Pursuit of unique experience, increase in social media, and advent of mobile applications, big data analytics in the tourism industry
are expected to propel the growth of the global leisure travel market
Allied Market Research recently published a report, titled, "Leisure Travel Market by Traveler Type (Solo and Group), Sales Channel (Conventional Channels and Online Channels), and Age Group (Baby Boomers, Generation X, Millennials, and Generation Z): Global Opportunity Analysis and Industry Forecast, 2019-2026"
. According to the report, the global leisure travel industry was pegged at $953.9 billion in 2018, and is projected to reach $1,464.3 billion by 2026, registering a CAGR of 5.6% from 2019 to 2026.
Pursuit of unique experience to augment the global tourism industry, rise in social media positively impacting the travel industry, and emergence and evolution of mobile applications, big data analytics, and artificial intelligence in tourism industry have boosted the growth of the global leisure travel market. However, fluctuating fortunes for destinations and increased number of natural calamities hamper the market. On the contrary, advent of trend of eco-mmodation and increased popularity of unique destinations are expected to create lucrative opportunities in the near future.
Group segment dominates the market
Based on traveler type, the group segment held the largest share in 2018, accounted for nearly three-fourths of the global leisure travel market, as with group traveling enables travelers to take advantage of group rates and discounts offered by motels, resorts, and airline companies. However, the solo segment is projected to register the fastest CAGR of 6.9% during the forecast period, as it lets people be in charge of the whole travel schedule and offers possibility of having new experience and meeting new people. Moreover, it helps travelers to have a self-reflection and get a sense of empowerment, which is expected to increase the growth of the segment.
Online sale channels rule the market
The online sales channels segment dominated the market in 2018, accounted for more than three-fourths of the global leisure travel market, owing to increase in use of online channels for travel and accommodation and penetration of Internet and smartphones. Moreover, this segment is projected to manifest the fastest CAGR of 6.0% during the study period. The report also offers an extensive analysis of the conventional channels segment.
Asia-Pacific region held lion's share
The global leisure travel market across the Asia-Pacific region held the largest share in 2018, contributing nearly two-fifths of the market and is expected to maintain its dominance throughout the study period. Moreover, the region is anticipated to portray the fastest CAGR of 7.1% through 2026, owing to its diverse culture and attractive destinations that lure travelers from across the globe. Moreover, the growth of market in the region is expected to promote household income in the region, which supplements the market growth. The market across North America is estimated to register a CAGR of 3.4% during the study period.
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