Leisure Travel Market Growing Popularity and Emerging Trends in the Market | American Express Travel, Carlson Wagonlit Travel, Cox & Kings Ltd

Global Leisure Travel Market, By Traveler Type (Solo, Group), By Sales Channel (Conventional Channels, Online Channels), By Region (North America, Europe, APAC, Middle East, Africa, South America), Estimation & Forecast, 2017 – 2027, The ‘ Leisure Travel market’ research report added by Report Ocean, is an in-depth analysis of the latest developments, market size, status, upcoming technologies, industry drivers, challenges, regulatory policies, with key company profiles and strategies of players. The research study provides market overview, Leisure Travel market definition, regional market opportunity, sales and revenue by region, manufacturing cost analysis, Industrial Chain, market effect factors analysis, Leisure Travel market size forecast, market data & Graphs and Statistics, Tables, Bar & Pie Charts, and many more for business intelligence.

Global Leisure Travel Market valued approximately USD XX million in 2019  is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2020-2025.In-depth information by Market Size, competitive landscape is provided i.e. Revenue (Million USD) by Players, Revenue Market Share (%) by Players and further a qualitative analysis is made towards market concentration rate, product/service differences, new entrants and the technological trends in future.

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Key Segments Studied in the Global Leisure Travel Market:

Market Introduction

The global leisure travel market held a market value of USD 4,306.8 Billion in 2020 and is forecasted to reach USD 6,347.8 Billion by the year 2027. The market is anticipated to register a CAGR of 5.7% during the projected period.

Leisure travel is trips planned outside the usual environment for recreation, entertainment, relaxation, holiday, and hobby purposes, among others. The market is anticipated to be driven by the changing spending pattern of consumers, increase in diversity, and global connectivity. In 2018, about 1 in 5 people planned to go on well-being and health trips to weight loss & fitness retreats and yoga meditation retreats, among others. This number was almost double as compared to 2017.

The lack of a skilled workforce at the mid & upper level of management coupled with the environmental impacts of leisure travel is anticipated to hinder the market growth. The market was tremendously impacted during the COVID-19 pandemic, owing to lockdowns in most of the countries globally, cancellation of domestic as well as international flights, and other travel restrictions. However, with the easing travel restrictions in 2021, the market is expected to recover soon.

Growth Influencers:

Changing spending pattern of consumers

With the rising disposable income of people across the world, their spending pattern is also changing. A large part of this income is also spent on leisure travel which is fueling the market growth. According to Knoema, the top 5 countries with the highest leisure tourism spending were Macau, Maldives, Seychelles, Bahamas, and Cape Verde, with spending of 47.9%, 31.1%, 19.9%, 17.3%, and 16.4%, respectively in 2019. Moreover, an average traveler spends about 9% of their vacation budget on the entertainment. Such high spending on leisure travel is expected to boost the market growth.

Increase in diversity

The diversified population across the globe is driving people to explore new places and meet new people. Travelers now seek to learn about different cultural diversities and ethnicities. This drives them to travel across various places, hence boosting the market growth. Furthermore, the growing need to improve diversity consciousness is also increasing the adoption of leisure travel. Modern parents opt for leisure travel so that their children can embrace cultural diversity while exploring foreign destinations. Such experiences allow them to develop an open-mindedness to new philosophies and ideas and also become intellectually advanced. These factors are driving the market growth.

Global connectivity

Due to the rapid availability of the internet, people are now aware of all the places across the globe. The growing aerospace industry has also enabled these people to travel to all the places they desire to visit. Currently, all locations are connected via various means of transport and this has boosted global connectivity. This is increasing the adoption of leisure travel, hence positively impacting the market growth.

Segments Overview:

The global leisure travel market is segmented based on the traveler type and sales channel.

By Traveler Type

  • Solo
  • Group

The solo traveler segment is expected to hold the largest market share of more than 70% and the group segment is estimated to grow at the fastest CAGR of around 6.1% during the forecast period. The rising number of solo travelers is expected to boost the segment’s growth. Affordable and convenient group packages offered by various travel companies are expected to drive the group traveler segment’s growth.

By Sales Channel

  • Conventional Channels
  • Online Channels

The market value for online channels is expected to surpass USD 4,300 billion by 2024. Rising demand for web-based bookings coupled with the increasing number of online travel websites, such as Expedia, is estimated to drive the market growth.

Regional Overview

 

Based on region, the global leisure travel market is divided into Europe, Asia Pacific, Middle East, Africa, North America, and South America.

 

The Asia Pacific region is expected to hold the largest market share of more than 38% owing to the rising preference for places located in the Asia Pacific for leisure travel. These places include Maldives, Macau, and Thailand, among others.

The Europe region accounted for the second-largest market share owing to the rising disposable income and support from the government as well as non-government organizations to travel and explore various places.

Competitive Landscape

Key players operating in the global leisure travel market include American Express Travel, Carlson Wagonlit Travel, Cox & Kings Ltd, Expedia Group, JTB USA, Inc., Priceline (Booking Holdings, Inc.), Thomas Cook India Ltd, Travel Leaders Group, TUI Group, and World Travel, Inc., among others.

