Latest News- Travel Market: Transportation is expected to lead the Sector segment during 2024-2028

The Travel Market is being driven by Growing popularity of experiential travel

The Travel Market is expected to grow at a CAGR of 11.1% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2860.2 billion. Inbound tourism has experienced significant growth worldwide, leading to a surge in the number of tourists and heightened demand for travel activities. This trend is driven by an increasing number of business trips for international and domestic travel, fueled by the presence of multinational corporations. The growth in international travelers has resulted in increased demand for travel services, particularly through online platforms. Additionally, government initiatives to promote tourism have contributed to the industry's boom, making it an essential sector for economic growth. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Sector
  • Transportation
  • Hotel
  • Travel activities
• Type
  • Leisure
  • Business
• Tour
  • Customized & Private Vacations
  • Safari & Adventure
  • Cruises, Yachting & Small Ship Expeditions
  • \Celebration Journeys
  • Culinary Travel & Shopping
  • Luxury Trains
  • Customized & Private Vacations
  • Safari & Adventure
  • Cruises, Yachting & Small Ship Expeditions
  • \Celebration Journeys
  • Culinary Travel & Shopping
  • Luxury Trains
• Age
  • 21-30 Years
  • 31-40 Years
  • 41-60 Years
  • 60 And Above
  • 21-30 Years
  • 31-40 Years
  • 41-60 Years
  • 60 And Above
• Geography
  • APAC
    • China
    • Japan
  • Europe
    • UK
    • France
  • North America
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing popularity of experiential travel
• Growth of medical tourism industry
• Increasing promotion of tourism by governments

However, the market also witnesses some limitations, which are as follows:

• Threat from growing terrorism
• Health and safety risks associated with travel
• Possibility of travel fatigue

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Market Scope in Travel Market Research Report

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Research Analysis Overview

In the realm of travel, various tools and platforms exist to facilitate and enhance the journey experience. These include travel metasearch engines and aggregators, offering comparisons and bundles. Dynamic packaging and travel itineraries provide travel inspiration and recommendations, while travel reviews and ratings offer valuable insights. Travel planning tools, management platforms, and expense management solutions simplify the process. Travel fraud prevention, data privacy, ethics, and responsible travel ensure safety and sustainability. Airport operations, airline alliances, hotel chains, boutique hotels, vacation rentals, and home sharing platforms cater to diverse accommodation needs. Travel agents, consultants, advisors, influencers, bloggers, photographers, videographers, journalists, writers, publications, magazines, websites, social media, and communities foster travel inspiration and knowledge sharing.

Market Research Overview

In the travel industry, Technavio's market analysis encompasses travel booking platforms, online travel agencies, travel management companies, and destination management companies, as part of the global leisure facilities market within the larger hotels, restaurants, and leisure sector. This market segment includes businesses offering travel insurance, travel packages, flight booking, and hotel reservations. The parent global leisure facilities market comprises companies engaged in the operations of casinos and gaming, hotels, resorts, and cruise lines, leisure facilities, and restaurants. The market's expansion will be fueled by the rise in disposable income, leading to increased discretionary spending on sports and fitness, arts, entertainment, and recreation.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/