NEW YORK, October 19, 2023 /PRNewswire/ — The travel market expected to grow by $3,392.95 billion billion from 2022 to 2027, with growth CAGR of 14.18%. The travel market is fragmented due to the presence of many global and regional companies. Some prominent companies that offer travel marketplace are Accor SA, American Express Global Business Travel GBT, Balkan Holidays Ltd., BCD Travel Services BV, Booking Holdings Inc., Carlson Inc., Corporate Travel Management Ltd., Expedia Group Inc ., Fareportal. Inc., Flight Center Travel Group Ltd., JPMorgan Chase and Co., JTB Corp., MakeMyTrip Ltd., PT Global Digital Niaga, PT Traveloka Indonesia, The Scott Travel Group Ltd., Travel Leaders Group Holdings LLC, World Travel Holdings, World Travel Inc. and Omega World Travel Inc. The report provides a comprehensive list of key companies, their strategies and latest developments. Buy the report!
Company offer:
- American Express Global Business Travel GBT: The company provides travel solutions such as end-to-end solutions for business travelers, including booking, expense management and travel policy compliance.
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By geography, the market is classified into APAC, Europe, North America, South AmericaAnd Middle East And Africa. APAC will hold the largest market share.
Asia Pacific accounts for 39% of the global market growth during the forecast period. There is an expansion in the middle class population with increased disposable income in the APAC region due to rapid economic growth in APAC countries, such as China, India, and Japan. As people’s purchasing power improves, they have more resources to devote to leisure activities, including travel. Furthermore, the rapid urbanization of the APAC region has led to the development of more cities and metropolitan areas. It thus facilitates several business trips, conferences and cultural exchanges. Therefore, these factors are expected to boost the market growth in the region during the forecast period.
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- Impactful driver- Growing popularity of experiential travel
- Key trend – Increase in international tourist numbers
- Major challenges – Threat of growing terrorism
Market segmentation
- The growth in market share of transport sector is significant during the forecast period. The airline industry has seen rapid growth in many countries due to the improving global economy. Due to increased passenger traffic, this has led to increased revenue and associated taxes which in turn contribute to economic development. Furthermore, the launch of travel packages such as tour packages has enabled tourists to select destinations and resorts after comparing their prices and offers.
Experts from Technavio Research provided more information on the market share of the segments – View a free sample report
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Travel Market Scope |
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Report cover |
Details |
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Historical period |
2017-2021 |
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Growth dynamics and CAGR |
Accelerate at a CAGR of 14.18% |
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Annual growth 2022-2023 (%) |
14.02 |
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Regional analysis |
APAC, Europe, North America, South America, Middle East and Africa |
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Key countries |
United States, China, Japan, France and United Kingdom |
Contents :
1. Summary
2 Market Landscape
3 Market sizing
4 Historical market size
5 Analysis of the five forces
6 Market Segmentation by Sector
7 Market Segmentation by Type
8 Market Segmentation by Geography
9 Customer landscape
10 Geographic landscape
11 drivers, challenges and trends
12 Business Landscape
13 Company Analysis
14 Appendix
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