Tourism industry has witnessed an astonishing growth over previous few years. Sparked by increasing technological advancements and transport networks all over the world, the industry has seen a steep growth. In many countries industries such as wildlife, entertainment, art, transportation, etc. have now started taking one step ahead to expand their reach to international visitors/tourists.
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The global travel and tourism industry was valued at USD 7,581 Billion in 2014 (10.0% of GDP) and was forecasted to grow by 3.8% in 2015. The global tourism industry is further envisioned to witness a year-on-year (Y-O-Y) growth rate of 3.9% and reach USD 11,382 Billion (10.6% of GDP) by 2025.
The revenue generated from visitor exports is also projected to upsurge from USD 1,384 Billion in 2014 to USD 2,141 Billion in 2025, exhibiting a CAGR of 4.0%.
Total investment on global travel and tourism sector is anticipated to swell from USD 814 Billion in 2014 at a year-on-year (Y-O-Y) growth rate of 4.7% to reach USD 1,336 Billion in 2025.
Based on type, the global tourism industry can be segmented into international tourism and local/domestic tourism
By Purpose of Travel
On the basis of purpose of travel, the global tourism industry is divided as adventure tourism, business tourism, medical tourism, religious tourism and others.
Geographically, the global tourism industry can be segmented into North America, Latin America, Western and Eastern Europe, Asia-Pacific, Middle East and North Africa (MENA) and rest of world.
Growth Drivers and challenges
Increasing per capita income in most of the emerging nations is believed to be one of the key drivers of global tourism industry.
In addition to that, promotion of tourism by certain government bodies such as UNWTO (United Nations World Tourism Organization) is also expected to escalate the global tourism industry.
However, natural calamities, terrorist activities, political unrest in many countries, outbreak of some fatal diseases such as Ebola and Swine Flu etc. are projected to restrain the growth of tourism industry in some countries of the world.
Market Size and Forecast
Europe tourism industry is the largest in the world accounting for 51% of share in 2015. Europe tourism industry is spiked by increase in number of international tourists in France, Spain, Italy, Germany and the U.K. The revenue generated from tourist travel in the U.K. accounted for USD 142.0 Billion in 2015.
North America travel and tourism industry accounted for USD 1,412 Billion in 2015.
With USD 1,218 Billion of revenues in 2015, the U.S. is the largest travel and tourism market in North America followed by Canada with USD 98.2 Billion. The U.S. tourism market is further anticipated to witness a CAGR of 4.5% and reach at USD 1,515 Billion in 2020.
The global tourism industry is very competitive and includes some of the top players such as Aban Offshore Ltd, Crown Ltd., Accor Group, Balkan Holidays Ltd, G Adventures, Fred Harvey Company, etc.
Contact Key extracts from the Table of Content of Tourism Industry Market 2015-2021 report:
Tourism Industry Market Size and Forecast, 2015-2021
Tourism Industry Market CAGR for the Period 2015-2021
Tourism Industry Market Y-O-Y for the Period 2015-2021
Tourism Industry Market Demand & Supply Analysis
Tourism Industry Market Investment Attractiveness
Tourism Industry Market BPS Analysis
Tourism Industry Market Dynamics – Trends, Drivers, Challenges, and Opportunities
Tourism Industry Market Competitive Landscape Analysis
Tourism Industry Market Investment Proposition, by Geography
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