The travel made for Pleasure or Business is considered under Tourism. Over time the industry has grown rapidly and has also covered several other industries in it namely, transportation, accommodation, and others. The rise in per capita income in most of the countries drives the market towards growth. Also, with the change in lifestyle traveling is being adopted as an important activity to be done which supports the market growth. Further, the rising trend to travel places among the youth further fuels the market growth. Moreover, the growing ease of travel with a number of international travel departures aids the growth of the market for Tourism. As per the World Travel & Tourism Council, the tourism industry contributed USD 8.9 trillion to the global GDP in 2019 accounting for 10.3% of the global GDP. Also, it accounted for USD 1.7 trillion visitor exports of which 28.3% were global services exports. Further, promotions from various travel organizations such as World Tourism and rising investments to safeguard, maintain, and establish tourist places further boost the market growth. As per the WTTC, in 2019 the global tourism sector witnessed a USD 948 billion capital investment. Although, the spread of the COVID-19 has brought a large-scale disruption in the tourism market. As with the surging pandemic, travel restrictions have been imposed by governments since January 2020 across the globe to stop the spread of the disease. This has closed the majority of the tourist places across the globe. As per the report by the World Tourism Organization, 96% of all worldwide destinations have introduced travel restrictions in response to the pandemic as of 6 April 2020. Of these, around 90 destinations are completely or partially closed for tourists. Furthermore, the organization also has introduced the social campaign #TravelTomorrow to encourage tourists to stay at home during the crisis and postpone their Travel plans. With the shutdown of the tourist places, millions of jobs are under threat as with the tourism on ban the accommodation and travel sectors are also experiencing steep decline which further negatively impacts the market growth. However, factors such as natural calamities, political unrests impede the growth of the market over the forecast period of 2020-2026.
Global Tourism Market is valued at approximately USD 1.094 Trillion in 2020 and is anticipated to grow with a healthy growth rate of more than 6.65 % over the forecast period 2021-2027 and is estimated to reach USD 1.78 Trillion by 2027.
The regional analysis of the global Tourism market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. Europe is the leading/significant region across the world in terms of market share owing to the presence of a large number of tourist places across the region. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2026. Factors such as rising disposable income, changing lifestyle, and growing accommodation and travel industry would create lucrative growth prospects for the Tourism market across the Asia-Pacific region.
Major market players included in this report are Aban Offshore Ltd, Accor S.A, Crown Holiday Ltd, Balkan Holidays Ltd, The Fred Harvey Company, G Adventures, TCS World Travel, DuVine, Gray & Co, and Airbnb Inc.
The detailed segments and sub-segment of the market are explained below:
By Type: International, Domestic
By Purpose: Adventure, Business, Medical, Religious
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