Travel Market to grow by USD 2.86 Trillion from 2024 to 2028, Driven by Popularity of Experiential Travel, AI Impact on Market Trends - Technavio

NEW YORK, Feb. 14, 2025 /PRNewswire/ -- Report on how AI is redefining market landscape - The travel market and it is set to grow by USD 2.86 trillion from 2024 to 2028. However, the growth momentum will progressing at a CAGR of 11.1% during the forecast period, according to Technavio. The travel market is fragmented, and the vendors are seeking strong partnerships with automotive, industrial, and commercial companies to compete in the market. Accor S.A., American Express Global Business Travel GBT, Balkan Holidays Ltd., BCD Travel Services BV, Booking Holdings Inc., Carlson Inc., Corporate Travel Management Ltd., Expedia Group Inc., Fareportal Inc., Flight Centre Travel Group Ltd., G Adventures, JPMorgan Chase and Co., JTB Corp., MakeMyTrip Ltd., Marriott International Inc., Omega World Travel Inc., PT Global Digital Niaga, Traveloka, The Scott Travel Group Ltd., Travel Leaders Group Holdings LLC, World Travel Holdings, and World Travel Inc. Are some of the major market participants -. To know about the vendor offerings - Request a sample report

Travel Market 2024-2028: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The travel market report covers the following areas:

• Travel Market Size
• Travel Market Trends
• Travel Market Industry Analysis
• Porter's Five Forces Analysis
• Customer Landscape

The travel market is fragmented, and the degree of fragmentation will accelerate. The growing popularity of experiential travel will offer immense growth opportunities. However, the Threat from growing terrorism will hamper the market growth

Travel Market 2024-2028: Drivers & Challenges

Modern travelers prioritize authentic experiences over material possessions, seeking to connect with local cultures and communities. Experiential travel provides a deeper understanding of a destination's way of life and people. Younger travelers value creating memories and stories to share, and social media has fueled a culture of sharing unique experiences. Travel companies can cater to this trend by offering activities that align with travelers' values and interests, generating captivating content for social media platforms. This not only benefits the travelers but also promotes the destination and the company.

Terrorism has significantly affected the travel industry since its rise globally, particularly after 2016. The primary objective of terrorist acts is to instill fear among people, altering their travel plans. For instance, an explosion occurred on January 1, 2023, at a checkpoint near Kabul International Airport in Afghanistan, resulting in injuries and fatalities. This incident, situated just 200 meters from the commercial airport, directly impacted industries like hotels and travel activities. Additionally, border clearance procedures have become more stringent and time-consuming due to heightened security measures, making travel a tiresome process.

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Segment Overview 

This travel market report extensively covers market segmentation by

• Sector
• Transportation
• Hotel
• Travel Activities
• Type
• Leisure
• Business
• Geography
• APAC
• Europe
• North America
• South America
• Middle East And Africa
• Tour
• Customized & Private Vacations
• Safari & Adventure
• Cruises, Yachting & Small Ship Expeditions
• \Celebration Journeys
• Culinary Travel & Shopping
• Luxury Trains
• Age
• 21 – 30 Years
• 31 – 40 Years
• 41 – 60 Years
• 60 And Above

1.1 Transportation- The global travel market has experienced significant growth due to the improving economy and increased tourism. This growth has led to increased revenue for airlines and associated taxes, contributing to economic development. Tourists now have the ability to customize their travel experiences through tourism packages and collaborations between tourism firms, resorts, and helicopter companies. Traditionally, tourists selected standard options, but with the rise of the Internet and social media, they can research and customize their travel needs. This trend encourages exploration of off-beat locations and influences tourism companies to adapt. Attractive offers and discounted prices for customized transportation packages are driving growth in the transportation segment of the global travel market. Business travel is also leveraging this segment, with competition between legacy and low-cost carriers leading to anticipated price reductions. These factors are expected to continue driving growth in the transportation segment of the global travel market.

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Travel Market 2024-2028: Key Highlights

• CAGR of the market during the forecast period 2024-2028
• Detailed information on factors that will assist travel market growth during the next five years
• Estimation of the travel market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the travel market across APAC, Europe, North America, South America, and Middle East and Africa
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of travel market vendors

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio