Dublin, July 06, 2021 (GLOBE NEWSWIRE) -- The "Travel Arrangement and Reservation Services Global Market Opportunities and Strategies to 2030: COVID-19 Impact and Recovery" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global Travel Arrangement and Reservation Services market.
The global travel arrangement and reservation services market reached a value of nearly $303,587.6 million in 2020, having declined at a compound annual growth rate (CAGR) of -3.2% since 2015. The market is expected to grow from $303,587.6 million in 2020 to $474,364.8 million in 2025 at a rate of 9.3%. The market is then expected to grow at a CAGR of 5.4% from 2025 and reach $618,392.6 million in 2030.
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Where is the largest and fastest growing market for the Travel Arrangement and Reservation Services market? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The global Travel Arrangement and Reservation Services market opportunities and strategies to 2030 report answers all these questions and many more.
The report covers the following chapters:
- Executive Summary - The executive summary section of the report gives brief overview and summary of the report.
- Report Structure - This section gives the structure of the report and the information covered in various sections.
- Introduction - This section gives the segmentation of the Travel Arrangement and Reservation Services market by geography, by type, by end-user and by therapeutic class covered in this report.
- Market Characteristics - The market characteristics section of the report defines and explains the Travel Arrangement and Reservation Services market. This chapter includes different products and services covered in the report and basic definitions.
- Pipeline Analysis - This chapter in the report briefs on the pipeline of Travel Arrangement and Reservation Services.
- Top Travel Arrangement and Reservation Services - This chapter briefs on top selling Travel Arrangement and Reservation Services and their estimated sales.
- Product Introduction and Research On Cannabis-Based Travel Arrangement and Reservation Services- This chapter briefs on the use of cannabis based drugs for acne treatment and highlights on researches that are going on for the same.
- Trends and Strategies - This chapter includes some of the major trends shaping the global Travel Arrangement and Reservation Services market. This section highlights likely future developments in the market and suggests approaches companies can take to exploit these opportunities.
- Impact of COVID-19 - This chapter describes the impact of COVID-19 on the Travel Arrangement and Reservation Services industry.
- Global Market Size and Growth - This section contains the global historic (2015-2020) and forecast (2020-2025), and (2025-2030) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional and Country Analysis - This section contains the historic (2015-2020) and forecast (2020-2025), and (2025-2030) market values and growth and market share comparison by region and country.
- Segmentation - This section contains the market values (2015-2030) and analysis for different segments.
- Regional Market Size and Growth - This section contains the region's market size (2020), historic (2015-2020) and forecast (2020-2025), and (2025-2030) market values, and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region. The market overview sections of the report describe the current size of the market, background information, government initiatives, regulations, regulatory bodies, associations, corporate tax structure, investments, and major companies.
- Competitive Landscape - This section covers details on the competitive landscape of the global Travel Arrangement and Reservation Services market, estimated market shares and company profiles for the leading players.
- Key Mergers and Acquisitions - This chapter gives the information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Opportunities and Strategies - This section gives information on growth opportunities across countries, segments and strategies to be followed in those markets. It gives an understanding of where there is significant business to be gained by competitors in the next five years.
- Conclusions and Recommendations - This section includes conclusions and recommendations based on findings of the research. This section also gives recommendations for Travel Arrangement and Reservation Services manufacturing companies in terms of product offerings, geographic expansion, price offerings, and target groups.
- Appendix - This section includes details on the abbreviations and currencies codes used in this report.
This report describes and explains the global travel arrangement and reservation services market and covers 2015 to 2020, termed the historic period, and 2020 to 2025 termed the forecast period, along with further forecasts for the period 2025-2030. The report evaluates the market across each region and for the major economies within each region.
Growth in the historic period in the travel arrangement and reservation services market resulted from strong economic growth in emerging markets, rapid population growth, demographic shift, improved earning capacity, acceptance of solo travel, and increase in paid leave. The market was restrained by skilled workforce shortages, high taxes on air travel, and the COVID-19 pandemic.
