Tourism Industry Market Overview and scope, Market Size, Future Outlook of the Market 2015-2025
The global travel and tourism industry was valued at USD 7,581 Billion in 2014 (10.0% of GDP) and was forecasted to grow by 3.8% in 2015. The global tourism industry is further envisioned to witness a year-on-year (Y-O-Y) growth rate of 3.9% and reach USD 11,382 Billion (10.6% of GDP) by 2025. The revenue generated from visitor exports is also projected to upsurge from USD 1,384 Billion in 2014 to USD 2,141 Billion in 2025, exhibiting a CAGR of 4.0%. Total investment on global travel and tourism sector is anticipated to swell from USD 814 Billion in 2014 at a year-on-year (Y-O-Y) growth rate of 4.7% to reach USD 1,336 Billion in 2025.
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Market Size and Forecast
Europe tourism industry is the largest in the world accounting for 51% of share in 2015. Europe tourism industry is spiked by increase in number of international tourists in France, Spain, Italy, Germany and the U.K. The revenue generated from tourist travel in the U.K. accounted for USD 142.0 Billion in 2015. North America travel and tourism industry accounted for USD 1,412 Billion in 2015.
With USD 1,218 Billion of revenues in 2015, the U.S. is the largest travel and tourism market in North America followed by Canada with USD 98.2 Billion. The U.S. tourism market is further anticipated to witness a robust CAGR during the forecast period. Asia-Pacific tourism industry accounts to witness the highest growth over the forecast period i.e. 2016-2025. The tourism market in Asia-Pacific is likely to get propelled from strengthening economy, rise in disposable income and increasing infrastructural developments in some of the major countries such as India, China, Japan and Singapore. Backed up by these factors, Asia-Pacific region is projected to attract over 502+ million visitors by 2025.
The global tourism industry is very competitive and includes some of the top players such as
TCS World Travel, DuVine, Gray & Co, Air BnB, Crown Ltd., Accor Group, Balkan Holidays Ltd, G Adventures, Fred Harvey Company, Adris Group and Others.
By Type, By Purpose of Travel, By Geography, Major Key Players of Global Market.
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Growth Drivers and challenges:
Increasing per capita income in most of the emerging nations is believed to be one of the key drivers of global tourism industry. In addition to that, promotion of tourism by certain government bodies such as UNWTO (United Nations World Tourism Organization) is also expected to escalate the global tourism industry.
However, natural calamities, terrorist activities, political unrest in many countries, outbreak of some fatal diseases such as Ebola and Swine Flu etc. are projected to restrain the growth of tourism industry in some countries of the world.
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