According to a new report, the Asia-Pacific group travel market is segmented on the basis of group type, sales channel and country.
5933 NE WIN SIVERS DRIVE, PORTLAND, OR, USA, September 19, 2022 /EINPresswire.com/ — According to a new report released by Allied Market Research titled “Asia-Pacific group travel market By Group Type and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2019-2030”, the Asia-Pacific group travel market size was valued at $331.9 billion in 2017 and is expected to reach $689.5 billion by 2030, registering a CAGR of 6.0% from 2019 to 2030. China led the Asia-Pacific group travel market share in 2017, accounting for 52.4% of total expenses.
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Tourism has always remained at the center of the government’s concerns due to its vast economic contribution to the economic well-being of the country. As a result, the superior regime of countries expends huge amounts of capital and resources in the form of infrastructure, advertising and promotion to attract travelers from all over the world. Deciphering consumer behavior plays an essential role in policies favorable to tourism. A strong focus on digital presence, user-friendly tourism policies, safety and security as well as managing and maintaining reputation are some of the quests the top administration faces.
Group travel refers to people traveling together in a group of two or more. Reservations for group travelers are often made together during their trip, which includes logistics, accommodation and travel. In addition, traveling in a group is relatively more economical than traveling alone, since the costs incurred for meals, transits, activities and accommodation are shared between the groups.
Group travelers opt for unique and exotic vacation destinations, to get away from the daily busy schedule and to gain valuable experiences. Private, quiet, serene and exotic locations are the main factors people consider when choosing where to travel. Private islands have been voted favorites by luxury travelers.
The Asia-Pacific group travel market is segmented on the basis of group type, sales channel, and country.
On the basis of group type, the Asia Pacific group travel market is studied into leisure groups, special interest groups, upscale groups, and incentive travel. Based on sales channel, the market is divided into travel agencies and tour operators. To gain a comprehensive understanding, the market scenario is analyzed across key countries i.e. Thailand, Indonesia, Malaysia, Singapore, India, Philippines, China, Taiwan, Hong Kong, Japan, Korea and the rest of Asia-Pacific.
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Key players profiled in the Asia Pacific Group Travel Market analysis include EXO Travel, Thomas Cook (India) Limited, G2 Travel, Apollo Asia Travel Group (AATG), Destination Asia, Expedia, Inc. Miki Travel Limited , Trafalgar and ASIA DMC.
Key Findings of the Asia-Pacific Group Travel Market:
○ In terms of value, the leisure group segment is expected to grow at a CAGR of 5.7% during the forecast period for the Asia-Pacific group travel market.
○ For the year 2017, China is expected to dominate the Asia-Pacific group travel industry and continue to maintain its dominance throughout the forecast period.
○ The travel agency segment is expected to lead the Asia Pacific group travel market demand, registering a CAGR of 6.3%.
○ China, Korea, Hong Kong and Thailand collectively accounted for approximately two-thirds of the market share in 2017.
○ China led in terms of global international departures rounding around 143 million for the year 2017
○ The average expenditure incurred by Chinese for overseas travel costs exceeds $1,800 per person
Reason to buy:
○ Save and reduce time spent on entry-level research by identifying the growth, size, leading players and segments in the Asia Pacific Group Travel Market.
○ Highlights key business priorities to guide companies in reforming their business strategies and expanding into Asia-Pacific.
○ The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific Group Travel Market, thereby allowing players to develop effective long term strategies in order to generate their market revenue.
○ Develop/modify business expansion plans using substantial growth offering in both developed and emerging markets.
○ Take an in-depth look at the Asia-Pacific market trends and outlook associated with the factors that are driving the market, as well as those that are restraining the growth to some extent.
○ Improve the decision-making process by understanding the strategies that drive business interest with respect to products, segmentation, and industry verticals.
○ Wellness tourism market is expected to reach $1,592.6 billion by 2030
○ Sustainable Tourism Market Revenue to reach CAGR forecast value through 2027
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Pawan Kumar, CEO of Allied Market Research, leads the organization in delivering high quality data and insights. We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.
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