The global tourism industry market is segmented into type such as domestic tourism and international tourism. Among these segments, domestic tourism segment is expected to occupy the top position in global tourism industry market. Further, high number of domestic passengers as compared to international passengers is the major factor behind the despaired market share of domestic tourism market. In 2016, U.S. domestic passenger air traffic grew by 3.3% as compared to 2015. Moreover, domestic tourism is anticipated to witness solid growth during the forecast period.
Global tourism industry market is expected to flourish at a significant CAGR of 3.8% over the forecast period. Moreover, the global tourism industry market is expected to garner significant revenue by the end of 2021. Rising disposable income of the population is one of the major growth drivers of the global tourism industry market. Additionally, increasing business travel spending is anticipated to fuel the growth of tourism industry during the forecast period.
Europe grabbed the highest percentage share in overall tourism industry market in 2016. Increasing number of international tourism and spiked growth of inbound travel in the region is expected to intensify the growth of the Europe tourism industry market. Asia Pacific is poised to record fastest growth over the forecast period i.e. 2017-2021. In the past few years, China, India, Thailand and Philippines has contributed impressively and is anticipated to behold this positive growth in the upcoming years. North America is also expected to showcase significant growth in the tourism industry market over the forecast period. In 2016, travel & tourism contributed USD 503.7 Billion to the GDP.
Rising Disposable Income
Increasing disposable income of the population is anticipated to trigger the growth of the tourism industry. Additionally, continuous growth in the international tourists is anticipated to strengthen the growth of the tourism industry market.
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Government Initiatives to boost Travel & Tourism Industry
Government tourism encouragement activities are anticipated to positively shape the growth of the global tourism industry market in the upcoming years. Moreover, improvement in the travel infrastructure in developing nations is believed to fuel the growth of the global tourism industry market.
However, increasing terrorism activities, political unrest and natural calamities are some of the factors which are expected to hamper the growth of the global tourism industry market.
The report titled “Global Tourism Industry Market Analysis & Opportunity Outlook 2021” delivers detailed overview of the global tourism industry market in terms of market segmentation by type, by purpose of travel, by and by geography.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global tourism industry market which includes company profiling of Expedia Inc., Priceline Group, American Express Global Business Travel, Carlson Wagonlit Travel, BCD Travel, HRG North America, FC USA, American Express Travel and Travel Leaders Group. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global Tourism industry market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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