Tourism Source Market - Global Industry Analysis

Tourism Source Market By Booking Channel (Websites, Mobile Applications, Travel Agencies, Others) Tourist Size (Solo, Group, Others), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2028

Category: Automotive Report Format : PDF Report Code: ZMR-6984 Status : Upcoming

Description

Industry Prospective:

The global tourism source market is estimated to grow with a compound annual growth rate (CAGR) of approximately 3.9 percent over the forecast period. The report analyzes the tourism source market’s 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 market.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Tourism Source Market: Overview

Tourism is a leisure-based economic activity that connects many nations and locations across the world. In tourism, there are two sectors. The first is the tourism source market, which is where travelers go to visit the destination of the second market, which is termed the tourism host market, and which therefore produces the tourist flow. People from the source areas are visiting other places for leisure, enjoyment, and fun-related activities, thus the tourism source market has a lot of potential. This market is projected to expand in the near future.

COVID-19 Impact:

The tourist sector was severely disrupted by the incidence of the coronavirus (COVID-19) pandemic in 2020, since regular travel was not allowed and several locations were put under lockdown. Travel restrictions meant to halt the spread of the virus across international boundaries wreaked havoc on international tourism. Because many tourists were unable to travel abroad, many resorted to relaxing in their residential neighborhoods. However, it is predicted that the market will progress slowly with the occurrence of pre-pandemic conditions, as people are expected to come out for relaxation or leisure. This is expected to support the market's growth over the forecast period.

Tourism Source Market: Growth Drivers

Increase in the number of tourism activities to boost the market growth

Increased interest among the population in visiting other destinations both outside and within their countries, as well as a growth in the tradition of participating in leisure activities, is likely to enhance demand for tourist activities. As a result, this serves to raise demand from the tourist source market, thereby leading to market expansion. Moreover, foreign tourism, westernization, urbanization, and growth in disposable income in emerging countries, all help to boost the market growth.

In addition to this, increased advertising-related actions by host markets, as well as participation in social media channels and the internet, help the market to grow at a rapid pace. Furthermore, stabilizing economy in developing countries and improving infrastructure with a rise in population are also some of the key aspects that are driving the growth of the tourism source market.

Tourism Source Market: Restraints

Less penetration of the market in underdeveloped countries to hinder the market growth

In underdeveloped or countries with low-income populations, the tourism source market is unable to hold a strong foothold. This is majorly attributed to low internet connectivity, lack of infrastructure development, and the presence of rural areas. Further, no tourism planning, dearth of government support, poor transportation system as well as lack of knowledge are also some of the factors that serve as some barriers to tourism. This in turn limits the market growth.

Tourism Source Market: Opportunities

Increasing government initiatives in tourism sector expected to offer better market growth opportunities.

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 reduction of GST measures taken by the government of India are supporting the sector's growth. 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 market growth.

Tourism Source Market: Challenges.

Lack of tourism infrastructure poses major challenge to the growth of the market.

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 market.

Tourism Source Market: Segmentation

The global tourism source market is segmented as tourist size, booking channel, and region. Based on tourist size, the market is categorized into group, solo, and others. The booking channel segment of the market is bifurcated into mobile applications, websites, travel agencies, and others. Among these, websites segment holds the largest share of the market, whereas the application segment is projected to register rapid growth over the forecast period.

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: Regional Landscape

Global market projected to be led by North America with the largest share

North America led the global tourism source market with over 38 percent of shares. The United States contributes a large share in the regional market. The domestic tourism sector in the US is a noteworthy contributor to the regional economy, in 2019 domestic travel spending in the U.S. reached nearly USD 975 billion. Besides, the number of tourist activities in the US is expected to double in the near future. Further, the market in Europe is also expected to grow at a significant rate over the forecast. Among all the major countries Spain ranked among the top European countries in terms of domestic and international tourist spending, with a domestic tourism market that is more than eight times larger than the international tourism sector. Rapid growth of the market can be seen in Asia Pacific over the forecast period. China, India, and Japan are among the major revenue contributing countries in the region. In India, for example, domestic travel is 68 times more common than foreign travel because people are more eager to explore the country's cultural and historical sites, which is likely to support the market growth to a major extent.

Tourism Source Market: Competitive Landscape

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

Global tourism source market is segmented as follows:

By Tourist Size

  • Solo
  • Group
  • Others

By Booking Channel

  • Websites
  • Mobile Applications
  • 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

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FrequentlyAsked Questions

Increased interest among the population in visiting other destinations both outside and within of their countries, as well as a growth in the tradition of participating in leisure activities, likely to enhance demand for tourist activities. As a result, this serves to raise demand from the tourist source market, thereby leading to market expansion. Moreover, foreign tourism, westernization, urbanization, and growth in disposable income in emerging countries, all help to boost the market growth. In addition to this, increased advertising-related actions by host markets, as well as participation in social media channels and the internet, help the tourist source market to grow at a rapid pace. Furthermore, stabilizing economy in developing countries and improving infrastructure with a rise in population are also some of the key aspects that are driving the growth of the tourism source market.

According to the Zion Market Research report, the global tourism source market is predicted to grow with a compound annual growth rate (CAGR) of around 3.9 percent.

North America led the global tourism source market with over 38 percent of shares. The United States contributes a large share in the regional market. The domestic tourism sector in the US is a noteworthy contributor to the regional economy, in 2019 domestic travel spending in the U.S. reached nearly USD 975 billion. Besides, the number of tourist activities in the US is expected to double in the near future.

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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