The global travel & tourism industry is growing – 23.2% of the tourism revenue was generated from business travel
As per World Travel and Tourism Council (WTTC), the global travel & tourism industry has grown from US$ 6.03 Trillion in 2006 and reached US$ 8.27 trillion by 2017 growing at a CAGR of 2.9%. global travel
Across the globe, the rise in the middle-class population, the rise in travels by the millennial population compared to other generations, increased awareness among youth about travel destinations with growth in social networks, and a decrease in the cost of air travel is increasing the number of people travelling across the globe.
The rise in the number of international travel departures across the world and leisure travel is driving the global travel & tourism market. As per World Bank, the number of international travel departures increased from 633.4 million in 1995 to 1.57 billion in 2017 increasing at a CAGR of 4.2% from 1995 till 2017. In 2016, globally as per WTTC, about 76.8% of travel revenue was generated from leisure travel and 23.2% of the revenue was generated from business travel.
The rise in the number of leisure travelers across the world is increasing the market size of the travel and tourism industry. Thus, the rise in the number of international travel departures, rise in leisure travel and rise in disposable income and travel promotions by international bodies such as United Nations World Tourism Organization (UNWTO) is increasing the market size of the travel and tourism industry.
Major companies operating in the global travel & tourism market including TUI Group, Hilton Worldwide Holdings Inc., Carnival Corporation & plc, AiRBNB Inc., Crown Resorts Ltd., Accor plc, Balkan Holidays Ltd., G Adventures, Adris Grupa d.d., and OYO Rooms.
The Transparency Market Research study provides a conclusive view of the global travel & tourism market by segmenting it in terms of travel days, travel type, and application. global travel
Here are some of the most important facts about global travel:
- The global travel industry is one of the world’s largest, contributing trillions of dollars to the global economy each year.
- The COVID-19 pandemic has significantly impacted global travel, with travel restrictions, border closures, and reduced demand for travel.
- The most popular destinations for international travel include Europe, Asia, and North America.
- Air travel is the most common mode of transportation for international travel, with many countries having one or more major international airports.
- Travel and tourism are major drivers of job creation, particularly in developing countries, with millions of people employed in various sectors of the travel industry.
- Climate change and sustainability are growing concerns in the travel industry, with efforts underway to promote sustainable tourism practices and reduce the industry’s environmental impact.
- Travel trends are constantly evolving, with more travelers seeking unique and authentic experiences, as well as eco-friendly and socially responsible travel options.
Overall, global travel is an important and dynamic industry that impacts many aspects of the global economy and society, with ongoing efforts to address its challenges and ensure its sustainability for future generations.
