The Business Research Company’s report on the Amusement Parks Global Market Report 2025 Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
Which emerging drivers are set to accelerate the growth of the luxury travel market further?
The increasing demand for adventure and experiential travel is expected to propel the growth of the luxury travel market going forward. Adventure and experiential travel are forms of tourism that are usually remote or challenging, stress immersive and physical activities and include outdoor exploration, cultural immersion, and viewing of nature and wildlife. Luxury travel can be beneficial for adventurous and experiential travel by providing excellent customer service, a personalized experience, comfort, exquisite food, life-changing experiences, cultural immersion, helping the local economy, and exclusive and unique encounters. For instance, in May 2024, according to the Adventure Travel Trade Association, a US-based strategic membership organization, the average number of travelers served by adventure travel operators increased to 6,553, marking a 54% rise from 4,243 in 2022 and a 384% increase from 1,355 in 2021. Therefore, the increasing demand for adventure and experiential travel is driving the growth of the luxury travel market.
Luxury Travel Market Driver: Surge In Private Jet Demand Fuels Growth In The Luxury Travel Market
The increasing demand for private jets is expected to propel the growth of the luxury travel market going forward. A private jet refers to an aircraft that is privately owned or chartered for the exclusive use of specific individuals or groups, providing personalized and often luxurious air travel. Private jets enhance luxury travel by providing discerning travelers with exclusive, personalized, and efficient transportation, offering a heightened level of comfort, privacy, and flexibility in their journeys. For instance, in November 2023, according to Stratos Jet Charters Inc., a US-based aviation company, private jet sales reached more than $34.1 billion in 2022 and are forecast to climb by $500 million by the end of 2023. Therefore, the increasing demand for private jets is driving the growth of the luxury travel market.
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What are the key factors influencing the forecasted market size of the luxury travel industry?
The luxury travel market size has grown strongly in recent years. It will grow from $1696.93 billion in 2024 to $1784.98 billion in 2025 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to economic growth and high disposable income, rising consumer aspirations, cultural and experiential tourism, emergence of luxury boutique hotels, health and wellness tourism.
The luxury travel market size is expected to see steady growth in the next few years. It will grow to $2053.68 billion in 2029 at a compound annual growth rate (CAGR) of 3.6%. The growth in the forecast period can be attributed to increasing air connectivity, rise of sustainable luxury, personalized and tech-driven experiences, experiential travel for millennials, health and safety considerations. Major trends in the forecast period include digital nomadism and remote work trends, collaborations with high-end brands, technological advancements, digital integration for seamless experiences, tech-enhanced security and privacy.
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Who are the leading competitors in the luxury travel market?
Major companies operating in the luxury travel market report are TUI Group, Thomas Cook Group PLC, Four Seasons Hotels Limited, The Ritz-Carlton Hotel Company LLC, Raffles Hotels And Resorts, Rosewood Hotel Group, Lindblad Expeditions Holdings Inc., Travelopia Holdings Limited, Virtuoso Ltd., Tauck Inc., Exodus Travels Limited, Backroads, Black Tomato, Ovation Travel Group, Butterfield & Robinson Inc., Wexas Limited, Ker & Downey, Geographic Expeditions Inc., Zicasso Inc., Micato Safaris Inc., Voyage Prive UK Limited, Asia Transpacific Journeys, