Global Leisure Travel Market, By Traveler Type (Solo, Group), By Sales Channel (Conventional Channels, Online Channels), By Region (North America, Europe, APAC, Middle East, Africa, South America), Estimation & Forecast 2027 , Covid 19 Outbreak Impact research report added by Report Ocean, is an in-depth analysis of market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider Leisure Travel market, and compares it with other markets., market definition, regional market opportunity, sales and revenue by region, manufacturing cost analysis, Industrial Chain, market effect factors analysis, Leisure Travel market size forecast, market data & Graphs and Statistics, Tables, Bar &Pie Charts, and many more for business intelligence. Get complete Report (Including Full TOC, 100+ Tables & Figures, and Chart). – In-depth Analysis Pre & Post COVID-19 Market Outbreak Impact Analysis & Situation by Region
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Market Introduction
The global leisure travel market held a market value of USD 4,306.8 Billion in 2020 and is forecasted to reach USD 6,347.8 Billion by the year 2027. The market is anticipated to register a CAGR of 5.7% during the projected period.
Leisure travel is trips planned outside the usual environment for recreation, entertainment, relaxation, holiday, and hobby purposes, among others. The market is anticipated to be driven by the changing spending pattern of consumers, increase in diversity, and global connectivity. In 2018, about 1 in 5 people planned to go on well-being and health trips to weight loss & fitness retreats and yoga meditation retreats, among others. This number was almost double as compared to 2017.
The lack of a skilled workforce at the mid & upper level of management coupled with the environmental impacts of leisure travel is anticipated to hinder the market growth. The market was tremendously impacted during the COVID-19 pandemic, owing to lockdowns in most of the countries globally, cancellation of domestic as well as international flights, and other travel restrictions. However, with the easing travel restrictions in 2021, the market is expected to recover soon.
Growth Influencers:
Changing spending pattern of consumers
With the rising disposable income of people across the world, their spending pattern is also changing. A large part of this income is also spent on leisure travel which is fueling the market growth. According to Knoema, the top 5 countries with the highest leisure tourism spending were Macau, Maldives, Seychelles, Bahamas, and Cape Verde, with spending of 47.9%, 31.1%, 19.9%, 17.3%, and 16.4%, respectively in 2019. Moreover, an average traveler spends about 9% of their vacation budget on the entertainment. Such high spending on leisure travel is expected to boost the market growth.
Increase in diversity
The diversified population across the globe is driving people to explore new places and meet new people. Travelers now seek to learn about different cultural diversities and ethnicities. This drives them to travel across various places, hence boosting the market growth. Furthermore, the growing need to improve diversity consciousness is also increasing the adoption of leisure travel. Modern parents opt for leisure travel so that their children can embrace cultural diversity while exploring foreign destinations. Such experiences allow them to develop an open-mindedness to new philosophies and ideas and also become intellectually advanced. These factors are driving the market growth.
Global connectivity
Due to the rapid availability of the internet, people are now aware of all the places across the globe. The growing aerospace industry has also enabled these people to travel to all the places they desire to visit. Currently, all locations are connected via various means of transport and this has boosted global connectivity. This is increasing the adoption of leisure travel, hence positively impacting the market growth.
Segments Overview:
The global leisure travel market is segmented based on the traveler type and sales channel.
By Traveler Type
• Solo
• Group
The solo traveler segment is expected to hold the largest market share of more than 70% and the group segment is estimated to grow at the fastest CAGR of around 6.1% during the forecast period. The rising number of solo travelers is expected to boost the segment’s growth. Affordable and convenient group packages offered by various travel companies are expected to drive the group traveler segment’s growth.
By Sales Channel
• Conventional Channels
• Online Channels
The market value for online channels is expected to surpass USD 4,300 billion by 2024. Rising demand for web-based bookings coupled with the increasing number of online travel websites, such as Expedia, is estimated to drive the market growth.
Regional Overview
Based on region, the global leisure travel market is divided into Europe, Asia Pacific, Middle East, Africa, North America, and South America.
The Asia Pacific region is expected to hold the largest market share of more than 38% owing to the rising preference for places located in the Asia Pacific for leisure travel. These places include Maldives, Macau, and Thailand, among others.
The Europe region accounted for the second-largest market share owing to the rising disposable income and support from the government as well as non-government organizations to travel and explore various places.
Competitive Landscape
Key players operating in the global leisure travel market include American Express Travel, Carlson Wagonlit Travel, Cox & Kings Ltd, Expedia Group, JTB USA, Inc., Priceline (Booking Holdings, Inc.), Thomas Cook India Ltd, Travel Leaders Group, TUI Group, and World Travel, Inc., among others.
These market players are involved in collaborations, mergers & acquisitions, and new product launches to strengthen their market presence. For instance, CWT, a travel management platform launched and implemented its remodeled onboarding program for seamless and swift new client integration in May 2021. With this, the company focused on solving a traditional industry-wide issue.
The global leisure travel market report provides insights on the below pointers:
• Market Penetration: Provides comprehensive information on the market offered by the prominent players
• Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
• Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
• Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Leisure travel market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
• Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The global Leisure travel market report answers questions such as:
• What is the market size and forecast of the Global Leisure travel Market?
• What are the inhibiting factors and impact of COVID-19 on the Global Leisure travel Market during the assessment period?
• Which are the products/segments/applications/areas to invest in over the assessment period in the Global Leisure travel Market?
• What is the competitive strategic window for opportunities in the Global Leisure travel Market?