 

These market players are involved in collaborations, mergers & acquisitions, and new product launches to strengthen their market presence. For instance, CWT, a travel management platform launched and implemented its remodeled onboarding program for seamless and swift new client integration in May 2021. With this, the company focused on solving a traditional industry-wide issue.

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The global leisure travel market report provides insights on the below pointers:

 

  • Market Penetration: Provides comprehensive information on the market offered by the prominent players
  • Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
  • Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
  • Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Leisure travel market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
  • Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

 

The global Leisure travel market report answers questions such as:

 

  • What is the market size and forecast of the Global Leisure travel Market?
  • What are the inhibiting factors and impact of COVID-19 on the Global Leisure travel Market during the assessment period?
  • Which are the products/segments/applications/areas to invest in over the assessment period in the Global Leisure travel Market?
  • What is the competitive strategic window for opportunities in the Global Leisure travel Market?
  • What are the technology trends and regulatory frameworks in the Global Leisure travel Market?
  • What is the market share of the leading players in the Global Leisure travel Market?
  • What modes and strategic moves are considered favorable for entering the Global Leisure travel Market?

Geographical Breakdown: Regional level analysis of the market, currently covering North America, Europe, China & Japan

Countries: Argentina,  Australia,  Austria,  Belgium,  Brazil,  Canada,  Chile,  China,  Colombia,  Czech Republic,  Denmark,  Egypt,  Finland,  France,  Germany,  Hong Kong,  India,  Indonesia,  Ireland,  Israel,  Italy,  Japan,  Malaysia,  Mexico,  Netherlands,  New Zealand,  Nigeria,  Norway,  Peru,  Philippines,  Poland,  Portugal,  Romania,  Russia,  Saudi Arabia,  Singapore,  South Africa,  South Korea,  Spain,  Sweden,  Switzerland,  Thailand,  Turkey,  UAE,  UK,  USA,  Venezuela,  Vietnam

Impact of COVID-19 on the Global Market

The research report compiled by Report Ocean offers the study of market opportunities and market impact that are created due to the COVID-19 pandemic. The detailed research report is focused upon all direct and indirect impact of COVID-19 with new product launches, pipeline analysis, supply chain overview, government regulations, strategies adopted by related market players and upcoming vaccines and drug status. Note – In order to provide more accurate market forecast, all our reports will be updated before delivery by considering the impact of COVID-19.(*If you have any special requirements, please let us know and we will offer you the report as you want.)

Key questions answered: Study Explore COVID 19 Outbreak Impact Analysis Our team will be able to provide clear answers, identify key opportunities, new investments, and recommend high quality strategy routes in the market. These answers will include a holistic analysis of the:  Existing market infrastructures,    Market challenges and opportunities,    Potential for growth in certain industries in the coming years,    End-consumer target groups and their potential volumes of operation,    Best regions and segments to target ,    Pros and cons of various promotion models,    Touch points and an opportunity breakdown within the value chain,    Market size and growth rate during forecast period.,    Key factors driving the Market.,    Key market trends cracking up the growth of the Market.,    Challenges to market growth.,    Key vendors of Market.,    Detailed SWOT analysis.,    Opportunities and threats faces by the existing vendors in Global Market.,    Trending factors influencing the market in the geographical regions.,    Strategic initiatives focusing the leading vendors.,    PEST analysis of the market in the five major regions.

The Global Leisure Travel Market report provides the meticulously studied and evaluated data of the top industry players and their scope in the market by means of several analytical tools. The analytical tools such as Porters five forces analysis, feasibility study, SWOT analysis, and ROI analysis have been practiced reviewing the growth of the key players operating in the market.

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Key Points Covered in Leisure Travel Market Report: Study Explore COVID 19 Outbreak Impact Analysis
Chapter 1, About Executive Summary to describe Definition, Specifications and Classification of Leisure Travel market, Applications, Market Segment by Regions North America, Europe or Asia;
Chapter 2, objective of the study.
Chapter 3, to display Research methodology and techniques.
Chapter 4 and 5, to show the Overall Market Analysis, segmentation analysis, characteristics;
Chapter 6 and 7, to show the Market size, share and forecast; Five forces analysis (bargaining Power of buyers/suppliers), Threats to new entrants and market condition;
Chapter 8 and 9, to show analysis by regional segmentation, comparison, leading countries and opportunities; Regional Marketing Type Analysis, Supply Chain Analysis
Chapter 10, focus on identifying the key industry influencer’s, overview of decision framework accumulated through Industry experts and strategic decision makers;
Chapter 11 and 12, Market Trend Analysis, Drivers, Challenges by consumer behavior, Marketing Channels and demand & supply.
Chapter 13 and 14, describe about the vendor landscape (classification and Market Positioning)
Chapter 15, deals with Leisure Travel  Market sales channel, distributors, traders, dealers, Research Findings and Conclusion, appendix and data source.

……..and view more in complete table of Contents

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