According to the American Hotel and Lodging Association 2021 study, hotel occupancy in the United States fell from 66 percent to around 40 percent in 2020, compared to the previous year. As a result of the pandemic, the hotel industry is likely to suffer a severe slowdown; nevertheless, the market is expected to return to its prior growth trajectory in the coming years.  

Service Type Outlook

The travel accommodation segment accounted largest market share for the global online travel market in 2020. Market competitors are gradually providing travellers with a varied selection of hotel options at reasonable prices. Customers evaluate lodging options across multiple websites in order to get the most cost-effective option. Because they offer a diverse range of housing options, travelers prefer specialized online accommodation providers such as Airbnb, Inc. and OYO Rooms. As a result, the aforementioned reasons are responsible for the market's rise in the travel accommodation segment. These hotels usually have high-end designer interiors created with cutting-edge technology propels the demand for the growth of the global online travel market.  

Global Online Travel Market Report Coverage

Platform Outlook

The mobile segment accounted largest market share for the global online travel market in 2020 owing to the expansion of the market through the mobile sector is mostly due to an increase in mobile usage and the development of novel mobile travel apps. The way people communicate and travel throughout the world has changed as a result of technological advancements. With the advancement of technology and the increased usage of mobile phones, simple and effective techniques are being developed to make travelling simple and comfortable, hence boosting the travel industry's growth. Travelers prefer to make their travel reservations using mobile travel apps, which are gradually gaining traction in the market. As a result, the expansion of the internet travel business is projected to be fueled by an increase in smart phone usage and a rise in digital literacy.  

Mode of Booking Outlook

The online travel agencies (OTAs) segment accounted largest market share for the global online travel market in 2020. Online travel firms are becoming the most popular method of making reservations around the world. The rise of online travel agencies has been one of the most striking examples of industry and society's digital revolution in the last 25 years. OTAs have evolved into digital marketplaces that provide direct access to a wide range of online travel options for both B2B and B2C consumers. OTAs can be thought of as a cross between an e-commerce platform and a travel agency. Expedia, Booking.com, and Trip.com, among others, have dominated the global online travel business (hotels, airlines, packaged tours, rail and cruises).  

Regional Outlook

Asia Pacific dominated largest market share for the global online travel market in 2020 owing to has the most potential for growth in the internet travel business, with India and China being the most profitable areas. The increase in discretionary income, rise in the middle-class section, and increasing penetration of internet facilities are all factors contributing to the expansion. In China, Ctrip is the most popular online travel agency (OTA), whereas in India, MakeMyTrip, Yatra, and Cleartrip are the most popular OTAs.  

Europe is anticipated to emerge as the fastest-growing region over the forecast period. This is due to the presence of some of the world's most popular tourist spots. According to the UNWTO's Foreign Tourism Highlights 2019 Edition, Europe accounted for half of all international visitor arrivals in 2018. The survey also reveals that five major European countries are among the top ten destinations based on foreign tourist arrivals in 2018.  

Key Companies & Recent Developments

Partnerships, strategic mergers, and acquisitions are expected to be the most successful strategies for industry participants to get speedy access to growing markets while also improving technological capabilities.  

In addition, product differentiation and developments, as well as service expansion, are projected to help organizations thrive in the market.  

Market Segmentation of Global Online travel Market

By Service Type

• Transportation
• Travel Accommodation
• Vacation Packages

By Platform

By Mode of booking

• Online Travel Agencies (OTAs)
• Direct Travel Suppliers

Key Players:

• Alibaba Group
• Elong, Inc.
• Tuniu Corporation
• AirGorilla, LLC
• Hays Travel limited
• Airbnb, Inc.
• Yatra Online Private Limited, India
• Trip Advisor Inc.
• MakeMyTrip Limited
• Hostelworld Group PLC (HSW)
• Trivago N.V
• Despegar.com, Corp
• Lastminute.com Group
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• Executive Summary

Digital healthcare usage was fast-tracked by the pandemic. But now, with so many tools in the market, providers and marketers must deliver differentiated experiences to stay competitive. They’ll need to know how and why patients use these tools—and how to resolve the pain points.

Key Question: Which digital health products and services are US consumers using, and how does usage differ across populations?

KEY STAT: About 46% of US consumers—an estimated 119 million patients—engage with their healthcare providers using a combination of patient portals, telehealth appointments, apps, and traditional in-person visits, per PYMNTS.

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Table of Contents

• Consumer adoption of digital health tools is still growing.
• Who is the healthcare tech user?
• Patients demand an omnichannel experience.
• The patient healthcare journey often starts online.
• Patients are using social media to find health information.
• Patients believe digital health tools lead to better health.
• Consumers want doctors to embrace digital health tools.
• Healthcare is falling short on delivering a quality digital experience.
• Providers are at risk of losing patients if they don’t go digital.
• How can providers and marketers keep pace with the digital healthcare consumer?
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‘A Lot of Chaos’: Bridge Collapse Creates Upheaval at Largest U.S. Port for Car Trade

A bridge collapse closed Baltimore’s port, an important trade hub that ranks first in the nation by the volume of automobiles and light trucks it handles.

• Share full article

Shipping in the Port of Baltimore

Monthly cargo handled by the Port of Baltimore

By Peter Eavis and Jenny Gross

• March 26, 2024

The Baltimore bridge disaster on Tuesday upended operations at one of the nation’s busiest ports, with disruptions likely to be felt for weeks by companies shipping goods in and out of the country — and possibly by consumers as well.

The upheaval will be especially notable for auto makers and coal producers for whom Baltimore has become one of the most vital shipping destinations in the United States.

