Leisure Travel Market Size to Reach US$6,347.8 Billion by 2027 – Astute Analytica Exclusive Report

AstuteAnalytica India Pvt. ltd.

In the North America leisure travel market, the solo category is estimated to be experiencing the highest growth owing to the growing influence of social media in the United States and Canada, high disposable income in the region and the significant participation of women in solo travel from North American countries. .

New Delhi, June 16, 2022 (GLOBE NEWSWIRE) — The Global leisure travel market was valued at USD 4,405.5 Billion in 2021 and is projected to reach USD 6,347.8 Billion by 2027. The market is expected to register a CAGR of 5.7% during the forecast period 2022- 2027.

Pleasure travel refers to vacations taken by an individual or a group of individuals for their personal enjoyment. These trips help people relax and unwind by taking time out from their busy lives, traveling to popular destinations and exploring new cultures around the world. The leisure travel industry aims to provide an enjoyable experience for all of its customers. They operate in an increasingly competitive business environment, where rapid development and change are the norm. Currently, all the locations are connected through various means of transportation, which has boosted global connectivity, which is increasing the adoption of leisure travel, which is positively impacting the growth of the market.

Download Free Sample Report Now @ https://www.astuteanalytica.com/request-sample/leisure-travel-market

Market dynamics

Factors such as changing consumer spending habits, increasing diversity and global connectivity are driving the growth of the global leisure travel market during the forecast period. With the increase in disposable income of people across the world, their spending habits are also changing. A large portion of this revenue is spent on leisure travel, which is fueling the growth of the market. Moreover, the diverse population across the world pushes people to explore new places and meet new people. Additionally, space tourism and wellness tourism is creating a lucrative growth opportunity in the market. Wellness tourism encourages people to travel beyond crowded destinations, spend more, and have new experiences. However, political instability, demand for a personalized experience, lack of skilled manpower at middle and senior management levels, and the environmental impact of leisure travel are limiting the growth of the market.

Market overview

  • Based on the type of traveler, the group segment holds the highest share in 2021 in the global leisure travel market. While the solo segment is expected to grow at the highest CAGR over the forecast period owing to growing social media influence, different interests, psychographic traits, and other key factors.

  • In terms of sales channel, online channel segment held the largest market share in 2021 and is also expected to grow at the highest CAGR of 6.1% during the forecast period. The growth of the online segment is attributed to the high adoption of online channels to book travel packages due to the convenient, easy and quick method compared to conventional channels. Additionally, the use of AI, big data analytics and IoT in operations optimizations for web-based bookings is expected to increase the growth of the leisure travel market during the period of forecast.

  • By region, Asia-Pacific is the dominant region in the leisure travel market and is also expected to grow at the highest CAGR of 7.0% during the forecast period owing to the rising awareness of leisure travel. amenity, the growing trend of wellness travel and government support to boost tourism in APAC. Additionally, the region is home to some popular tourist spots such as China, India, Thailand, and Malaysia. These countries offer a variety of rich cultural experiences and a variety of recreational and entertainment activities.

Regional analysis

Asia-Pacific dominates the global leisure travel market

The Asia-Pacific region holds the highest share of the global leisure travel market and is expected to continue to dominate during the forecast period. These countries offer a variety of rich cultural experiences and a variety of recreational and entertainment activities.

Mexico is the engine of the North American leisure travel market

Mexico is the engine of the North American leisure travel market. In the North America leisure travel market, the solo category is estimated to be experiencing the highest growth owing to the growing influence of social media in the United States and Canada, high disposable income in the region and the significant participation of women in solo travel from North American countries. .

Solo travelers hold largest share of leisure travel market in Europe

In the Europe leisure travel market, the solo category is expected to grow at the highest growth rate during the forecast period 2022-2027, owing to the contribution of major countries in the safe travel category and safe for solo travellers.

