The domestic tourism global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Domestic Tourism Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The domestic tourism market size has grown rapidly in recent years. It will grow from $1,540.12 billion in 2023 to $1,783.9 billion in 2024 at a compound annual growth rate (CAGR) of 15.8%. The growth in the historic period can be attributed to economic growth, increasing disposable income, rise in middle-class population, growth in travel infrastructure, improved transportation networks.
The domestic tourism market size is expected to see rapid growth in the next few years. It will grow to $3,224.7 billion in 2028 at a compound annual growth rate (CAGR) of 16%. The growth in the forecast period can be attributed to growing interest in experiential travel, advancements in digital booking technologies, increased focus on sustainable tourism, expansion of local travel options, rise in remote work leading to travel flexibility. Major trends in the forecast period include rise in staycations and local getaways, popularity of eco-friendly tourism, use of mobile and AI technology for travel planning, expansion of customized travel packages, emergence of virtual reality in destination experiences.
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Scope Of Domestic Tourism Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Domestic Tourism Market Overview
Market Drivers –
The rising popularity of countryside and nature tourism is expected to propel the growth of the domestic tourism market going forward. Countryside and nature tourism involve traveling to rural areas and natural settings to experience and enjoy the tranquility, beauty, and outdoor activities these environments offer. The demand for countryside and nature tourism is growing due to an increasing desire for an escape from urban life, offering peace, relaxation, and a chance to connect with nature. Countryside and nature tourism significantly enhance domestic tourism by attracting visitors to rural areas, thereby spreading economic benefits across regions and reducing the pressure on urban tourist hotspots. For instance, in May 2023, according to a report published by the United Nations World Tourism Organization, a Spain-based specialized agency, in the first quarter of 2023, international tourist arrivals surged to 80% of pre-pandemic levels, with around 235 million travelers, more than doubling compared to the same period in 2022. The tourism sector showed impressive resilience, with revised data for 2022 indicating that over 960 million international tourists traveled abroad last year. This represents a recovery of two-thirds (66%) of pre-pandemic levels, highlighting the industry’s ability to rebound and regain its momentum. Therefore, the rising popularity of countryside and nature tourism is driving the growth of the domestic tourism market.
Market Trends –
Major companies operating in the domestic tourism market are focusing on shifting toward technological advances and innovation, such as AI trip planners, to enhance customer experiences and streamline travel planning. An AI trip planner is a digital tool that uses artificial intelligence to analyze user preferences and travel data to create personalized, efficient, and optimized travel itineraries. For instance, in June 2023, Booking.com, a Netherlands-based online travel agency, launched its AI Trip Planner, a new feature within its app that leverages AI and large language model technology from OpenAI’s ChatGPT API to provide a conversational and personalized travel planning experience. This tool allows users to receive tailored travel recommendations, explore destinations, and book accommodations seamlessly, all through an interactive chat interface.
The domestic tourism market covered in this report is segmented –
1) By Tour Type: Adventure, Spiritual Or Cultural, Sports, Weekend Getaways, Other Tour Types
2) By Tourism Type: Local Travel, Interstate Travel
3) By Mode Of Booking: Online, Offline
4) By Demographics: Young Adults, Adults, Seniors, Families, Groups
5) By Duration: Short-Term, Mid-Term, Long-Term
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Regional Insights –
North America was the largest region in the domestic tourism market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the domestic tourism market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the domestic tourism market are Marriott International Inc., Four Seasons Hotels Limited, Loews Hotels Holding Corporation, Relais & Châteaux International, Holiday Hospitality Franchising LLC, Hilton Worldwide Holdings Inc., Hyatt Hotels Corporation, Radisson Hospitality Inc., Accor S.A., InterContinental Hotels Group PLC, Sofitel Hotels & Resorts, Best Western International Inc., Motel 6 Operating L.P., Shangri-La International Hotel Management Ltd., Omni Hotels Management Corporation, Red Roof Inns Inc., Choice Hotels International Inc., Wyndham Hotels & Resorts Inc., Extended Stay America Inc., Kimpton Hotels & Restaurants LLC, Sonesta International Hotels Corporation, Drury Hotels Company LLC, The Ritz-Carlton Hotel Company L.L.C., La Quinta Holdings Inc., Fairmont Hotels & Resorts Inc.
Table of Contents
1. Executive Summary
2. Domestic Tourism Market Report Structure
3. Domestic Tourism Market Trends And Strategies
4. Domestic Tourism Market – Macro Economic Scenario
5. Domestic Tourism Market Size And Growth
…..
27. Domestic Tourism Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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