The Global Leisure Travel Market size is estimated at US$ 1475 billion in 2023 to reach a valuation of US$ 4847 billion by the end of 2029 with a compound annual growth rate (CAGR) of 21.92% during the forecast period of 2024 - 2029.
The rise in disposable income is one of the major driving factors of the Leisure Travel market growth rate. Another major driving factor of the Leisure Travel market was a rise in digitalization, informatization, and the upgradation of globalization. Expansion of logistics & infrastructure, rigorous promotion & advertising of tourism by governments are some of the growth-supporting factors of the market Leisure Travel revenue rate.
Another major growth driving factor of the Leisure Travel market was the rapid development of global outbound tourism. Deployment of technologies such as artificial intelligence, big data analytics, and the Internet Of Things are some of the growth-supporting factors that boost the growth of the market of Leisure Travel.
Market Restraints
Regulations imposed by the government authorities due to the COVID-19 pandemic are one of the major restraints that hinder the growth of the Leisure Travel Market. Another major restraint that is affecting the growth of the market of Leisure Travel is the competition from various tourism companies.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 – 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 - 2029 |
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CAGR |
21.92% |
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Segments Covered |
By Traveler Type, Sales channel, Age Group, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Thomas Cook Limited (India), Carlson Wagonlit Travel, JTB Americas Group, World Travel, Inc., American Express Travel, Expedia Group, Priceline Group, Travel Leaders Group, TUI Group, Cox & Kings Ltd, and Others. |
Market Segmentation
solo traveler type
Among these segments, the solo traveler type segment holds the major share of the market among the others due to the increase of people who are exploring more in most countries.
Among these segments, the online segments hold the major share of the market owing to the growth in demand for online sales channels across the globe.
Among these segments, the Millenials hold the major share of the market as they are getting more popular among people across the world.
Market Regional Analysis:
The Leisure Travel market is elaborated in various regions all around the world such as
Asia Pacific region holds the major share of the market due to the rapid development of global outbound tourism is also a major driving factor that helps the growth of the market of Leisure Travel in the Europe region. Furthermore, increasing investments and development in some of the emerging economies such as India, China, and Australia to promote tourism for their respective countries are also some of the major driving factors that propel the growth of the market for Leisure Travel in the Asia Pacific region.
North American region holds the second largest share of the market of Leisure Travel owing to the increase in disposable income and a growing number of people who are more interested in traveling are some of the factors that are helping the market of Leisure Travel to grow further in the North America region.
The Europe region is expected to increase the market value of Leisure Travel owing to the rising investment as well as awareness by the government authorities to improve traveling propels the growth of the market in the Europe region.
Coronavirus has impacted global industries in three ways, by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets due to the strict lockdown which was imposed by government authorities all around the world. Due to the lockdown, companies are forced to halt their manufacturing units for a period to eradicate the spread of coronavirus as it was spreading at a rapid speed from one person to another. This situation may continue until the vaccine for the coronavirus has been released. But the companies are in a panic situation as they have experienced huge losses due to the COVID pandemic and are looking for some alternatives to set out their business on the right path, but it’s gonna take a while until everything is back to normal. As we all are aware that the lockdown has lifted in so many companies with some strict regulations by the government authorities and gave permission to all the industries to restart their manufacturing units.
As per the analysis, the market of Leisure Travel is expected to increase the revenue rate in the next few months with all the industries starting their manufacturing of the products which in turn going to increase the revenue rate of Leisure Travel.
Market Key Players:
Some of the key market players in the Leisure Travel market are
Frequently Asked Questions
The Global Leisure Travel Market is expected to grow with a CAGR of 21.92% between 2024-2029.
The Global Leisure Travel Market size is expected to reach a revised size of US$ 4847 billion by 2029.
American Express Travel, Expedia Group, and Priceline Group are the three Leisure Travel Market key players.
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