Tourism Source Market Size, Share, Forecast 2030

Tourism Source Market

Tourism Source Market By Tourist Size (Solo, Group, Others), By Booking Channel (Websites, Mobile Applications, Travel Agencies, Others), and By Region – Global, and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts for 2023 – 2030

Category: Automotive Report Format : PDF Pages: 220 Report Code: ZMR-6984 Published Date: Apr-2023 Status : Published
Market Size in 2022 Market Forecast in 2030 CAGR (in %) Base Year
USD 2,003.68 Billion USD 2,677.77 Billion 3.86% 2022

 

Industry Prospective:

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. The report analyzes the global Tourism Source market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the tourism source industry.

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Tourism Source Market: Overview

Tourism is a leisure-based economic activity that connects countries and places around the world. There are two markets in tourism, the first is the tourist source market from which tourists visit the destination, and the second market is called the tourist host market, which generates tourist flows. Travel restrictions aimed at stopping the spread of the virus across international borders have suppressed international tourism. The tourism source market has great potential because people from the source location visit other places for leisure and entertainment. Potential and actual tourist attractions are the primary tourism resources of any given area. This is tourism based on the natural attractions of the area. Examples include bird watching, photography, stargazing, camping, hiking, hunting, fishing, and visiting parks. These seasoned travelers are drawn to a variety of natural and cultural resources, which is likely to help this market grow exponentially during the forecast period.

Key Insights

  • As per the analysis shared by our research analyst, the global tourism source market is expected to grow annually at a promising CAGR of around 3.86% during the forecast period 2023-2030.
  • In terms of revenue, the global tourism source market size was valued at around USD 2,003.68 billion in 2022 and is expected to reach USD 2,677.77 billion by 2030.
  • The rising number of tourism activities to stimulate the tourism source market growth during the forecast period.
  • Based on Tourist size, the Group segment held the dominating market share during the forecast period.
  • Based on booking channels, the website’s segment held the largest market share during the forecast period.
  • Based on region, North America is expected to dominate the market during the forecast period.

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Tourism Source Market: Growth Drivers

Rising number of tourism activities to stimulate market growth

The growing interest of residents to visit other destinations at home and abroad, as well as the growing tradition of participating in recreational activities, is likely to increase the demand for tourism activities. In addition, outbound tourism, westernization, urbanization, and income growth in developing countries are helping the market grow. In addition, increased promotional activities in the host market as well as participation in social media and online channels have also contributed to the rapid growth of the market. In addition, economic stabilization in developing countries and improving infrastructure with increasing population are also some of the major aspects driving the growth of the global tourism sources market. Thus, these factors along with growing developments and technological advances will help to boom the overall market during the forecast period.

Tourism Source Market: Restraints

Lack of market penetration in underdeveloped countries is hindering the market growth

In underdeveloped countries with low-income populations, the tourism source market is unable to hold a strong foothold. This is mainly due to low internet connectivity, lack of infrastructure development, and the presence of rural areas. In addition, lack of tourism planning, insufficient government support, poor transport systems, along with lack of knowledge are some of the inhibiting factors for the tourism industry. This in turn restricts the growth of the global tourism source market.

Tourism Source Market: Opportunity

Increasing government initiatives in the tourism sector

Tourism is one of the major parts of several national economies which is why major investments are expected to happen in developed and developing countries over the forecast period. For instance, the United States invested the most money in the travel and tourism business of any country, with a total of USD 210 billion in 2019. China came in second place, with a total capital investment of USD 170 billion. In 2019, these two nations had the biggest direct contribution to GDP. Furthermore, initiatives such as UDAN, eVISA, PRASAD, and the reduction of GST measures taken by the government of India are supporting the sector's growth.

Furthermore, initiatives like Dekho Apna Desh, Swadesh Darshan Scheme, and Vibrant Villages program have been launched to promote the tourism sector. This program aims to promote thematic tourism to promote, develop and exploit India's tourism potential. As of March 2022, the Ministry of Tourism has sanctioned Rs 5,500 crore under this scheme and has approved more than 76 projects in 31 states/UTs. Thus, increasing government initiatives in the tourism source market. Moreover, Europe is also investing more to maintain its position as a top tourist destination. The European Commission is participating in projects to increase worker skills and mobility, notably through participation in global digital networks and assistance to tourist entrepreneurs. All such initiatives by several nations will support the global tourism source industry growth.

Tourism Source Market: Challenges

The lack of tourism infrastructure is a major challenge to market growth.

Lack of proper tourism infrastructure is still a significant problem for the tourist industry in low-income countries. This includes hotels, connections to neighboring cities, health care, and transportation, among other things. The main cause of this lack of concern is a misallocation of funds in the budget. Along with this, concerns regarding safety & security and inaccessibility are also equally responsible for the slow growth of the tourism source industry.

Tourism Source Market: Segmentation

The global tourism source market is segmented into tourist size, booking channel, and region.

