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Global Leisure Travel Market to Grow at a CAGR of 7% in the Forecast Period of 2022-2027, Aided by Rapid Digitisation and Globalisation

According to a new report by EMR titled, ‘Global Leisure Travel Market Report and Forecast 2022-2027’, the global leisure travel market stood at a value of around USD 1.07 trillion in 2020. The market is further expected to grow at a CAGR of 7% in the forecast period of 2022-2027, driven by the rapid digitalisation.

The global leisure travel industry is primarily driven by the rapid digitalisation and globalisation. Increased governmental and private investments in the tourist industry, which includes other sectors like logistics, food and beverage, and transportation, has a significant impact on the broader economy and are predicted to boost the market growth. In the forecast period, the Asia Pacific region is expected to account for a considerable portion of the global leisure travel industry. China, India, Thailand, and Malaysia are just a few of the famous tourism destinations in the region. These countries provide a diverse range of cultural experiences and recreational and entertainment opportunities. Significant investments and promotional methods established by governments to improve the tourism sector, which is a critical aspect in the development of major economies within the region, are a key contributor to this expansion. In the year 2020, however, practically all regions were negatively affected by the COVID-19 pandemic. In the foreseeable future, rising consumer demand for convenient services and rising smartphone penetration, particularly in emerging nations, are likely to boost the market growth.

Due to pent-up travel demand, better vaccine coverage, and the forthcoming festival and holiday season, travel services provider Thomas Cook India (NSE: THOMASCOOK) saw a big surge in demand for leisure travel in both the domestic and foreign markets. Beginning in July 2020, newer trends, such as weekend vacations and staycations have reinvigorated domestic travel demand.

Market Analysis by Traveller Types, Sales Channels, Age Groups, Expenditure Types, and Regions:

  • The various types of travellers are solo and group.
  • The different sales channels in the market are conventional channel and online channel.
  • The various age groups include baby boomers, generation X, millennials, and generation Z. 
  • Based on expenditure type, the market is divided into lodging, transportation, food and beverage, event and entertainment, among others.
  • The regional markets for leisure travel include North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

Key Findings of the Report:

  • The robust growth is expected to continue, driven primarily by expanding low-cost airlines, government initiatives, and technological advancements.
  • There has been a significant increase in solo travelling, which encouraged the stakeholders in the industry to felicitate group travellers and solo travellers, thereby driving the market growth.
  • The use of AI, big data analytics, and IoT in operation optimisations for web-based bookings are projected to augment the leisure travel market growth.
  • The rising disposable income of people worldwide leads to a changing preference and developing opportunities that fuel the leisure travel market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global leisure travel market for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecasted (2022-2027) markets for traveller types, sales channels, age groups, expenditure types, and major regions of leisure travels.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global leisure travel industry are JTB USA Inc., Expedia Group, Inc., Cox & Kings Ltd., CWT Global B.V., American Express Company, Travel Leaders Group, and TUI AG, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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