New Delhi, June 16, 2022 (GLOBE NEWSWIRE) -- The Global Leisure Travel market was valued at US$ 4,405.5 Billion in 2021 and is forecasted to reach US$ 6,347.8 Billion by 2027. The market is expected to register a CAGR of 5.7% during the forecast period 2022-2027.
Leisure travel refers to a vacation undertaken by an individual or a group of individuals for personal enjoyment. These trips help people to unwind and relax by taking time off their busy lives, traveling to popular destinations, and exploring new cultures around the world. The leisure travel industry aims to provide an enjoyable experience for all its customers. They operate in an increasingly competitive business environment, where rapid development and change are the norms. Currently, all locations are connected via various means of transport, and this has boosted global connectivity, which is increasing the adoption of leisure travel, hence positively impacting the market growth.
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Market Dynamics
Factors such as changing the spending pattern of consumers, increase in diversity, and global connectivity drives the growth in the global leisure travel market over the forecast period. With the rising disposable income of people across the world, their spending pattern is also changing. A large part of this income is spent on leisure travel which is fueling the market growth. Moreover, the diversified population across the globe is driving people to explore new places and meet new people. Furthermore, space tourism and wellness tourism create a lucrative growth opportunity in the market. Wellness tourism encourages people to travel beyond over-crowded destinations, spend more and enjoy new experiences. However, political instability, the demand for a personalized experience, a lack of skilled workforce at the mid and upper level of management, and the environmental impact of leisure travel restrict the market growth.
Market Insights
- Based on traveler type, the group segment holds the highest share in 2021 in the global leisure travel market. Whereas the solo segment is anticipated to grow at the highest CAGR during the forecast period due to increasing social media influence, different interests, psychographic traits, and other key factors.
- In terms of sales channel, the online channel segment held the largest share in the market in 2021 and is also expected to grow at the highest CAGR of 6.1% during the forecast period. The growth in the online segment is attributed to the high adoption of online channels to book travel packages owing to the convenient, easy, and faster method as compared to conventional channels. Moreover, the use of AI, big data analytics, and IoT in operation optimizations for web-based bookings, are projected to augment the leisure travel market growth during the forecast period.
- By region, Asia Pacific is the dominating region in the leisure travel market and is also expected to grow at the highest CAGR of 7.0% during the forecast period due to increasing awareness related to leisure traveling, rising trend of wellness travel, and government support to boost tourism in APAC. Moreover, the region is home to some the popular tourist locations such as China, India, Thailand, and Malaysia. These countries offer a variety of rich cultural experiences and a variety of recreational and entertainment activities.
Regional Analysis
The Asia Pacific dominates the Global Leisure Travel Market
Asia Pacific region holds the highest share in the Global Leisure Travel Market and is estimated to continue its dominance during the forecast period. These countries offer a variety of rich cultural experiences and a variety of recreational and entertainment activities.
Mexico is driving the North America Leisure Travel Market
Mexico is driving the North America leisure travel market. In North America Leisure Travel Market, the solo category is estimated to grow at the highest growth rate owing to rising social media influence in the US and Canada, high disposable income in the region, and significant shareholding by women in solo traveling of North American countries.
Solo travelers hold the highest share in Europe leisure travel market
In Europe Leisure Travel Market, solo category is estimated to grow at the highest growth rate during the forecast period 2022-2027, owing to the contribution of major countries under the category of safe and secure traveling for solo travelers.
UAE travel market growth has gone up exponentially
Middle East leisure travel market is witnessing a surge in the number of tourists from around the world. Travel growth to the United Arab Emirates has gone up exponentially. The UAE leisure travel industry has managed to utilize their strategic location to be able to leverage high volumes of air traffic.
Domestic travel among youngsters is driving the South American leisure travel market
South America is estimated to be the second fastest-growing region in the global leisure travel market during the forecast period. The regional market growth is attributed to various factors such as increasing demand for domestic travel amongst youngsters with major attractions coming from Chile, Costa Rica, Uruguay, and others.
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| Report Attribute | Details |
| Market Size Value in 2021 | US$ 4,405.5 Billion |
| Market Outlook for 2027 | US$ 6,347.8 Billion |
| Expected CAGR Growth | 5.7% |
| Historic Data | 2017-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2027 |
| Top Market Players | Absolute Travel, American Express Travel, Backroads, Carlson Wagonlit Travel, Classic Journeys, Cox & Kings Ltd., Expedia Group, G Adventures, Inspiring Travel Company, Journeys Within Tour, JTB Americas Group, Priceline Group, TCS World Travel, and Travel Leaders Group among others |
| Segments Covered | By Traveler Type, By Sales Channel, By Region |
| Geographies Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Customization Options | Get your customized report as per your preference. Ask for customization |
Competitive Insight
Some of the key players operating in the global leisure travel market include Absolute Travel, American Express Travel, Backroads, Carlson Wagonlit Travel, Classic Journeys, Cox & Kings Ltd., Expedia Group, G Adventures, Inspiring Travel Company, Journeys Within Tour, JTB Americas Group, Priceline Group, TCS World Travel, and Travel Leaders Group among others.
Segmentation Overview
Global Leisure Travel market is segmented based on traveler type, sales channel and region. The industry trends in the leisure travel market are sub-divided into different categories in order to get a holistic view of the global marketplace.
Following are the different segments of the Global Leisure Travel Market:
By Leisure Travel segment of the Global Leisure Travel Market is sub-segmented into:
- Solo
- Group
By Sales Channel segment of the Global Leisure Travel Market is sub-segmented into:
- Conventional Channels
- Online Channels
By Region segment of the Global Leisure Travel Market is sub-segmented into:
- North America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
- South America
To gain more insights into the market with a detailed table of content and figures, click here: https://www.astuteanalytica.com/industry-report/leisure-travel-market
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