Global Outbound Travel and Tourism Market

Outbound Travel and Tourism Market Overview

The global Outbound Travel and Tourism Market is estimated to reachUSD 36.6 billion in 2030, with a growing CAGR of 11.7 % from 2022-2030. It was valued at USD 17.7 billion in 2022. The evolution of the travel and tourism industry and increased government initiatives to develop the meetings, incentives, conferences, and events (MICE) segment and the small and medium-sized companies (SMEs) sector are driving the worldwide business travel market. Also, travel and tourism for leisure, religious, medical, cultural and other reasons increase the country’s economic growth. Improved infrastructure investment, and quick increase in the travel retail industry, on the other hand, are foreseen to give profitable chances for the growth of the corporate travel market.

What is outbound Travel and Tourism?

Outbound tourism is an influential type of tourism. Many countries rely heavily on travelers leaving their home homeland to seek an international tourism adventure. Outbound tourism is the action of traveling ‘out’ of your home country for tourism. Outbound tourism does not include purchasing goods or services before or after the trip within the tourism generating country. The most prominent factors donating to the growth of outbound tourism are the advent of low-cost travel, growth in disposable income and leisure time, and globalization. More people want to experience outbound tourism nowadays than ever before because globalization has extended up many options for use worldwide.

Growth Drivers

Increasing Movement of Ecotourism

Certainly, individuals are more worried about the climate and their travel plans’ impact than before. People are gripped with the CO2 corrosion they generate and how they should ride in greener ways. That is why ecotourism is such a tremendous deal at present. People are studying for options for environmentally responsible travel, which contains all elements of the tourism business. The improved demand for electric-powered rental cars is one minor movement of this. People’s demands are changing, and travel agencies now realize that they must consider these problems. Another movement of how people are worried about the environmental impacts of their travels is an expanded interest in rail travel and public transit. People choose to get around in cleaner and greener methods, and long-distance rail travel allows them to do exactly that.

Opportunities

Growing Attention on New Experiences

The travel and tourism industry has noticed a 59 percent advancement in the appearances of foreign visitors from 1.5 billion in 2019 reached 880 million in 2009. Tourism is also a strong force for socio-economic growth, with a rising number of national and foreign destinations witnessing notable trends in tourism. The experience economy has been developing for years, but the convention is still growing. People no prolonged traditional travel adventures as extensively as they used to. Alternatively, they would like to spend on celebrations that are once-in-a-lifetime experiences. These may not have to be amazing relations, but somehow outstanding. The rising emphasis of customers to avail good experience donates towards the growth of the travel and tourism market. It leads to a rise in travel and tourism for new markets rather than traditional domestic or international travel destinations.

Restraints

Economic Downshift due to Covid-19

Globally, the outbound travel and tourism industry contributed USD 8.9 billion to the global GDP in 2019, equaling 10.3%. However, during the worldwide Covid-19 pandemic, demand growth ended in 2020. Outbound Travel and tourism have been among the most affected industries since the beginning of the virus outbreak, with airlines on the ground, hotels closing, and travel controls implemented.

Pre Covid-19 Impact on Global Outbound Travel and Tourism Market

Before the covid-19 period, outbound travel and tourism are highly important to many countries worldwide. Outbound tourism has many positive economic impacts beyond just the tourism industry. Outbound tourism can help improve the economies of many nations by delivering economic increases in the scope of sectors such as retail, healthcare and education. Many countries depend laboriously on outbound travel tourist markets, an effective economic contributor. The outbound travel and tourism market expanded and developed before the pandemic.

Covid-19 Impact on Global Outbound Travel and Tourism Market

During the covid-19 outbreak, the global financial crisis and the lack of consumer spending post the travel intermediaries harm airline and lodging bookings have compelled the travel companies to halt their operations due to the country’s stoppage of travel and tourism. The largest business firms are suffering massive losses due to regulations imposed by the government authorities due to pandemic is one of the major hinder factors.

Post Covid-19 Impact on Global Outbound Travel and Tourism Market

After the covid-19 outbreak, the problem is reconsidering tourism for the future. Tourism is at a crossroads, and the actions put in place today will shape future tourism. Governments need to assess the longer-term importance of the crisis while capitalizing on digitalization, supporting the low carbon transition, and promoting the structural transformation needed to build a stronger, more sufferable and resilient tourism economy.

