Travel Services Industry Market Research & Statistics

 
  • Currently 5/5 Stars.
  • 1
  • 2
  • 3
  • 4
  • 5
1 vote
Share

Global Travel Services Industry

 

The global travel and tourism sector continues to witness strong growth in both international and domestic segments, reports Global Industry Analysts. The business travel sector topped recovery expectations following the 2009 recession. However, growth is being slowed by political and economic tumult in Africa, the EU and the Middle East, reports Euromonitor International. Growth in other regions, such as Latin America and Asia Pacific, should help to offset the latter. The industry has also witnessed expansion through re-investment of revenue in new services.

 

Global demand for travel insurance declined due to the economic recession and falling levels of disposable income, reports IBIS World. Market growth rebounded in 2010 partly due to consumer awareness as to the risk of flight delays and cancellations, which saw more travelers opt for insurance to recover losses incurred. Over the next five-year period, the global travel insurance sector is forecast to continue recording strong growth and should see leading companies venture into niche markets such as those represented by business travelers and students.

 

 

Regional Market Share

 

  • Europe’s online travel market witnessed a 20% increase in online bookings between 2010 and 2010, according to research from yStats. The UK is forecast to retain the largest market share in 2013, with Germany and France in second and third place, respectively. Expedia recorded the strongest number of single visitors in the EU in 2011, with Priceline recording the second-highest number in the same year. Over 50% of UK travelers bypass travel agents in favor of booking online firsthand. Similarly, over 50% of internet users availed of online travel and accommodation services in 2011. Italy’s online travel market represented almost 50% of bookings.

 

  • China has the biggest internet user base worldwide, with more than 450 million users, or equivalent to almost a quarter of the world’s internet users. NetScribes reports the Chinese online travel sector saw more than 35% yearly growth up to 2012. Market growth is driven by rising internet usage and an expanding base of mobile internet subscribers, recording 45% yearly growth. Online travel booking will continue to be driven by an expanding middle class, rising levels of income and a base of credit card holders that has been recording close to 25% yearly growth. A growing tourism industry, evolving consumer lifestyles and a loosening of visa-related constraints on Chinese travelers will continue to boost the travel services market. Outbound travel witnessed yearly growth of almost 17% up to 2012. Factors that may slow growth include a lack of automation and increasingly stiff competition among market leaders. Legislation concerning foreign-invested travel agency also continues to prove an obstacle for foreign outfits. Legislation concerning foreign-invested travel agencies has limited the entry of foreign travel outfits into China’s domestic online travel sector. The country’s online travel industry is expected to see leading players focus on expanding existing ranges of service and avail of online communities to promote business.

 

  • India’s online travel industry is benefiting from increasing awareness and confidence in online business, reports NetScribes. As in other countries, India’s online travel sector is fuelling the e-commerce sector. Factors fuelling online travel bookings include increased broadband penetration, rising levels of disposable income, a highly efficient railway portal and extensive offers from low-cost airlines.

 

  • Indian travelers are increasingly comfortable with making online bookings due to the rise of secure payment options. In terms of inbound tourism traffic, India’s popularity in the global medical tourism sector has boosted traffic. Potential obstacles to India’s travel service sector include intense competition together with low margin and rising operating costs, which could negatively impact profit margins. As awareness as to the availability of online portals remains relatively low, the country’s travel service sector would benefit from advertising campaigns to boost awareness. Online travel agencies continue to promote awareness in a bid to attract customers by offering discounts.

 

 

Market Outlook

 

There is high-growth potential in the travel and leisure services sector, reports Global Industry Analysts. The sector is expected to continue to benefit from a rise in consumer spending on travel both in terms of holidays and business travel. Trends in the industry include the rising popularity of unconventional destinations over traditionally popular places. Over the coming years, other trends will include increasing popularity of EU travel and multi-generational family trips.

 

 

Leading Industry Associations

 

ReportLinker.com offers immediate download access to top market reports & statistics on the Travel Services Industry from trusted sources.
1-10 of about 6 100 reports

Global Travel Services Industry

  • January 2015
    23 pages
  • Travel Services  

  • France  

    Italy  

    United States  

View report >

Travel Services Industry in the US

  • March 2015
    16 pages
  • United States  

View report >

Travel Services Markets in Europe

  • June 2014
    10 pages
  • Travel Services  

  • Europe  

View report >

Travel Services Industry in Asia and China

  • January 2014
    10 pages
  • Travel Services  

  • China  

    Asia  

View report >

Travel Services Trade in Canada and Japan

  • June 2014
    7 pages
  • Travel Services  

  • Canada  

    Japan  

    North America  

View report >

Travel Services Industry in France

  • September 2014
    38 pages
  • Travel Agency  

    Package Holiday  

    Travel  

  • France  

    Philippines  

    Europe  

View report >

Travel Services Industry in Germany

  • September 2014
    8 pages
  • Germany  

View report >

Travel Services Analysis in Italy Forecast

  • March 2015
    6 pages
  • Travel Services  

  • Italy  

View report >

Travel Services Statistics in the UK

  • March 2015
    29 pages
  • United Kingdom  

    Europe  

    United States  

View report >

Travel Services Trade in Canada and Saudi Arabia

  • January 2015
    7 pages
  • Travel Services  

  • Canada  

    Saudi Arabia  

    North America  

View report >


About 1 500 reports

Purchase Reports From Reputable Market Research Publishers
(From $ 55 - $ 4 000)

Opportunity in Travel and Tourism Industry in India - 2015 ; Market size, Market share, Market landscape, Market trend analysis, Growth drivers, Future opportunity, Future

Opportunity in Travel and Tourism Industry in India - 2015 ; Market size, Market share, Market landscape, Market trend analysis, Growth drivers, Future opportunity, Future

  • $ 4 000
  • Industry report
  • January 2015
  • by Feedback Business Consulting

This report provides an insight into the Opportunity in Travel and Tourism Industry current scenario, structure and practices in India. In depth market scenario includes; - Current market size estimates ...

Travel Arrangement & Reservation Services Miscellaneous ...

March 2015 $ 3 047

Miscellaneous Travel Arrangement & Reservation Service ...

March 2015 $ 3 047

Travel Arrangement & Reservation Services Miscellaneous ...

March 2015 $ 1 953

Miscellaneous Travel Arrangement & Reservation Service ...

March 2015 $ 1 953

Travel Arrangement & Reservation Services Miscellaneous ...

March 2015 $ 1 953

Miscellaneous Travel Arrangement & Reservation Service ...

March 2015 $ 1 953

Travel Arrangement & Reservation Services Miscellaneous ...

March 2015 $ 1 953

Miscellaneous Travel Arrangement & Reservation Service ...

March 2015 $ 1 953

Travel Arrangement & Reservation Services Miscellaneous ...

March 2015 $ 1 953

ReportLinker is an award-winning market research solution that finds, filters and organizes the latest industry data so you get all the market research you need - quickly, in one place.