Going forward shift in travel trends, resurgence of staycations, surge in smartphone users, government initiatives, and technological advances will drive the growth in the travel arrangement and reservation services market. Factors that could hinder the growth of the market in the future include geo-political tensions, and slow recovery of the economy.
The travel arrangement and reservation services market is segmented by type into travel agencies, tour operators, convention and visitors bureaus, and other travel arrangement and reservation services. The travel agencies market was the largest segment of the travel arrangement and reservation services market segmented by type, accounting for 51.4% of the total in 2020. Going forward, the convention and visitors bureaus market segment is expected to be the fastest growing segment in the travel arrangement and reservation services market segmented by type, at a CAGR of 11.6% during 2020-2025.
The travel arrangement and reservation services market is also segmented by mode of travel into domestic travel and foreign travel. The domestic travel market was the largest segment of the travel arrangement and reservation services market segmented by mode of travel, accounting for 52.0% of the total in 2020. Going forward, foreign travel segment is expected to be the fastest growing segment in the travel arrangement and reservation services market segmented by mode of travel, at a CAGR of 11.3% during 2020-2025.
The travel arrangement and reservation services market is also segmented by mode of booking into online, and offline. The offline mode of booking market was the largest segment of the travel arrangement and reservation services market segmented by mode of booking, accounting for 51.2% of the total in 2020. Going forward, online mode of booking segment is expected to be the fastest growing segment in the travel arrangement and reservation services market segmented by mode of booking, at a CAGR of 16.2% during 2020-2025.
Western Europe was the largest region in the travel arrangement and reservation services market, accounting for 48.6% of the total in 2020. It was followed by the Asia Pacific, North America and then the other regions. Going forward, the fastest-growing regions in the travel arrangement and reservation services market will be Middle East and South America where growth will be at CAGRs of 16.3% and 14.9% respectively during 2020-2025. These will be followed by Africa and Asia-Pacific, where the markets are expected to register CAGRs of 12.9% and 9.7% respectively during 2020-2025.
The coronavirus pandemic of 2020 caused many economic implications in countries all over the world. The closure of all nonessential businesses and strict quarantine measures taken by governments created a halt in worldwide operations. One of the most significant impacts of the virus was seen on the travel and tourism industry, as most countries went into lockdown with severe travel restrictions inhibiting people from moving about. Subsequently, industries such as airlines, railways, hospitality, and tourism all suffered major setbacks. The travel arrangement and reservation services market was also severely hit by the pandemic. For instance, according to a survey conducted by Nielsen Holdings plc, a global measurement and data analytics company, in September 2020, among 135 tour operators in India, 74% of tour operators businesses were shut down with zero operations due to lockdown imposed by the Indian government in wake of the coronavirus pandemic.
The travel arrangement and reservation services market is highly fragmented, with large number of small players operating in the market. The top ten competitors in the market made up to 13.35% of the total market in 2019. Major players in the market include BCD Group, Booking Holdings, Expedia Group, Trip.com Group, and Flight Centre Travel Group (FCTG).
The top opportunities in the travel arrangement and reservation services market segmented by type will arise in the travel agencies segment, which will gain $98,343.9 million of global annual sales by 2025. The top opportunities in the travel arrangement and reservation services market segmented by mode of travel will arise in foreign travel segment, which will gain $103,647.6 million of global annual sales by 2025. The top opportunities in the travel arrangement and reservation services market segmented by mode of booking will arise in online segment, which will gain $165,887.7 million of global annual sales by 2025. The travel arrangement and reservation services market size will gain the most in UK at $25,331.1 million.
Market-trend-based strategies for the travel arrangement and reservation services include developing and implementing innovative plans such as leisure travel, under-tourism, offering custom- designed itineraries, offering attractive packages to the solo travelers, implementing effective loyalty or reward programs, establishing direct booking platforms, marketing through search engine optimization, investing in chatbots, and strategic acquisitions of emerging companies.
Player-adopted strategies in the travel arrangement and reservation services market include expanding presence in alternative and corporate travel accommodation through acquisition of emerging companies, establishing mutually beneficial relationship between travel service providers and restaurants, expanding product and service offerings through strategic acquisitions, and expanding technology capabilities to provide better customer service and personalization.
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