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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Leisure Travel Market Outlook
The global leisure travel market stood at a value of around USD 1.32 trillion in 2023. The market is further expected to grow at a CAGR of 7% in the forecast period of 2024-2032 to attain USD 2.41 trillion by 2032.
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Increasing Preference for Online Bookings and Associated Travel Services to Bolster the Growth of the Global Leisure Travel Industry
Based on sales channel, the online segment is expected to account for a significant share in the global leisure travel industry. This surge can be attributed to the rapid implementation of technical innovations and IoT (Internet of things) solutions in processes such as booking services, among others, which have become significantly easier. The increasing consumer demand for convenient services and the increasing penetration of smart phones, especially in emerging economies, are expected to further bolster the market growth in the forecast period.
The Asia Pacific Region to Account for a Significant Market Share of the Global Leisure Travel Industry
The Asia Pacific region is expected to account for a significant share of the global leisure travel industry in the forecast period. The region is home to some of the popular tourist locations such as China, India, Thailand, and Malaysia. These countries offer a variety of rich cultural experiences and a variety of recreational and entertainment activities. An important factor contributing to this growth is substantial investments and promotional strategies devised by the governments to strengthen the tourism sector, which is a crucial factor in the development of major economies within the region. However, due to the Covid-19 pandemic, almost all regions were adversely affected in the year 2020.
Leisure Travel: Market Segmentation
Leisure travel refers to a vacation undertaken by an individual or a group of individuals for personal enjoyment. These trips help people unwind and relax by taking time off of their busy lives, travelling to popular destinations, and exploring new cultures around the world. The leisure travel industry includes various travel services such as accommodation, transportation, food and beverage, retail, and recreation, among others. It plays a significant role in the growth of many developing economies.
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By traveller type, the market is divided into:
- Solo
- Group
Based on sales channel, the industry can be bifurcated into:
- Conventional Channel
- Online Channel
On the basis of age group, the market can be categorised into:
- Baby Boomers
- Generation X
- Millennials
- Generation Z
Based on expenditure type, the industry can be segregated into:
- Lodging
- Transportation
- Food and Beverage
- Event and Entertainment
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Globalisation and Increasing Digitisation to Drive the Global Leisure Travel Industry
The rapid digitisation and globalisation are the primary factors spurring the growth of the leisure travel industry globally. The increasing investments, both public and private, in the tourism industry as it encompasses other sectors, such as logistics, food and beverage, and transportation, which substantially impact the growth of the overall economy, are expected to aid the market growth. Meanwhile, rapid digitisation with increased usage of AI and cloud-based services allows for the efficient functioning of processes such as online booking, which is leading to an improved user experience and increased productivity.
However, the recent surge of the Covid-19 pandemic has negatively impacted the leisure travel industry and the associated sectors. The nationwide lockdowns and restrictions on travelling have hampered the travel market growth. In a report issued by the UNWTO dated June 2nd, 2021, worldwide international tourist arrivals were recorded to have reduced down to 73% in 2020. Furthermore, Asia and the Pacific remained the worst hit globally, recording a sharp decline of 84% in international arrivals during the same year. Meanwhile, the annual report issued by IATA dated November 2020 notes a strong potential for travelling due to the reduction in restrictions in various parts of the world and increased domestic travel bookings.
Key Industry Players in the Global Leisure Travel Market
The report gives a detailed analysis of the following key players in the global leisure travel market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- JTB USA Inc.
- Expedia Group, Inc.
- Cox & Kings Ltd.
- CWT Global B.V.
- American Express Company
- Travel Leaders Group
- TUI AG
- Others
The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Traveller Type |
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| Breakup by Sales Channel |
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| Breakup by Age Groups |
|
| Breakup by Expenditure Type |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market attained a value of approximately USD 1.32 trillion.
The market is projected to grow at a CAGR of 7% between 2024 and 2032.
The major drivers of the market include globalisation, rapid implementation of technical innovations and IoT, increasing consumer demand for convenient services, and the rising penetration of smartphones.
The key trends propelling the market forward are the rising investments by various governments in the tourism industry and increasingly stressful lifestyles led by people which are encouraging more people to travel for leisure.
The major regions in the market are North America, Latin America, Europe, Middle East and Africa, and the Asia Pacific.
The leading traveller types include solo and group.
The dominant types of sales channels in the market include conventional channel and online channel.
The different age groups in the market include baby boomers, generation X, millennials, and generation Z.
The various expenditure types include lodging, transportation, food and beverage, event and entertainment, among others.
The key players in the global leisure travel market are JTB USA Inc., Expedia Group, Inc., Cox & Kings Ltd., CWT Global B.V., American Express Company, Travel Leaders Group, and TUI AG, among others.
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