• What are the technology trends and regulatory frameworks in the Global Leisure travel Market?
• What is the market share of the leading players in the Global Leisure travel Market?
• What modes and strategic moves are considered favorable for entering the Global Leisure travel Market?
What is market research report?
Market research is a defined process to collect information about customers, competitors, and everything that a business needs to understand to sustain and grow. It offers important analysis to distinguish and examine the market needs, size, and trends. Market research is generally divided into, primary research and/or secondary research. The process usually includes collection and interpretation of market data by using statistical and analytical techniques to support the decision making process. The report helps in identifying and tracking emerging players in the market and their portfolios, enhances decision making capabilities and helps to create effective counter strategies to gain competitive advantage. Market research reports provide in-depth analysis about the market conditions and requirements for effective decision making.
The report provides a snapshot of the global market size, segmentation data, marketing growth strategies, market share, export and import information, analysis and forecast of market trends, competition, domestic production, best sales prospects, statistical data, tariffs, regulations, distribution and business practices, end-user analysis, contact points and more. These research reports include information about competitive strategies, solutions, fact-based research, key takeaways, recommendations, market considerations, emerging business models and market opportunities for multiple segments of an industry. Market research reports assist in solving business problems and making better decisions to improve business as per the prevalent market trends.
Browse market information, tables and figures extent in-depth TOC, The latest independent research document on various market development activities and business strategies such as new product/services development, Joint Ventures, partnerships, mergers and acquisitions, etc. In order to provide a more informed view, a market company profiles include Business Overview, Product / Service Offerings, SWOT Analysis, Segment & Total Revenue, Gross Margin and % Market Share. This report explores market definitions, overview, classification, segmentation, inclusive of market type and applications followed by product specifications, manufacturing initiatives, pricing structures, raw material sourcing and supply chain analysis.
About Data Collection and Research Methodology: Majorly data is collected via primary sources that includes interviews and survey with industry experts from core and related industries, and manufacturers and part suppliers involved in supply chain. Additionally, secondary sources are also utilized like annual reports, whitepapers, press releases etc.
Under COVID-19 Outbreak Impact Analysis:
We analyzed industry trends in the context of COVID-19. We analyzed the impact of COVID-19 on the product industry chain based on the upstream and downstream markets. We analyze the impact of COVID-19 on various regions and major countries.
The impact of COVID-19 on the future development of the industry is pointed out.
Study Explore :
- Market Behavior/ Level of Risk and Opportunity
- End Industry Behavior/ Opportunity Assessment
- Expected Industry Recovery Timeline
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Geographical Breakdown: The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery path of Covid 19 for all regions, key developed countries and major emerging markets.
Countries: Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam
In-Depth Qualitative COVID 19 Outbreak Impact Analysis Include Identification And Investigation Of The Following Aspects: Market Structure, Growth Drivers, Restraints and Challenges, Emerging Product Trends & Market Opportunities, Porter’s Fiver Forces. The report also inspects the financial standing of the leading companies, which includes gross profit, revenue generation, sales volume, sales revenue, manufacturing cost, individual growth rate, and other financial ratios. The report basically gives information about the Market trends, growth factors, limitations, opportunities, challenges, future forecasts, and details about all the key market players.
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Key questions answered: Study Explore COVID 19 Outbreak Impact Analysis
The study objectives of this report are:
- To study and analyze the global market size (value & volume) by company, key regions/countries, products and application, history data, and forecast.
- To understand the structure of market by identifying its various subsegments.
- To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
- Focuses on the key global manufacturers, to define, describe and analyze the sales volume, value, market share, market competition landscape, SWOT analysis and development plans in next few years.
- To analyze the growth trends, future prospects, and their contribution to the total market.
- To project the value and volume of submarkets, with respect to key regions (along with their respective key countries).
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
- To strategically profile the key players and comprehensively analyze their growth strategies.
The Study Explore COVID 19 Outbreak Impact Analysis
- What should be entry strategies, countermeasures to economic impact, and marketing channels?
- What are market dynamics?
- What are challenges and opportunities?
- What is economic impact on market?
- What is current market status? What’s market competition in this industry, both company, and country wise? What’s market analysis by taking applications and types in consideration?
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Key Points Covered in Leisure Travel Market Report:
Chapter 1, About Executive Summary to describe Definition, Specifications and Classification of Leisure Travel market, Applications, Market Segment by Regions North America, Europe or Asia;
Chapter 2, objective of the study.
Chapter 3, to display Research methodology and techniques.
Chapter 4 and 5, to show the Overall Market Analysis, segmentation analysis, characteristics;
Chapter 6 and 7, to show the Market size, share and forecast; Five forces analysis (bargaining Power of buyers/suppliers), Threats to new entrants and market condition;
Chapter 8 and 9, to show analysis by regional segmentation, comparison, leading countries and opportunities; Regional Marketing Type Analysis, Supply Chain Analysis
Chapter 10, focus on identifying the key industry influencer’s, overview of decision framework accumulated through Industry experts and strategic decision makers;
Chapter 11 and 12, Market Trend Analysis, Drivers, Challenges by consumer behavior, Marketing Channels and demand & supply.
Chapter 13 and 14, describe about the vendor landscape (classification and Market Positioning)
Chapter 15, deals with Leisure Travel Market sales channel, distributors, traders, dealers, Research Findings and Conclusion, appendix and data source.
……..and view more in complete table of Contents
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