Tourism Market size was valued at USD 10.3 trillion in 2022, growing at a 10.7% CAGR from 2023 to 2029. Globally, the tourism industry contributed to USD 8.1 trillion to the global GDP in 2021 equalling a contribution of 9.8%. However, In the midst of the worldwide Covid-19 pandemic, demand growth ceased in 2021. Travel and tourism have been one of the most affected industries from the very beginning of the outbreak of the virus, with airlines on the ground, hotels closing and travel controls enforced. In the first quarter of 2021, the pandemic limited international visitor arrivals to a fraction of what they were one year before. The financial forecast published in June by the International Air Transport Association (IATA) revealed that airlines are projected to lose $90.2 billion globally in 2020 with a net profit margin of -20.1 percent. It also reported that from USD 846 billion in 2019, upcoming years are the new boost to tourism market especially to the tourism country, the emergence in the adventure tourism rock climbing, kayaking are major adventure sports, such adventure sports are increasing and boost the industry for tourism market. Social media posting is major role in increasing of tourism, growing the market in tour and travel business which drive the market. Changing in technology and innovation in tourism market leads to create new opportunity in tourism market.
Tourism Market Key Developments:
In November 2022, Atlas Air worldwide approves proposed acquisition by investor group Apollo management together with, J.F Lehman & company and Hill City Capital.
In December 2022, VINCI Purchases 29.99% share in Mexican Airport operator OMA.
Fastest Growing Market
The increasing number of tours and travels across the world coupled with the new era of social media and destination travel enhanced the interest of people to explore new places in the world, mostly people preferring areas like coastal area, adventure sports and mountaineering and others as a best place to visit, during the covid-19 tourism market affected more which result loss in tourism industry, as it covid 19 over people are exploring visiting new places. the global tourism is fragmented with local and international key players, provide various offers and holiday packages to visit to places. Hence, this will drive the global market growth at a significant rate.
Tourism Market was valued at USD 10.3 trillion in 2022, growing at a 10.7% CAGR from 2023 to 2029.
The leading players in the Tourism Market are; Austin Adventures, Inc, Butterfield & Robinson Inc., G Adventures, Geographic Expeditions Inc., Intrepid Group, ltd., Mountain Travel Sobek, Discovery Nomads, Row Adventures, Accor group, Balken Holidays co. ltd, Fred Harvey Company, and Others
Historic years considered for the market study are 2018 through 2022, 2022 is considered as the base year for market estimation, and Seven years forecast is presented from 2023 – 2029.