Leisure Travel Market to Generate $1,006.5 Billion by 2027, States the Report by Allied Market Research
A lead analyst at AMR highlighted that the leisure travel market across Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
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Allied Market Research published a research report on the leisure travel market. The findings of the report states that the global market for leisure travel generated $1,006.5 billion in 2019, and is projected to reach $1,737.3 billion by 2027, witnessing a CAGR of 22.6% from 2021 to 2027. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on drivers, restrains, and opportunities to help the market players in devising several growth strategies. Growing pursuit of unique experiences, emergence of mobile applications, big data analytics, and artificial intelligence in the tourism industry, and rise in social media influence fuel the growth of the global leisure travel market. On the other hand, rise in terrorism and domestic issues in several countries and confined tourism due to natural environmental conditions impede the growth to some extent. However, advent of eco-friendly tourism and increase in search for unique destinations by tourists are expected to create lucrative opportunities in the industry.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the leisure travel market globally. It is helpful for market players, new entrants, and investors to determine strategies as per the current scenario and improvise the business model for the next few years. Several governments happened to impose travel restrictions to prevent the spread of the infection.As per the United Nations World Tourism Organization, global international tourism experienced a decline by 58-78% in 2020. The global leisure travel market was hit badly during the period. However, the market has now gone back on track.
“The global leisure travel market is expected to witness significant growth owing to innovative advancements in artificial intelligence, big data and analytics, social media and machine learning. In addition, key players in the industry are driving their attention toward enhancement of mobile experience to provide a more user-friendly experience to the travelers while booking on their platforms.” said Shankar Bhandalkar, Team Lead-Research, Consumer Goods, at Allied Market Research.
The report offers detailed segmentation of the global leisure travel market based on traveler type, sales channel, age group, expenditure type, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the future.
By age group, the generation X segment accounted for the largest share in 2019, holding nearly two-fifths of the global market. On the other hand, the millennials segment would register the fastest CAGR of 23.7% throughout the forecast period.
By expenditure type, the events & entertainment segment would cite the fastest CAGR of 26.2% during the forecast period. Simultaneously, the lodging segment garnered the major share in 2019, holding more than two-fifths of the global market.
By region, the market across Asia-Pacific witnessed the highest share in 2019, holding nearly two-fifths of the global leisure travel market. The same region is also expected to cite the fastest CAGR of 24.1% from 2021 to 2027.
The key market players analyzed in the global leisure travel market report include Cox & Kings Ltd., Priceline Group, Carlson Wagonlit Travel, JTB Americas Group, World Travel, Inc., American Express Travel, Expedia Group, Travel Leaders Group, Thomas Cook (India) Limited, TUI Group.
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