Domestic tourism expenditure on road passenger transport services in South Africa stood at 46.5 billion South African Rands in 2023. Post-2019, the year-on-year variations show a recovery trajectory with an 8.56% increase in 2021 and a 3.27% increase by 2022, albeit with a slight dip in the growth rate in 2023 at 2.83%. The last five-year compound annual growth rate (CAGR) leading up to 2023 reflects a robust growth of 10.21%, indicating a strong recovery from earlier declines.
Forecasts suggest a steady upward trend with the market expected to grow at a forecasted 5-year CAGR of 2.12%, reaching 53.19 billion by 2028, which translates to an overall growth rate of 11.04% from 2023 to 2028.
Future trends to watch for:
- Impact of economic conditions and consumer confidence on travel expenditures.
- Potential technological advancements in road passenger transport services.
- Influences of government policies and infrastructure investments.
- Effects of environmental considerations and sustainable tourism initiatives.
