New Delhi, June 16, 2022 (GLOBE NEWSWIRE) – The global leisure travel market was valued at USD 4,405.5 billion in 2021 and is expected to reach USD 6,347.8 billion by 2027. The market is expected to register a CAGR of 5.7% during the forecast period 2022-2027.
Leisure travel refers to a vacation undertaken by an individual or group of individuals for personal enjoyment. These trips help people relax and unwind by taking time out from their busy lives, traveling to popular destinations and exploring new cultures around the world. The leisure travel industry aims to provide an enjoyable experience to all of its customers. They operate in an increasingly competitive business environment, where rapid development and change are the criteria. Currently, all locations are connected via various modes of transportation, and this has enhanced global connectivity, increasing the adoption of leisure travel, thus positively impacting market growth.
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Factors such as changing consumer spending pattern, increasing diversity, and global connectivity are driving growth in the global leisure travel market over the forecast period. As the disposable income of people across the world rises, their spending pattern is also changing. A large portion of this income is spent on leisure travel which fuels market growth. Moreover, population diversity all over the world pushes people to explore new places and meet new people. Moreover, space tourism and hospitalization tourism create a profitable growth opportunity in the market. Leisure tourism encourages people to travel outside the crowded destinations, spend more and enjoy new experiences. However, political instability, demand for personalized experience, shortage of skilled manpower in middle and upper management level, and environmental impact of leisure travel limit market growth.
- Depending on the type of traveler, the group segment has the largest share in 2021 in the global leisure travel market. While the individual sector is expected to grow at the highest CAGR during the forecast period due to the increasing influence of social media, different interests, psychological traits and other key factors.
- In terms of sales channel, the online channel segment captured the largest market share in 2021 and is also expected to grow at the highest compound annual growth rate of 6.1% during the forecast period. The growth in the internet sector is attributed to the high adoption of online channels for booking travel packages due to the convenient, easy and faster method as compared to the traditional channels. Moreover, the use of artificial intelligence, big data analytics, and the Internet of Things in online booking optimizations is expected to drive the growth of the leisure travel market during the forecast period.
- By region, Asia Pacific is the dominant region in the leisure travel market and is also expected to grow at the highest compound annual growth rate of 7.0% during the forecast period due to increased awareness of leisure travel, growing trend of leisure travel, and government support boosting tourism in the Asia Pacific region. Quiet. Furthermore, the region is home to some of the popular tourist spots such as China, India, Thailand, and Malaysia. These countries offer a variety of rich cultural experiences and a variety of recreational and leisure activities.
Asia Pacific dominates the global leisure travel market
The Asia Pacific region has the highest share of the global leisure travel market and is expected to continue its dominance during the forecast period. These countries offer a variety of rich cultural experiences and a variety of recreational and leisure activities.
Mexico leads the leisure travel market in North America
Mexico leads the leisure travel market in North America. In the North American leisure travel market, the single category is estimated to grow at the highest rate of growth due to the increased influence of social media in the US and Canada, the rise in disposable income in the region, and the significant contribution by women to individual travel to North American countries.
Solo travelers enjoy the largest share of the leisure travel market in Europe
In the leisure travel market in Europe, the single travel category is expected to grow at the highest growth rate during the forecast period 2022-2027, due to the contribution of major countries within the safe travel category for solo travelers.
The growth of the travel market in the United Arab Emirates has witnessed an exponential increase
The leisure travel market in the Middle East is witnessing an increase in the number of tourists from all over the world. The growth of travel to the UAE has seen an exponential increase. The leisure travel industry in the UAE has been able to take advantage of its strategic location to be able to benefit from large amounts of air traffic.
Domestic travel among young people is driving the leisure travel market in South America
South America is estimated to be the second fastest growing region in the global leisure travel market during the forecast period. The growth of the regional market is attributable to various factors such as increased demand for domestic travel among young people with major attractions coming from Chile, Costa Rica, Uruguay and others.
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|Market size value in 2021||4,405.5 billion US dollars|
|Market Outlook 2027||6,347.8 billion USD|
|Expected growth in compound annual growth rate||5.7%|
|The best players in the market||Absolute Travel, American Express Travel, Backroads, Carlson Wagonlit Travel, Classic Journeys, Cox & Kings Ltd. and Expedia Group, G Adventures, Inspiring Travel Company, Journeys within Tour, JTB Americas Group, Priceline Group, TCS World Travel, Travel Leaders Group among others|
|covered slices||By traveler type, by sales channel, by region|
|Geographical coverage||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Customization Options||Get a customized report as per your preference. Ask for customization|
Some of the major players operating in the global leisure travel market include Absolute Travel, American Express Travel, Backroads, Carlson Wagonlit Travel, Classic Journeys and Cox & Kings Ltd. and Expedia Group, G Adventures, Inspiring Travel Company, Journeys within Tour, JTB Americas Group, Priceline Group, TCS World Travel, Travel Leaders Group and others.
The global leisure travel market is segmented on the basis of traveler type, sales channel, and region. Industry trends in the leisure travel market are divided into different categories in order to have a comprehensive view of the global market.
The various segments of the global leisure travel market are as follows:
According to the travel section for Leisure worldwide hiking travel The market is sub-divided into:
According to the sales channel segment from worldwide hiking travel The market is sub-divided into:
- traditional channels
- Online channels
By Region Part of worldwide hiking travel The market is sub-divided into:
- North Amarica
- Asia Pacific
- Middle East and Africa (MEA)
- South america
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