Global Travel and Tourism Market Valued at USD 648.47 Billion in 2023, Projected to Reach USD 975.70 Billion by 2030 with a 6.01% CAGR

Anticipated Growth in Revenue:

Global Travel and Tourism Market size was valued at USD 648.47 Bn. in 2023 and is expected to reach USD 975.70 Bn. by 2030, at a CAGR of 6.01 %.

Travel and Tourism Market Overview:

Travel is the movement of people or objects such as airplanes, boats, trains and other conveyances between relatively distant geographical locations. Tourism is travel for recreational, leisure, or business purposes. Travel and tourism are the largest service industry globally. It provides heritage, cultural, medical, business and sports tourism. The main objective of this sector is to develop and promote tourism, maintain the competitiveness of countries across the region and as tourist destinations and improve and expand existing tourism products to ensure employment generation and economic growth.



The Travel and Tourism Market is propelled by various drivers economic growth stimulates travel spending, while technological advancements enhance accessibility and convenience through online booking platforms and mobile apps. Changing consumer preferences favor experiential and immersive travel, driving demand for unique destinations and activities. Globalization fosters international business interactions and cultural exchanges, further fueling travel demand. Moreover, growing disposable incomes and a desire for leisure experiences contribute to the continuous growth and evolution of the travel and tourism industry.

𝐔𝐧𝐥𝐨𝐜𝐤 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬: 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐚 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐨𝐟 𝐎𝐮𝐫 𝐋𝐚𝐭𝐞𝐬𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰:https://www.stellarmr.com/report/Travel-and-Tourism-Market/1827

What are Travel and Tourism Market Dynamics?

Cargo shipping is used to transport cargo and goods from cargo ships, vessels, and others. The rising demand for import and export activities is expected to boost the adoption of the product. The shipping's lower cost and effective and cheap transportation is expected to boost its adoption. Also, strict emission norms by governments are expected to substitute the acceptance of cargo shipping. Besides, rising financial liberalization in developing countries is expected to boost the product's adoption. These factors may fuel the market development in the upcoming years. As per the records of UNCTAD, approximately 1987 million tons of cargo is transported every year in around 187.6 million containers covering 988 billion tons-miles. This leads to the growth of the Travel and Tourism market and eventually the cargo industry growth.



𝐍𝐞𝐞𝐝 𝐌𝐨𝐫𝐞 𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐀𝐛𝐨𝐮𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 + 𝐆𝐫𝐚𝐩𝐡𝐬 𝐇𝐞𝐫𝐞:https://www.stellarmr.com/report/req_sample/Travel-and-Tourism-Market/1827

What is Travel and Tourism Market Regional Insight?

Europe dominated the largest market share in 2023. The government's efforts to advance the tourist industry. Further, the German Travel and Tourism market held a dominant market share, and the UK Travel and Tourism market was the European region's fastest-growing market. With travel & tourism contributing €33.5 billion to the capital of France's GDP, Paris crowned the world's most powerful city destination by WTTC in 2022. Towards the end of 2023, European tourism continued its robust recovery, nearing pre-pandemic levels despite inflationary pressures.



Across reporting destinations, foreign tourist arrivals stand at 1.6% below 2019 figures, with nights 0.6% below, showcasing a resilient travel demand across the continent a trend that is expected to continue into 2024. This is according to the latest edition of the 'European Tourism Trends & Prospects' quarterly report released today by the European Travel Commission (ETC), which looks at the region's tourism performance and economic indicators over the last months of 2023. Such factors are expected to drive the Travel and Tourism Market growth in Europe.

What is Travel and Tourism Market Segmentation?

By Type

Domestic
International
By Traveller Type

Leisure
Educational
Business
Sports
Medical Tourism
Others
By Transportation Mode

Airlines
Cruises
Road
Rail
By Distribution Channel

Online
Offline

𝐅𝐑𝐄𝐄 𝐆𝐞𝐭 𝐚 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰!https://www.stellarmr.com/report/req_sample/Travel-and-Tourism-Market/1827

Some of the current players in the Travel and Tourism Market are:
United Airlines (USA)
Southwest Airlines (USA)
Uber (USA)
Marriott International (USA)
Hyatt Hotels Corporation (USA)
Hilton Worldwide Holdings Inc. (USA)
Carnival Cruise Line (USA)
Royal Caribbean Group (USA)
Norfolk Southern Corporation (USA)
Airbnb, Inc. (USA)
G Adventures (Canada)
Emirates (United Arab Emirates)

Key Offerings:

Past Market Size and Competitive Landscape
Travel and Tourism Market Size, Share, Size & Forecast by different segment
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Travel and Tourism Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations

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About Stellar Market Research
Established in 2018, Stellar Market Research is an India-based consulting and advisory firm focused on helping clients reach their business transformation objectives with advisory services and strategic business. The company's vision is to be an integral part of the client's business as a strategic knowledge partner. Stellar Market Research provides end-to-end solutions that go beyond key research technologies to help executives in any organization achieve their mission-critical goals. The company has clients from all across the globe, 23 % from India and others from Japan, Korea, Germany, United States, etc. The company uses its extensive industry knowledge, strong network, and know-how to provide complete insights that give clients a competitive advantage.

This release was published on openPR.