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The Business Research Company's Leisure travel Global market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
It will grow to $2,119.96 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%.” - The Business Research Company
LONDON, GREATER LONDON, UNITED KINGDOM, October 10, 2024 /EINPresswire / -- The leisure travel market has experienced significant growth, rising from $1,108.52 billion in 2023 to $1,260.91 billion in 2024 at a CAGR of 13.8%. Contributing factors include rising disposable incomes, the expansion of the middle-class population, enhanced tourism infrastructure, improved connectivity, and the rise of low-cost airlines.
What Is The Estimated Market Size Of The Global Leisure Travel Market And Its Annual Growth Rate?
The leisure travel market is expected to grow rapidly, reaching $2,119.96 billion by 2028 at a CAGR of 13.9%. Growth will be driven by changing consumer spending patterns, global tourism expansion, lifestyle improvements, and the rise of eco-friendly tourism. Key trends include solo travel, exotic destinations, sustainable practices, and advances in travel technology and AI.
Explore Comprehensive Insights Into The Global Leisure Travel Market With A Detailed Sample Report:
Growth Driver of The Leisure Travel Market
The growing consumer interest in recreational travel experiences is likely to drive the growth of the leisure travel market. Recreational travel encompasses activities and trips primarily designed for enjoyment and relaxation. This growing preference is attributed to consumers prioritizing memorable and immersive experiences over material possessions. Additionally, there is an increasing desire for connection, authenticity, and involvement in recreational travel. Leisure travel offers opportunities for engaging in various activities, including outdoor adventures, cultural events, and relaxation at diverse destinations.
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Which Market Players Are Driving The Leisure Travel Market Growth?
Major companies operating in the leisure travel market are TUI Group, Priceline Group, Booking Holdings Inc., Expedia Group Inc., CWT Global BV, Airbnb Inc., American Express Global Business Travel, Flight Centre Travel Group Ltd, TripAdvisor Inc, Orbitz LLC, World Travel Inc., Contiki Holidays Ltd., Abercrombie & Kent Ltd., G Adventures Inc., Trivago N.V., Cox & Kings Ltd., Travelocity LP, Direct Travel Inc., Travel Leaders Group LLC, MakeMyTrip Pvt. Ltd., Luxury Escapes Pty Ltd., Intrepid Travel Pty Ltd., GetYourGuide AG, Kayak Software Corporation, JTB Americas Group Inc., TravelBag Ltd., Thomas Cook Group plc, Trafalgar Tours Ltd., Hays Travel Limited
What Are The Emerging Trends Shaping The Leisure Travel Market Size?
Leading companies in the leisure travel market are shifting towards digital transformation by incorporating online booking technologies such as hotel content distribution platforms. These platforms enhance personalized travel experiences, centralize hotel information management, and optimize booking visibility across multiple channels, streamlining operations for travel providers.
How Is The Global Leisure Travel Market Segmented?
1) By Expenditure Type: Lodging, Transportation, Food And Beverages, Events And Entertainment, Other Expenditure Types
2) By Traveler Type: Solo, Group
3) By Sales Channel: Online Channels , Conventional Channels
4) By Age Group: Baby Boomers, Generation X, Millennials, Generation Z
Geographical Insights: North America Leading The Leisure Travel Market
North America was the largest region in the leisure travel market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the leisure travel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Leisure Travel Market Definition
Leisure travel involves trips taken for recreation and personal enjoyment, allowing individuals or groups to explore new cultures and experiences. This type of travel encompasses activities such as sightseeing and dining, aiming to enhance overall well-being and cultural understanding.
Leisure Travel Global Market Report 2024 from The Business Research Company covers the following information:
. Market size data for the forecast period: Historical and Future
. Macroeconomic factors affecting the market in the short and long run
. Analysis of the macro and micro economic factors that have affected the market in the past five years
. Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
. Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global leisure travel market report covering trends, opportunities, strategies, and more
The Leisure Travel Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on market size, drivers and trends, market major players, competitors' revenues, market positioning, and market growth across geographies. The market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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Oliver Guirdham
The Business Research Company
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