Tourism Source Market to Reach $1.1 Tillion, Globally, by 2032 at 6.6% CAGR: Allied Market Research
The global tourism source market is experiencing growth due to factors such as a rising traveler's interest into outbound tourism due to numerous factors, growth of ecotourism, and increasing government initiatives.
Portland,OR, June 19, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “*Tourism Source Market* by Booking Channel (Websites, Mobile Applications, Travel Agencies, Others), by Tourist Type (Solo, Group, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global Tourism Source Market Size was valued at $599.4 billion in 2022, and is projected to reach $1.1 trillion by 2032, growing at a CAGR of 6.6% from 2023 to 2032.
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*Prime determinants of growth*
The global tourism source market is experiencing growth due to factors such as a rising traveler's interest into outbound tourism due to numerous factors, growth of ecotourism, and increasing government initiatives. However, inadequate support infrastructure at ecotourism destinations like limited air, rail, or road connectivity to various ecotourism destinations in developing and underdeveloped countries and lack of market penetration in underdeveloped countries are major challenges to the proliferation of ecotourism. Nevertheless, an increasing government initiative in the tourism sector is expected to provide ample growth opportunities in the upcoming years.
*Report coverage & details: *
Report Coverage Details
Forecast Period 2023–2032 Base Year 2022 Market Size in 2022 $599.4 billion Market Size in 2032 $1.1 tillion CAGR 6.6%
No. of Pages in Report 250
Segments Covered Tourist Type, Booking Channel, and Region Drivers Rising number of travelers Growth of ecotourism Increasing government initiatives Opportunities Increasing government initiatives in the tourism sector
Restraints Lack of market penetration in underdeveloped countries is hindering the market growth *Covid-19 Scenario**:* • The pandemic has resulted in unprecedented economic impacts on tourism globally. Tourism is one of the world's major economic sectors, accounting for 7% of global trade in 2019. However, it has been severely affected by the pandemic, impacting economies, livelihoods, public services, and overall global trade.
• Many countries heavily reliant on tourism experienced substantial economic challenges. In some countries, tourism represents over 20% of their GDP, making it a crucial sector for their economies.
• The recovery of the global tourism sector is expected to take time. A full recovery of the sector is not anticipated until 2024. The timeline for recovery depends on various factors, including the control of the pandemic, vaccination rates, travel restrictions, and consumer confidence in traveling.
*Procure Complete Report (250 Pages PDF with Insights, Charts, Tables, and Figures): **https://www.alliedmarketresearch.com/checkout-final/869f16370d7762ebcd07f0df36581c92* *The mobile application segment to **maintain** its leadership status throughout the forecast period*
Based on booking channel, the mobile application segment held the highest market share in 2022, accounting for more than two fifths of the global tourism sources market revenue and is estimated to maintain its leadership status throughout the forecast period and this segment is also projected to manifest the highest CAGR of 9.1% from 2023 to 2032. The rise in popularity of smartphones and other mobile devices, as well as the development of mobile technology and the accessibility of online travel booking platforms, have contributed to the trend toward application booking for source tourism.
*The group segment to **maintain** its lead position throughout the forecast period*
Based on tourist type, the group segment held the highest market share in 2022, accounting for more than two fifths of the global tourism sources market revenue and is estimated to maintain its leadership status throughout the forecast period. The market for source tourism among group travelers is growing in a number of ways owing to the integration of technology. The solo segment is the fastest-growing segment and is projected to manifest the highest CAGR of 7.5% from 2023 to 2032. Solo travel has gained popularity in recent years, with a significant rise in the number of women embarking on solo trips.
*Europe to **maintain** its dominance by 2032*
The Europe region held the highest market share in 2022, accounting for nearly half of the global tourism sources market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to Europeans distinct travel patterns that are characterized by summer peak seasons and seasonal holidays like Christmas and Easter. However, the Asia-Pacific region is projected to manifest the highest CAGR of 7.5% from 2023 to 2032. This is attributed to increased disposable incomes brought about by the Asia-Pacific region's rapid middle-class growth have led to a higher desire for international travel among a wider segment of the population.
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*Leading Market Players: -*
Expedia, Inc.
TUI Group
TripAdvisor LLC
Delta Air Lines, Inc.
Ryanair Group
Italia Trasporto Aereo S.p.A.
Vueling Airlines SA
Airbnb, Inc.
Booking Holdings, Inc.
Iberia Express, S.A.
The report provides a detailed analysis of these key players in the global tourism source market. These players have adopted different strategies such as new product launches, business expansion, partnerships, mergers, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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