UAE travel market growth has increased exponentially

The Middle East leisure travel market is witnessing an increase in the number of tourists from all over the world. The growth of travel to the United Arab Emirates has increased exponentially. The leisure travel industry in the United Arab Emirates has successfully leveraged its strategic location to be able to take advantage of large volumes of air traffic.

Youth Domestic Travel Drives South American Leisure Travel Market

South America is estimated to be the second fastest growing region in the global leisure travel market over the forecast period. The growth of the regional market is attributed to various factors such as growing domestic travel demand among young people, major attractions coming from Chile, Costa Rica, Uruguay and others.

Purchase a copy of the report directly with [email protected] https://www.astuteanalytica.com/request-sample/leisure-travel-market

Report attribute

Details

Market size value in 2021

US$4,405.5 billion

Market Outlook for 2027

US$6,347.8 billion

Expected CAGR Growth

5.7%

Historical data

2017-2020

base year

2021

Forecast period

2022-2027

Main market players

Absolute Travel, American Express Travel, Backroads, Carlson Wagonlit Travel, Classic Journeys, Cox & Kings Ltd., Expedia Group, G Adventures, Inspiring Travel Company, Journeys Within Tour, JTB Americas Group, Priceline Group, TCS World Travel and Travel Leaders Group among others

Segments Covered

By traveler type, by sales channel, by region

Geographical areas covered

North America, Europe, Asia-Pacific, South America, Middle East and Africa

Personalization options

Get your personalized report according to your preferences. Ask for customization

Competitive overview

Some of the major players operating in the global leisure travel market include Absolute Travel, American Express Travel, Backroads, Carlson Wagonlit Travel, Classic Journeys, Cox & Kings Ltd., Expedia Group, G Adventures, Inspiring Travel Company, Journeys Within Tour , JTB Americas Group, Priceline Group, TCS World Travel and Travel Leaders Group, among others.

Introduction to Segmentation

The global leisure travel market is segmented on the basis of traveler type, sales channel and region. Industry trends in the leisure travel market are sub-divided into different categories to get a comprehensive view of the global market.

Here are the different segments of the global leisure travel market:

By the leisure travel segment of the Global Pleasure trip The market is sub-segmented into:

By sales channel segment of the Global Pleasure trip The market is sub-segmented into:

  • Conventional channels

  • Online channels

By regional segment of the Global Pleasure trip The market is sub-segmented into:

For more information on the market with a table of contents and detailed figures, click here: https://www.astuteanalytica.com/industry-report/leisure-travel-market

About Astute Analytica
Astute Analytica is a global analytics and consulting company that has built a solid reputation in a short time, thanks to the tangible results we have delivered to our clients. We pride ourselves on generating unrivaled, thorough and incredibly accurate estimates and projections for our highly demanding clients spread across different verticals. We have a long list of satisfied and repeat customers from a wide range including Technology, Healthcare, Chemicals, Semiconductors, FMCG and many more. These satisfied customers come to us from all over the world. They are able to make well-calibrated decisions and take advantage of highly lucrative opportunities while overcoming fierce challenges, all because we analyze for them the complex business environment, existing and emerging opportunities by segment, technology formations , growth estimates and even the strategic choices available. In short, a complete package. All of this is possible because we have a team of highly qualified, knowledgeable and experienced professionals including business analysts, economists, consultants and technology experts. In our list of priorities, you, our patron, come first. You can be sure of the best cost-effective and value-added package from us, should you decide to engage with us.

Contact us:
Aamir Beg
BSI Business Park, H-15, Sector-63, Noida- 201301- India
Phone: +1-888 429 6757 (US toll-free); +91-0120- 4483891 (Rest of the world)
E-mail: [email protected]
Website: www.astuteanalytica.com
Follow us: LinkedIn | Twitter

CONTACT: Aamir Beg BSI Business Park, H-15,Sector-63, Noida- 201301- India Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World) Email: [email protected] Website: www.astuteanalytica.com Follow US: LinkedIn | Twitter