Press release
Luxury Travel Market Growth Factors, Segmentation, Trends, Opportunities, Key Players and Forecast | Evolve Business Intelligence
• The global Luxury Travel Market size was valued at USD 645.3 billion in 2022 growing at a CAGR of 8.9% from 2023 to 2033.
• North America dominated the market in 2022
• Asia Pacific is expected to grow at the highest CAGR from 2023 to 2033
As per the study initiated by Evolve Business Intelligence, the global Luxury Travel Market size accounted for USD 645.3 Billion in 2022, growing at a CAGR of 8.9% from 2023 to 2033.
The luxury travel market refers to a segment of the travel industry that caters to individuals seeking high-end, exclusive, and often personalized travel experiences. This market is characterized by a focus on premium services, luxury accommodations, and unique, tailor-made itineraries. Luxury travelers typically prioritize comfort, sophistication, and exceptional service during their journeys.
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The Luxury Travel Market is primarily driven by the Increasing demand for personalized experiences. Luxury travelers are increasingly demanding personalized travel experiences that are tailored to their individual needs and interests. This includes everything from bespoke itineraries and private tours to access to exclusive events and amenities.
Key Players
Some of the major Luxury Travel Market players holding high market shares include Travelopia Holdings Limited, Scott Dunn Ltd., Zicasso, Inc., Kensington Tours, Thomas Cook India Ltd. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Butterfield & Robinson Inc., Tauck, Inc., Abercrombie & Kent USA, LLC, TUI Group, Micato Safaris.
Report Description: https://evolvebi.com/report/luxury-travel-market-analysis-2021-2028/
Segmental Analysis
Based on Type, the Luxury Travel Market is segmented into Absolute luxury, Aspiring Luxury and Accessible Luxury. The absolute luxury traveler is characterized by an unwavering pursuit of the finest experiences and the highest level of exclusivity. These travelers seek unparalleled opulence, from stays in ultra-luxurious accommodations like private villas on secluded islands or boutique hotels in historic city centers to bespoke itineraries that include private yacht charters, exclusive access to cultural events, and Michelin-starred dining experiences.
Based on Tour, the Luxury Travel Market is segmented into Customized and private vacations, Adventure and safari, Cruise/ship expedition, Small group journey, Celebration and special events and Culinary travel and shopping. Adventure and safari experiences are key drivers in the luxury travel market, attracting travelers seeking unique and exhilarating journeys. Adventure travel offers activities such as trekking, mountain climbing, scuba diving, and wildlife encounters in remote and often challenging environments. Safari adventures, on the other hand, focus on wildlife observation in natural habitats, with opportunities to see iconic species like lions, elephants, and rhinos. These experiences drive the luxury travel market by offering exclusivity and personalized adventures that cater to the desires of affluent travelers.
Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)
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Evolve Business Intelligence is a market research, business intelligence, and advisory firm providing innovative solutions to challenging pain points of a business. Our market research reports include data useful to micro, small, medium, and large-scale enterprises. We provide solutions ranging from mere data collection to business advisory.
Evolve Business Intelligence is built on account of technology advancement providing highly accurate data through our in-house AI-modelled data analysis and forecast tool - EvolveBI. This tool tracks real-time data including, quarter performance, annual performance, and recent developments from fortune's global 2000 companies.
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