June 25, 2020
According to the research report titled ‘Global Tourism Market Size study with COVID-19 Impact, by Type (International, Domestic) by Purpose (Adventure, Business, Medical, Religious) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global tourism market is expected to register significant growth by the year 2026.
The tourism sector has been witnessing rapid expansion over the years and comprises of various industries such as accommodation and transportation among others. Evolving consumer lifestyle and escalating disposable income are major factors driving the market growth. Convenience to travel through international departure assistance and growing inclination towards exploring world among millennials are further aiding the market expansion. In fact, according to World Travel & Tourism Council (WTTC), tourism industry generated USD 8.9 trillion in the year 2019, accounting for 10.3% of global GDP. It also recorded USD 1.7 trillion visitor exports in which 28.3% were worldwide services exports.
Escalating investments towards protecting, maintaining and developing tourist locations along with shifting focus among travel organizations towards offering lucrative benefits and offers are also stimulating the industry outlook. The WTTC stated that USD 948 billion investment in tourism sector was recorded in the year 2019. However, rising prevalence of COVID-19 has resulted in large-scale modifications in tourism market, owing to travel restrictions imposed by various governments to reduce the spread of the disease.
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World Tourism Organization stated that 96% of tourist destinations across the globe have shutdown with around 90 tourist spots being partially or completely closed. Additionally, organizations also initiated a social campaign #traveltomorrow in order to encourage people to stay home during the crisis. Other factors such as political unrest and natural calamities may also act as a restraining factor to the global tourism market growth.
Considering the geographical landscape, Europe tourism market is expected to showcase robust growth throughout the forecast period, primarily due to large number of tourist destinations. On the other hand, Asia-Pacific is poised to emerge as a major revenue generator for global tourism market. Booming accommodation & travel industry, changing lifestyle and rising per capita income are favoring the market scenario in the region.
The major companies in global tourism market are Airbnb Inc., Gray & Co., DuVine, TCS World Travel, G Adventures, The Fred Harvey Co., Balkan Holidays Ltd., Crown Holiday Ltd., Accor S.A. and Aban Offshore Ltd. among others.