The global tourism source market size was worth around USD 2,003.68 Billion in 2022 and is predicted to grow to around USD 2,677.77 Billion by 2030 with a compound annual growth rate (CAGR) of approximately 3.86% between 2023 and 2030.
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➤ The market is expected to develop due to the increasing number of tourism activities.
The demand for tourism activities is expected to rise due to the increasing interest of residents in visiting other destinations both domestically and internationally, as well as the increasing tradition of engaging in recreational activities. Furthermore, the market is expanding as a result of income growth, westernisation, urbanisation, and outbound tourism in developing countries. Additionally, the market’s rapid expansion has been facilitated by the escalation of promotional initiatives in the host market, as well as the adoption of online platforms and social media.
➤ The market growth is being impeded by the lack of market penetration in underdeveloped countries.
The tourism supply market is unable to establish a strong foothold in underdeveloped countries with low-income populations. The primary reasons for this are the presence of rural areas, the absence of infrastructure development, and the low internet connectivity. Furthermore, the tourism industry is impeded by a lack of tourism planning, inadequate government support, inadequate transportation systems, and a lack of knowledge. This, in turn, limits the expansion of the global tourism supply market.
➤ The tourism sector is experiencing an increase in government initiatives.
Tourism is a significant component of numerous national economies, which is why significant investments are anticipated to occur in both developed and developing countries during the forecast period. For example, in 2019, the United States allocated the most funds to the travel and tourism sector of any nation, totalling USD 210 billion. China ranked second with a cumulative capital investment of USD 170 billion. The direct contribution to GDP by these two nations was the highest in 2019. Additionally, the sector’s expansion is being bolstered by the government of India’s initiatives, including UDAN, eVISA, PRASAD, and the reduction of GST.
➤ The absence of tourism infrastructure poses a significant obstacle to market expansion.
The tourist industry in low-income countries continues to face a substantial challenge due to the absence of adequate tourism infrastructure. Among other things, this encompasses hotels, transportation, health care, and connections to neighbouring cities. The primary reason for this dearth of concern is the misallocation of funds in the budget. In addition, the tourism source industry’s slow development is also influenced by concerns regarding safety and security and inaccessibility.
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The Global Tourism Source Market is segmented based on product, application and region
Global Tourism Source Market: Product Segment Analysis
● Solo
● Group
● Others
Global Tourism Source Market: Application Segment Analysis
● Websites
● Mobile application
● Travel Agencies
● Others
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The global Tourism Source market profiles key players such as:
● Ryanir
● Renfe
● Expedia
● Air Malta
● Vueling
● Airbnb
● Iberia Express
● Alitalia
???? Recent Developments:
• RENFE, Spain’s national rail operator, disclosed its intentions to establish a high-speed service that would link Paris and London in November 2021. According to industry professionals, this will generate an opportunity for a more extensive direct rail connection between the United Kingdom and Spain.
• Expedia Group, in partnership with UNESCO and the Tourism Authority of Thailand (TAT), initiated the inaugural chapter of the UNESCO Sustainable Travel Pledge in November 2021. Since that time, the UNESCO Pledge has been embraced by prominent hotel chains like Accor and Iberostar, establishing distinctive connections across the travel industry to foster a sustainable tourism ecosystem.
➤ The market is anticipated to be dominated by North America during the forecast period.
The global tourism supply market is dominated by North America, with a market share exceeding 38%. The regional market is significantly dominated by the United States. The US domestic tourism sector is a significant contributor to the regional economy, with US domestic travel expenditure reaching nearly USD 975 billion in 2019. Furthermore, it is anticipated that the volume of tourism activity in the United States will double in the near future.
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