Asia Pacific Travel and Tourism Market Size, Industry Share, Growth & Forecast To 2025

The travel and tourism sector has been largely impacted by the spread of coronavirus across the region. The spread of the COVID-19 has forced domestic carriers to cancel and temporarily suspend flights operating within the Asia Pacific region, especially in China, South Korea, Japan, and India. Most of the companies have halted their operations to China since the outbreak. Thus, the suspension and postponements of flights within the region lead to air carriers missing out on gross revenue targets.

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Asia Pacific travel and tourism industry report is segmented on the basis of destinations and modes of travel. Based on the destinations, the travel and tourism sector is sectioned as domestic and international. Whereas, based on the mode of travel, it is segmented into roadways, airways, railways, and marine. Amongst the destination, the international segment has been largely impacted by the pandemic. This is due to the cancellations of the flights by the users as well as the shutdowns and lockdowns in the cities across the region. At the end of January and February, the domestic traveling in the region has raised, as the peoples prefer to reach homes safely before the conditions get worsen. In March, there has been a sharp fall in the industry as the government across the region has lockdown the cities as well as banned almost all ways of transports, which further exacerbated the industry condition.

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Amongst the mode of travel, each and every segment has been affected somehow. For instance, there were approximately 700 people on board the Diamond Princess Cruise ship and when the ship comes under examination; infections more than 156 people were infected to the virus. Due to such, all the modes of traveling have been stopped or canceled across Japan.

The prominent players operating in the Asia Pacific travel and tourism industry include Cox and Kings Ltd., Thomas Cook Ltd., SOTC Travel Ltd., Royal Caribbean Cruises, Asia Expedition Cruise, Princess Cruises, American Airlines Group, United Airlines Inc., Deutsche Lufthansa AG, Air China Ltd., Eastern Air Lines among others. Due to the outbreak of the pandemic coronavirus, these companies are largely affected. Several airline companies are affected due to the outbreak due to which traveling from all the countries is strictly banned.

Segmentation

By Destinations

Domestic
International

By Mode of Travel

Roadways
Airways
Railways
Marine

Impact of COVID-19 on Major Economies

China
India
Japan
Rest of Asia-Pacific

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