Travel and tourism market
Travel and Tourism Market Overview
Travel is the movement of people and goods between relatively distant geographical locations, for example by plane, ship, train or other vehicle. Tourism is travel for recreational, leisure or business purposes. Travel and tourism is the world’s largest service industry. It offers heritage, culture, medical, business and sports tourism. The main objectives of the sector are to develop and promote tourism, maintain the competitiveness of the region as a whole and the country as a tourist destination, and improve and expand existing tourism products to ensure job creation and economic growth.
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Travel & Tourism Market Scope and Methodology:
This deviation from financial instability has already affected many tourism support systems. The tourism industry is repetitive in nature and does not guarantee a yearly flow of profits, which hinders the overall structure of the business. Key players in the travel and tourism sector are constantly reinventing expectations regarding work outcomes. Now is the time to leverage new inventions to meet the challenges and keep their businesses afloat.
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Regional Travel & Tourism Market Insights
Europe held the largest market share in 2023, due to government initiatives to promote the tourism industry. Furthermore, the German Travel & Tourism market held a dominant market share, while the UK Travel & Tourism market was the fastest growing market in the European region. With Travel & Tourism contributing €33.5 billion to the French capital’s GDP, Paris was named the world’s strongest urban destination by WTTC in 2022. Towards the end of 2023, European tourism continued its strong recovery, approaching pre-pandemic levels despite inflationary pressures.
Travel and Tourism Market Segmentation
By type, the international travel & tourism segment accounted for the largest travel & tourism market share in 2023. International tourism is further categorized into two types: inbound tourism and outbound tourism. Inbound tourism is the visit of foreigners to a particular country while outbound tourism is the visit of residents of a particular country to a foreign country. For example, an Indian visiting France is considered inbound tourism from France’s perspective but outbound tourism from India’s perspective. Inbound tourism can impact a country’s wealth as it brings additional revenue to the country.
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Key players in the travel and tourism market
Southwest Airlines (USA)
Uber (US)
Marriott International (USA)
Hyatt Hotels Corporation (USA)
Hilton Worldwide Holdings (USA)
Carnival Cruise Line (USA)
Royal Caribbean Group (USA)
Norfolk Southern Corporation (USA)
Airbnb, Inc. (USA)
G Adventures (Canada)
Here are answers to key questions in the travel and tourism market:
• What is Travel and Tourism?
• What was the size of the Travel & Tourism market in 2023?
• What is the growth rate of the travel and tourism market?
• What factors are expected to drive growth in the travel & tourism market?
• What are the different segments of the travel and tourism market?
• What growth strategies are the companies considering to increase their presence in the travel and tourism industry?
• What are the upcoming industry applications and trends in the Travel & Tourism market?
• What recent industry trends can be implemented to generate new revenue streams for the travel and tourism market?
• Who are the key players in the travel and tourism market and what is their portfolio?
• What segments does the travel and tourism market include?
• Who are the key players in the Travel & Tourism market?
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Main service:
• Historical market size and competitive environment (2018 to 2022)
• Historical pricing and regional pricing curves (2018 to 2022)
• Market Size, Share, Scale, Forecast by Segment | 2024-2030
• Market dynamics – drivers, restraints, opportunities and key trends by region
• Market Segmentation – Detailed analysis by segments, sub-segments and regions
• Competitive Landscape – Profiles of selected key players across regions from a strategic perspective
o Competitive landscape – market leaders, market followers, regional players
o Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER Analysis
• Value Chain and Supply Chain Analysis
• Legal aspects of business by region
• SWOT analysis of favorable business opportunities
• Recommendations
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About Stellar Market Research
Founded in 2018, Stellar Market Research is an India-based consulting and advisory firm focused on helping clients achieve their business transformation goals through advisory services and strategic business. The company’s vision is to be an integral part of its clients’ businesses as a strategic knowledge partner. Stellar Market Research offers end-to-end solutions that go beyond primary research techniques to help executives of any organization achieve their mission-critical goals. The company’s clients are spread across the globe, with 23% from India and the rest from Japan, Korea, Germany, US, etc. The company leverages its extensive industry knowledge, strong network, and know-how to provide complete insights that provide a competitive advantage to its clients.
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