According to the tourist size, this market is divided into groups, solo, and others. Of these, the group segment held the largest market share in 2022. Group travel is a group of people who want to travel with other people who have the same interests. Group travel refers to organized multi-day trips that individuals have pre-booked where they meet other groups of travelers who have booked the same trip. These groups can range from a few people to full buses of 50 or more passengers. Group Tour is one of the most popular plans among travel companies and budget travelers as it is a very cheap and relatively reliable service to get you to your desired travel destinations.

According to booking channel, the market is divided into mobile applications, websites, travel agencies, and others. Among these, the website segment holds the largest market share, while the mobile application segment is expected to witness rapid growth during the forecast period. Booking channels are the ways in which tourism products and services are made available to consumers. Tourism products are usually sold directly by the main seller or through several intermediaries. In the case of brokers or wholesalers, this is called indirect selling. Online Booking System is a software solution and booking system that allows guests to easily book and pay for their tours and activities online. Some of these systems also include tour operator reporting software and other easy-to-use tools to help you increase efficiency and bookings.

Recent Developments:

  • In November 2021, RENFE, Spain's national rail operator, revealed plans to construct a high-speed service connecting London and Paris. Industry experts believe that this will create an opening for a lengthier direct rail link between the United Kingdom and Spain.
  • In November 2021, the first chapter of the UNESCO Sustainable Travel Pledge was launched by Expedia Group in collaboration with UNESCO and the Tourism Authority of Thailand (TAT). Since then, prominent hotel chains such as Iberostar and Accor have joined the UNESCO Pledge, forging unique links throughout the travel sector in order to build a travel ecosystem that promotes sustainable tourism.

Tourism Source Market: Report Scope

Report Attributes Report Details
Report Name Tourism Source Market Research Report
Market Size in 2022 USD 2,003.68 Billion
Market Forecast in 2030 USD 2,677.77 Billion
Growth Rate CAGR of 3.86%
Number of Pages 220
Key Companies Covered Ryanir, Renfe, Expedia, Air Malta, Vueling, Airbnb, Booking.com, Iberia Express, Alitalia, and Goibibo.com
Segments Covered By Tourist Sizes, By Booking channel, And By Region
Regions Covered North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)
Base Year 2022
Historical Year 2017 to 2021
Forecast Year 2023 - 2030
Customization Scope Avail customized purchase options to meet your exact research needs. Request For Customization

Tourism Source Market: Regional Analysis

North America is expected to dominate the market during the forecast period                 

North America leads the global tourism source market with over 38 percent share. The United States has a large share of the regional market. The US domestic tourism sector is an important contributor to the regional economy, with US domestic travel spending reaching nearly USD 975 billion in 2019. In addition, the amount of tourism activity in the United States is expected to double in the near future. In addition, it is hoped that the market in Europe will also grow far above estimates. Of all major countries, Spain is one of the leading European countries in terms of domestic and international tourism spending, with a domestic tourism market more than eight times the size of the international tourism sector.

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The Asia Pacific is expected to grow at the fastest rate during the forecast period. The growth in the region is owing to the presence of the fastest-growing economies including China and India. Moreover, the escalating middle-class population income and growing urbanization are significant factors that rises the demand for the tourism source market. For instance, as per United Nations Human Settlements Programmed, Asia's urban population is projected to increase by approximately 50% by 2050, which is an additional 1.2 billion people.

Tourism Source Market: Competitive Analysis

Key players operating in the global tourism source market are expanding their market reach by offering attractive discounts and services. Some of these players include:

  • Ryanir
  • Renfe
  • Expedia
  • Air Malta
  • Vueling
  • Airbnb
  • Booking.com
  • Iberia Express
  • Alitalia
  • Goibibo.com

The Global Tourism Source Market is segmented as follows:

By Tourist Sizes

  • Solo
  • Group
  • Others

By Booking channel

  • Websites
  • Mobile application
  • Travel Agencies
  • Others

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

FrequentlyAsked Questions

Tourism is a leisure-based economic activity that connects countries and places around the world. There are two markets in tourism, the first is the tourist source market from which tourists visit the destination, and the second market is called the tourist host market, which generates tourist flows.

The growing interest of residents to visit other destinations at home and abroad, as well as the growing tradition of participating in recreational activities, is likely to increase the demand for tourism activities. In fact, it serves to increase the demand in the tourism source market and thus leads to market expansion.

According to the report, the global 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.

The global Tourism Source market is expected to grow at a CAGR of 3.86% during the forecast period.

The global Tourism Source market growth is expected to be driven by North America. It is currently the world’s highest revenue-generating market owing to the increasing demand for aims to promote thematic tourism.

Key players operating in the global tourism source market are expanding their market reach by offering attractive discounts and services. Some of these players include Ryanir, Renfe, Expedia, Air Malta, Vueling, Airbnb, Booking.com, Iberia Express, Alitalia, and Goibibo.com

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