Part
01
of one
Part
01
The Global Tours & Activities Market
Key Takeaways
- The global size of the tours and activities reservations market in the year 2020 is $158.5 trillion.
- The global domestic tourism market, as of 2020, had a market size of $1.22 trillion.
- The global travel activities market has an estimated size of $66.84 billion.
Introduction
This report contains the market sizes of the following global markets; tours and activities reservations, domestic tourism, and travel activities.
Global Tours and Activities Reservations Market
- The global tours and activities reservations market was estimated at $158.5 trillion in 2020.
- The market is expected to grow at a CAGR of 7.7% from 2020 to 2027. At this rate, the market will reach an estimated size of $266.7 trillion by 2027.
- The US alone represents about 27% of the global figure, with an annual size of $42.8 trillion.
- China holds the second position, with an estimated market size of $27.6 trillion in 2020. It is expected to continue at a CAGR of 11.7% and reach $59.9 trillion by 2027.
- The following are other key markets and their forecasted CAGR from 2020 to 2027;
Calculations
- US Global Tours and Activities Reservations Market Size as a Percentage of Global Tours and Activities Reservations Market.
Hence, $42.8 trillion/$158.5 trillion * 100 = 27%
- China's 2020 Global Tours and Activities Reservations Market Size.
Hence, using a CAGR calculator, China's 2020 market size = $27.61 trillion.
Local Experiences Market (Domestic Tourism)
- The market size of the global domestic tourism market as of 2020 is $1.22 trillion.
- At a projected CAGR of 13.4%, the market is expected to reach $6.73 trillion by 2030.
- The Asia-Pacific region accounts for the largest share of the domestic tourism market with a 40% market share and is projected to hold this position until 2030.
- Latin America, the Middle East, and Africa (LAMEA) is the fastest-growing region and is expected to grow at a CAGR of 15.7% from 2021 to 2030.
Travel Activities Market
- According to a 2021 report by Research and Markets, the global travel market is expected to grow by $451.19 billion during the forecast period of 2022-2026 at a CAGR of 13.86%.
- Based on these figures, the 2022 market size of the global travel market is estimated to be $668.4 billion.
- In 2016, the travel activities market accounted for 10% of the global travel market.
- Assuming that the 10% market share remains constant, the travel activities market has a current size of $66.84 billion.
- The Global Travel Activities Report by Market Reports World is a 126-page paywalled research report on the travel activities market, including key players, demographic profile, size, other quantitative information, and distribution by activity and geography.
Calculations
- Global Travel Market Size
Forecasted CAGR (2022-2026)= 13.86% per year
Using 2022 as the base year, we compared the 2022 market size to the 2026 market size by estimating the annual growth rate as follows:
- Market size 2022 = 1
- Market size 2023 = (1 + 13.86/100) =1.1386
- Market size 2024 = 1.1386 * (1+13.86/100) = 1.296
- Market size 2025 = 1.296 * (1+13.86/100) = 1.473
- Market size 2026 = 1.473 * (1+13.86/100) = 1.675
Therefore, between 2022 (1) and 2026 (1.675), the size of the global travel market is projected to increase by 67.5%, which equates to $451.19 billion.
Hence, the 2022 market size could be calculated thus= 100/67.5 * $451.19 billion = $668.4 billion.
- Travel Activities Market size
In 2016, the travel activities market represented 10% of the global travel market. Assuming that this percentage remains constant, the market size of travel activities in 2021 will be 10% of the travel market size in 2021.
Hence, the Global Travel Activities Market Size = 10%* $668.4 billion = $66.84 billion
Research Strategy
In answering this request, the research team utilized reputable reports from industry leaders and research companies such as Allied Market Research and Research and Markets.
To provide the global size of the tours and activities market, we began by searching industry websites and reports such as the World Travel and Tourism Council (WTTC). When this strategy failed, we examined reports from research companies like Allied Market Research and IBIS World for recent data on the required markets. The reports found through this strategy are either dated or behind paywalls.
We pivoted to synonyms of each market and their proxies. This strategy provided precompiled information and data used in calculating the final figures.
We used the global size of the tours and activities reservations market as a proxy for the tours and activities market. The tours and activities reservations market includes travel packages, flight booking, hotel reservations, explore activities, etc. Typically, revenue made in the tours and activities market comes through reservations for flights, accommodation, tours, and more.
The domestic tourism market is a synonym for local experiences, since consumers are attending activities in their local areas or within their country of residence.