Newark, Oct. 23, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 1.2 trillion leisure travel market will reach USD 8.6 trillion by 2032. Travelling for enjoyment and relaxation is referred to as leisure travel. It consists of sections on cruises, vacation spots, activities for the holidays, online travel marketplace, tour operators, and travel agents. The cruise industry primarily concerns passenger volume, cruise destinations and calls, bookings, and occupancy rates. The sections on vacation spots and activities examine both domestic and foreign travel hotspots, as well as the goals of travel. With the advent of the internet, the online travel industry grew. This category includes digital travel experiences such as online reviews and online travel agencies (OTAs), which let travellers book travel services on their own. Even though OTAs have gained ground on physical travel agencies, some customers still prefer in-person assistance when making travel arrangements. In addition to examining the current health of these companies, this market examines travel agencies and tour operators' web presence.
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Asia Pacific to account for the largest market size during the forecast period.
Due to increasing disposable income, Asia Pacific is expected to account for the largest market size during the forecast period. A growing middle class with more disposable money has resulted from the quick economic expansion in many Asia Pacific countries, including China, India, and Japan. When the financial situation improves, people can afford additional leisure activities, such as travel.
The solo segment dominated the market with the most significant revenue of USD 0.69 trillion.
The solo segment dominated the market with the most significant revenue of USD 0.69 trillion. Travellers who travel solo have become more common, leading industry players to honour solo and group travellers. Travelling solo is becoming increasingly popular since it allows people to learn new things, see other cultures, think back on their lives, and feel stronger.
The online channels segment dominated the market with the most significant revenue of USD 0.66 trillion.
The online channels segment dominated the market with the most significant revenue of USD 0.66 trillion. Online travel agencies are to make traveller bookings and planning easier. The ability to compare a wide range of travel options, quick and simple flight and hotel bookings, and growing customer confidence in online payment methods drive the internet travel business.
The 22-31 years segment dominated the market with the most significant revenue of USD 0.38 trillion.
The 22-31 years segment dominated the market with the most significant revenue of USD 0.38 trillion. People between the age group 22-31 years have a big bucket list, including going on a world cruise, spending a lengthy vacation on a luxury cruise liner, visiting exotic ports, and going on an expensive safari. They also have the time, money, and desire to explore exciting destinations.
The lodging segment dominated the market with the most significant revenue of USD 0.33 trillion.
The lodging segment dominated the market with the most significant revenue of USD 0.33 trillion. Lodging is a costly aspect of travelling, propelling the segment's growth.
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Market Dynamics:
Drivers: Growing popularity of experiential travel
The tourism industry is expanding as a result of the rising travel demand. Modern travellers seek more meaningful and genuine experiences that let them interact with local people, customs, and cultures. A greater understanding of a destination's way of life and its people can be gained through experiential travel. Younger individuals like to create memories and stories to tell others, and they value experiences over tangible belongings.
Restraint: Natural disaster and health crisis
Natural catastrophes can cause travel patterns to be disrupted. Examples of these calamities include hurricanes, earthquakes, and pandemics like the recent COVID-19 outbreak. Health issues, travel limitations, and fear of infection can all contribute to a drop in travel demand.
Opportunity: Niche and speciality travel
Travel experiences that cater to specific interests, such as ecotourism, cultural immersion, gourmet excursions, and animal safaris, are in high demand. Creating niche travel goods and services can draw in a market of tourists looking for one-of-a-kind and customised travel experiences.
Challenge: Environmental concerns
A preference for environmentally friendly travel options is rising as people become more conscious of environmental challenges. This could provide difficulties for established travel agencies that do not prioritise environmentally responsible practices.
Some of the major players operating in the leisure travel market are:
● American Express Travel
● Travel Leaders Group
● Expedia Group
● TUI Group.
● Carlson Wagonlit Travel
● Thomas Cook Limited
● JTB Americas Group
● Priceline Group
● World Travel, Inc.
● Cox & Kings Ltd.
Key Segments cover in the market:
By Traveler Type:
● Group
● Solo
By Sales Channel:
● Online Channels
● Conventional Channels
By Age Group:
● 22-31 Years
● 32-43 Years
● 44-56 Years
● >56 Years
By Expenditure Type:
● Food & Beverages
● Transportation
● Events & Entertainment
● Lodging
● Others
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About the report:
The global leisure travel market is analyzed based on value (USD Trillion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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