Allied Market Research published a new report, titled, “Leisure Travel Market” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global leisure travel market size was valued at $1,006.5 billion in 2019, and is projected to reach $1,737.3 billion by 2027, registering a CAGR of 22.6% from 2021 to 2027.
Digitalization, informatization and globalization upgrade in past few years have spurred the fast growth of the leisure travel industry. In today’s global economy tourism is now playing prominent role and taking a larger share in the economy, while bringing profound social impacts.
The outbound leisure travel have gained significant momentum at the starting of 21st century as the result of rise in disposable income, expansion of logistics & infrastructure, rigorous promotion & advertising of tourism by governments. The outbound tourism market has expanded sprightly, as a result the number of outbound tourists maintained robust growth each year from 2002 to 2018. The number of global outbound tourists surpassed a record 1.4 billion in 2018.
New trends have emerged due to the rapid development of global outbound tourism. Citizens perceptions have changed from meeting everyday needs to improving quality of their life. Now more than ever, travel plays a vital importance in hectic lifestyle of people. Leisure holiday remained most preferable travel type, however, adventure tourism have gained wide traction in the past few years.
Evidence of evolving leisure travel market is emanating across regions whether developing or developed. Deployment of digital technologies including but not limited to artificial intelligence, big data and analytics, Internet of Things will continue to remain in cynosure for rapidly developing tourism industry.
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The increasing advent of digitalization will continue to foster bringing paradigm shift in the leisure travel and tourism industry regarding how engaged stakeholders will reach out to tech-savvy customers.
The Covid-19 pandemic has a vital impact on the growth of the global Leisure Travel Market and altered several market scenarios. The lockdown across various countries and ban on international travel has disrupted the supply chain and revenue chain. The report includes a thorough analysis of the Covid-19 pandemic on the growth of the global Leisure Travel Market.
The key players profiled in the report includes Expedia Group, Priceline Group, Carlson Wagonlit Travel, JTB Americas Group, World Travel, Inc., American Express Travel, Travel Leaders Group, TUI Group., Thomas Cook (India) Limited and Cox & Kings Ltd.
Key Benefits For Stakeholders:
• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the leisure travel market analysis from 2019 to 2027 to identify the prevailing leisure travel market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier–buyer network.
• In-depth analysis of the leisure travel market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global leisure travel market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the leisure travel market players.
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