DUBLIN–(BUSINESS WIRE)–The “Domestic Tourism Market by Location, Mode of Booking, Tour Type, and Age Group: Global Opportunity Analysis and Industry Forecast, 2021-2030” report has been added to ResearchAndMarkets.com’s offering.
The domestic tourism market size was valued at $1,226.1 billion in 2020, and is estimated to reach $6,736.1 billion by 2030, registering a CAGR of 13.4 from 2021 to 2030.
The domestic tourism industry has helped to mitigate the impact of COVID-19 at least to a certain extent. Governments around the world have taken strategic measures to rebuild and revitalize the industry while protecting jobs and businesses. In addition, many countries are developing measures to create a more sustainable tourism economy. High impact of social media on tourism industry; rise in popularity of agrotourism & ecotourism; and collective use of artificial intelligence, business analytics, and smartphones to improve user experiences while booking tourism packages and making payment are majorly contribute toward the growth of the domestic tourism market. Countries have recognized the need to prioritize products and destinations of interest to the target market and ensure that they are value for money.
As the pandemic restrictions are being liberal, the trend of rural and nature tourism has increased considerably. A recent study found that local tourists in South Korea and Thailand are shifting their preferences to travel to sparsely populated areas. Rural tourism in many countries can be further developed, especially in agricultural tourism, gastronomic tourism, and health tourism, which are prominent types of rural tourism. Surge in demand for rural tourism is likely to accelerate the growth of the domestic tourism market during the forecast period.
Furthermore, increase in exposure of people to different forms of social media has enhanced their knowledge about various trends. The social media is increasingly becoming a pseudo-travel agent. Customers are increasingly opting for travel services and products by taking advice from the people who have either stayed or traveled there before. In addition, they refer to reviews and insights detailed on various social networking sites. Views and opinions shared on sites offer better transparency with respect to products, services, and experiences. Thus, increase in social media users and rise in use of social media as tool for advertising and promotion are expected to favor the growth of the domestic tourism market.
The domestic tourism market is segmented into location, mode of booking, tour type, age group, and region. On the basis of location, the market is bifurcated into local or regional travel and interstate travel. By mode of booking, it is segregated into online travel agency (OTA) and direct booking. Depending on tour type, it is fragmented into conferences/meetings, weekend getaways, adventures tours, organized tours, holidays trip, and others.
On the basis of age group, it is differentiated into below 30 years, 30-41 years, 42-49 years, and 50 years & above. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Spain, Italy, Russia, Sweden, Switzerland, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, New Zealand, South Korea, Thailand, Malaysia, Philippines, Indonesia, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, Saudi Arabia, United Arab Emirates, Turkey, and rest of LAMEA).
Key Benefits
- The study provides an in-depth analysis of the global domestic tourism market with current trends and future estimations to elucidate the imminent investment pockets in the market.
- The report provides information regarding drivers, restraints, and opportunities with impact analysis.
- A quantitative analysis from 2020 to 2030 is provided to showcase the financial competency of the market.
- Porter’s five forces model of the industry illustrates competitiveness of the market by analyzing various parameters such as threat of new entrants, threat of substitutes, bargaining power of the buyers, and bargaining power of the suppliers operating in the market.
- Value chain analysis in the report provides a clear understanding of the roles of stakeholders involved in the value chain.
- Competitive intelligence highlights business practices followed by leading market players across various regions.
Market Dynamics
Drivers
- Surge in trend of online bookings
- Rise in inclination toward unique and exotic holiday experiences
- Increase in social media influence and its impact on travel industry
- Mobile applications, big data analytics, and artificial intelligence evolving together amidst proliferating tourism industry
Restraints
- Increase in terrorism & crime rate, political uncertainty, and natural calamities
- Inadequate support infrastructure challenging market expansion
Opportunities
- Emerging new destinations
- Demand for enhanced service standards
- Eco-friendly tourism – new trend among millennial
Companies Mentioned
- Abercrombie & Kent USA LLC
- Butterfield & Robinson
- Cox & Kings Ltd.
- Kensington Tours
- Micato Safari
- Scott Dunn Ltd.
- Tauck Inc.
- Thomas Cook India Ltd.
- Travcoa Corporation
- TUI Group
- American Express Travel
- Carlson Wagonlit Travel
- Expedia Group, Inc.
- JTB Americas, Ltd.
- Priceline
- Travel Leaders Group
- World Travel, Inc
For more information about this report visit https://www.researchandmarkets.com/r/gmlpah
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