Dublin, Jan. 22, 2025 (GLOBE NEWSWIRE) -- The "World Market for Travel" report has been added to ResearchAndMarkets.com's offering.
Travel sales hit USD2.7 trillion in 2024, with new records set to be broken over the forecast period as travel powers on, despite high prices and meeting climate targets. Tourism demand is fired up by macroeconomic and sociodemographic trends as consumers prioritise experiences aligned with their passions and interests. Competition and digitalisation are intensifying in the advanced markets and Asia Pacific - the new travel power source.
The World Market for Travel global briefing offers an insight into to the size and shape of the Travel market, highlights buzz topics, emerging geographies, categories and trends as well as pressing industry issues. It identifies the leading companies and brands, offers strategic analysis of key factors influencing the market from innovation, pricing, channel distribution to economic/lifestyle influences. Forecasts illustrate how the market is set to change and outlines the criteria for success.
Key Findings
Slow burner for value creation
Travel booking sales through direct suppliers and intermediaries are not expected to reach precrisis levels until 2025. In 2024, travel sales are anticipated to be worth USD2.7 trillion, driven by the consumer desire for amazing experiences, reaching USD3.6 trillion by 2029. However, anti-tourism sentiments highlight the need for ongoing transformation to a sustainable model.
The perfect, connected trip
The last battleground for travel categories is delivering travellers with the perfect trip that is seamless, connected and friction-free. Surface travel and experiences are where the focus lies for future growth at 8.9% and 6.6% CAGRs, respectively, elevating the enjoyment of travel and delivering a seamless UX across the traveller journey.
Next-gen global titans
Competition in booking via travel intermediaries is intense, led by Trip.com thanks to its dominance in its home market of China, with global brands Booking and Expedia battling for second place, with the former trumping its rival. Asia Pacific brands Yanolja and Klook are fast-growing and making inroads into the global landscape for travel intermediaries.
Online powered up
The pandemic truly accelerated the shift online, as consumers pivoted online and travel intermediaries especially ramped up their online offers, deals and loyalty programmes. In 2024, 69% of travel sales were made online, with 73% for travel intermediaries vs 65% for direct suppliers.
Asia rides the crest of a wave
All eyes for travel booking sales are firmly set on Asia Pacific - the global economic powerhouse, not just China, but India, and all its regions. Stealing share from the mature regions, high value creation is forecast whilst mature markets face intense price pressure due to stagnant economic growth, higher prices due to costs and funding the green transition.
Report Scope:
- Product coverage: Booking, In-Destination Spending, Lodging (Destination), Tourism Flows, Travel Modes.
- Data coverage: Market sizes (historic and forecasts), company shares, brand shares and distribution data.
Key Topics Covered:
Introduction
- Multitrillion-dollar travel industry propelled by online, personalisation and the experiential
- Top five trends in travel
- Top five trends uncovered
- Drivers of consumer markets and impact on Travel
- Premiumisation, wellbeing and frictionless benefits for consumers on the move
State of the industry
- Recovery set for 2025 when travel booking sales will reach new highs
- Lodging and air travel dominate spending with fastest growth from experiences
- Lodging, air, surface plus experiences open up opportunities for the perfect, seamless trip
- Asia Pacific ready to overtake North America and Western Europe as top region
- Travel brands aligning with traveller segments and their values drive incremental sales
- Consumers look to travel brands to help make the better choice as green mainstreams
- Gen AI shifts from personalised travel tips to supply chain efficiencies
Companies and products
- Top companies in travel booking - leisure travel intermediaries dominate
- Global giants and Asian brands steal a march on value growth
- Company fragmentation
Channels
- Online is the primary sales channel where consumers seek value for money
- Inspiration still from word of mouth whilst trip planning mainly conducted online
Future outlook
- Global travel outlook - sales poised to reach new record highs
- Top 10 markets by absolute growth - with US and China battling it out for the top spot
- IFM driver effects: China outbound shifts from revenge travel to income-led
- Region by Category forecast: Asia Pacific far along the path to a connected trip
- Region by Category forecast: Australasia - opportunities for upselling extras
- Region by Category forecast: Eastern Europe - highly fragmented with good potential
- Region by Category forecast: Latin America - optimistic as online accelerates
- Region by Category forecast: Middle East and Africa - air travel offers big opportunities
- Region by Category forecast: North America - mature with intense price pressure
- Region by Category forecast: Western Europe - challenging outlook as price conscious
Conclusion
- Travel sales fuelled by powerful macroeconomic, sociodemographic and mega-trends
- Opportunities for growth
- Expert's view of Travel to 2029
For more information about this report visit https://www.researchandmarkets.com/r/9y1zb
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