By Tourism Type Segmental Analysis

Based on tourism type segmental analysis, the market is segmented into Leisure, Religious, Cultural Tourism, Medical Tourism, Sports & Adventure and others. Sports and Adventure tourism is a form of travel involving caving, climbing, cycling, hiking, hunting, rafting, and others. Sports and Adventure Tourism is one of the rapidly expanding segments, wherein sports & adventure tourism is one of its fastest-growing segments. The Asia-Pacific region is one of the most popular travel destinations due to its containing great landscapes, good food, and lodging facilities.

By Booking Method Segmental Analysis

Based on the booking method segmental analysis, the market is segmented into Offline and Online. The online segments hold the maximum share in the global inbound tourism and travel market. Online booking providers aim to ease travel planning and bookings for travelers. The online booking travel market is driven by quick and convenient flight and hotel bookings, an advancement in customers’ trust in online payment, and the capacity to compare diverse functional travel choices. Nowadays, market players are considerably delivering travel services through mobile websites and apps, as it is one of the most selected platforms of travel bookings, especially among young professionals.

By Spent Type segmental Analysis

Based on spent type segmental analysis, the market is segmented into Air Tickets, Hotels, Insurance, etc. The hotel segment is one of the essential components of the wider service industry, catering for customers who require overnight accommodation. It is near associated with the travel and hospitality industries, although notable distinctions in scope exist.

By Regional Segmental Analysis

Based on the regional segmental analysis, the market is segmented into North America, Europe, Asia-Pacific, South America and The Middle East & Africa. The North American area is expected to notice the most significant market growth during 2022-2030, with a CAGR of 4.2%. Global visitor spending, infrastructure growth and prioritization of tourism have been essential drivers of outbound Travel & Tourism expansion in this region. Two out of the ten leading cities for international traveler expenses were in North America, with international tourists to New York spending USD 21 billion and Miami paying USD 17 billion in 2019. The World Travel & Tourism Council, which helps the global private travel & tourism industry, cast its detailed Cities Survey for 2019, which reports that North America adds USD 686.6 billion to the global Tourism GDP.

Competitors Analysis

The companies include Expedia Group, Priceline Group, Carlson Wagonlit Travel, JTB Americas Group, World Travel, Inc., American Express Travel, Travel Leaders Group, TUI Group, Booking Holdings, Inc. and other prominent players in the global outbound travel and tourism market. Key Stakeholders

• Market research and consulting firms
• Outbound Travel and Tourism Associates
• Local Governments
• Regulatory bodies
• Outbound Travel and Tourism Market
• Suppliers
• Service Providers

Recent Developments

• December 5, 2023—Expedia Group declared a series of new and extended travel partnerships across Europe today. These collaborations encompass B2B technology, promotion partnerships, and supply distribution deals. 
• In 2016, Alaska Airlines obtained Virgin America for a purchase price of USD 2.6 billion. This purchase gave Alaska Airlines and raised West Coast presence, a larger customer base, and an improved medium for growth.
• In February 2019, Best Western Hotels & Resorts declared its global hotel and resort collection World Hotels.
• The top online travel is setting assumes that help the local travel agents. Individuals can accept the help of these agents in physical stores to make their booking.
• My partner is a new app that delivers agent support and crucial information to perform valid bookings.
• The key market players are taking industries to heal from the losses of the covid-19 pandemic. The new shape of tourism will take place in the upcoming year.

Scope of the Report

Report Attribute	Details
Market Size Value in 2021	USD 4.7 trillion
The revenue forecast in 2028	USD 9.6 trillion
Growth Rate	CAGR of 3 % from 2022 to 2028.
Historical data	2017 – 2020
Base Year	2021
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	The Companies include Expedia Group, Priceline Group, Carlson Wagonlit Travel, JTB Americas Group, World Travel, Inc., American Express Travel, Travel Leaders Group, TUI Group and Booking Holdings, Inc. are the key players.

Market Modelling

By Duration

• Less than 7 Days
• 7-30 Days
• 1-6 Months
• More than 6 Months

By Tourism Type

• Leisure
• Religious
• Cultural tourism
• Medical Tourism
• Sports & Adventure
• Others

By Booking Method

• Offline
• Online

By Spent Type

• Air Tickets
• Hotels
• Insurance
• Others

By Region

• North America
• Europe
• Asia-Pacific
• South America
• The Middle East & Africa

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