Why Domestic Tourism Market to reach $6.73 trillion by 2030?
Increase in trend of online bookings, inclination toward unique and exotic holiday experiences, and rise in social media influence and its positive impact on the travel industry drive the growth of the global domestic tourism market. However, insufficient supportive infrastructure hindered market expansion. On the other hand, demand for enhanced service standards and emergence of eco-friendly tourism present new opportunities in the coming years.
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The lockdown implemented in various countries led to the ban on interstate and local tourism activities. This led to reduced revenue for market players due to decline in number of travelers.
Some of the countries in which the tourism industry contributes heavily to the economy have suffered a major loss. Thailand is a country in which the tourism sector accounts for nearly 11–12% of the GDP. The ban on domestic travel activities led to significant impact on the economy.
During the post-lockdown and surge in vaccination activities, domestic tourism activities are expected to increase.
The report offers detailed segmentation of the global domestic tourism market based on location, mode of booking, tour type, age group, and region.
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Based on location, the interstate travel segment held the highest share in 2020, contributing to around three-fourths of the total share, and is estimated to maintain its leadership status during the forecast period. However, the local or regional travel segment is expected to manifest the highest CAGR of 16.4% from 2021 to 2030.
Based on mode of booking, the OTA segment contributed to the largest share in 2020, accounting for nearly three-fifths of the global domestic tourism market, and is projected to continue its lead in terms of revenue during the forecast period. However, the direct booking segment is expected to portray the fastest CAGR of 15.2% from 2021 to 2030.
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Based on region, Asia-Pacific accounted for the highest share in 2020, holding more than two-fifths of the total share, and is expected to continue its dominance by 2030. However, LAMEA is estimated to portray the fastest CAGR of 15.7% during the forecast period.
Leading players of the global domestic tourism market analyzed in the research include Abercrombie & Kent USA LLC, Cox & Kings Ltd., Butterfield & Robinson, Micato Safari, Kensington Tours, Tauck, Inc., Thomas Cook India Ltd., Scott Dunn Ltd., TUI Group, Travcoa Corporation, Carlson Wagonlit Travel, American Express Travel, JTB Americas, Ltd., Expedia Group, Inc., Travel Leaders Group, and World Travel, Inc.
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