As officials began to investigate why a nearly 1,000-foot cargo ship ran into the Francis Scott Key Bridge in the middle of the night, companies that transport goods to suppliers and stores scrambled to get trucks to the other East Coast ports receiving goods diverted from Baltimore. Ships sat idle elsewhere, unsure where and when to dock.

“It’s going to cause a lot of chaos,” said Paul Brashier, vice president for drayage and intermodal at ITS Logistics.

The closure of the Port of Baltimore is the latest hit to global supply chains, which have been strained by monthslong crises at the Panama Canal, which has had to slash traffic because of low water levels; and the Suez Canal, which shipping companies are avoiding because of attacks by the Houthis on vessels in the Red Sea.

The auto industry now faces new supply headaches.

Last year, 570,000 vehicles were imported through Baltimore, according to Sina Golara, an assistant professor of supply chain management at Georgia State University. “That’s a huge amount,” he said, equivalent to nearly a quarter of the current inventory of new cars in the United States.

The Baltimore port handled a record amount of foreign cargo last year, and it was the 17th biggest port in the nation overall in 2021, ranked by total tons, according to Bureau of Transportation Statistics.

Baltimore Ranks in the Top 20 U.S. Ports

Total trade in 2021 in millions of tons

Baltimore ranks first in the United States for the volume of automobiles and light trucks it handles, and for vessels that carry wheeled cargo, including farm and construction machinery, according to a statement by Gov. Wes Moore of Maryland last month.

The incident is another stark reminder of the vulnerability of the supply chains that transport consumer products and commodities around the world.

The extent of the disruption depends on how long it takes to reopen shipping channels into the port of Baltimore. Experts estimate it could take several weeks.

Baltimore is not a leading port for container ships, and other ports can likely absorb traffic that was headed to Baltimore, industry officials said.

Stephen Edwards, the chief executive of the Port of Virginia, said it was expecting a vessel on Tuesday that was previously bound for Baltimore, and that others would soon follow. “Between New York and Virginia, we have sufficient capacity to handle all this cargo,” Mr. Edwards said, referring to container ships.

“Shipping companies are very agile,” said Jean-Paul Rodrigue, a professor in the department of maritime business administration at Texas A&M University-Galveston. “In two to three days, it will be rerouted.”

But other types of cargo could remain snarled.

Alexis Ellender, a global analyst at Kpler, a commodities analytics firm, said he expected the port closure to cause significant disruption of U.S. exports of coal. Last year, about 23 million metric tons of coal exports were shipped from the port of Baltimore, about a quarter of all seaborne U.S. coal shipments. About 12 vessel had been expected to leave the port of Baltimore in the next week or so carrying coal, according to Kpler.

He noted that it would not make a huge dent on the global market, but he added that “the impact is significant for the U.S. in terms of loss of export capacity.”

“You may see coal cargoes coming from the mines being rerouted to other ports instead,” he said, with a port in Norfolk, Va., the most likely.

If auto imports are reduced by Baltimore’s closure, inventories could run low, particularly for models that are in high demand.

“We are initiating discussions with our various transportation providers on contingency plans to ensure an uninterrupted flow of vehicles to our customers and will continue to carefully monitor this situation,” Stellantis, which owns Chrysler, Dodge, Jeep and Ram, said in a statement.

Other ports have the capacity to import cars, but there may not be enough car transporters at those ports to handle the new traffic.

“You have to make sure the capacity exists all the way in the supply chain — all the way to the dealership,” said Mr. Golara, the Georgia State professor.

A looming battle is insurance payouts, once legal liability is determined. The size of the payout from the insurer is likely to be significant and will depend on factors including the value of the bridge, the scale of loss of life compensation owed to families of people who died, the damage to the vessel and disruption to the port.

The ship’s insurer, Britannia P&I Club, part of a global group of insurers, said in a statement that it was “working closely with the ship manager and relevant authorities to establish the facts and to help ensure that this situation is dealt with quickly and professionally.”

The port has also increasingly catered to large container ships like the Dali, the 948-foot-long cargo vessel carrying goods for the shipping giant Maersk that hit a pillar of the bridge around 1:30 a.m. on Tuesday. The Dali had spent two days in Baltimore’s port before setting off toward the 1.6-mile Francis Scott Key Bridge.

State-owned terminals, managed by the Maryland Port Administration, and privately owned terminals in Baltimore transported a record 52.3 million tons of foreign cargo in 2023, worth $80 billion.

Materials transported in large volumes through the city’s port include coal, coffee and sugar. It was the ninth-busiest port in the nation last year for receiving foreign cargo, in terms of volume and value.

The bridge’s collapse will also disrupt cruises traveling in and out of Baltimore. Norwegian Cruise Line last year began a new fall and winter schedule calling at the Port of Baltimore.

An earlier version of this article misstated the Port of Baltimore’s rank among U.S. ports. It was the nation’s 17th biggest port by total tons in 2021, not the 20th largest.

How we handle corrections

Peter Eavis reports on business, financial markets, the economy and companies across different sectors. More about Peter Eavis

Jenny Gross is a reporter for The Times in London covering breaking news and other topics. More about Jenny Gross

Baltimore Port: What impact will bridge collapse have on shipping?

PORT FEATURES

Current status of cargo ships inside port, cruise ships, london metal exchange warehouses, bunker fuel.

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Reporting by Josephine Mason, Nick Carey, Helen Reid, Jonathan Saul, Nigel Hunt, Marwa Rashad, Scott DiSavino, Shariq Khan and Eric Onstad; Compiled by Josephine Mason and Nina Chestney; Editing by Nick Macfie and Nick Zieminski

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Explainer: South Korea's Yoon hints at flexibility in doctors' strike as election looms

South Korean President Yoon Suk Yeol showed the first signs of flexibility in his medical reform plan as a prolonged standoff with doctors is ramping up pressure ahead of next week's parliamentary elections which are expected to be close.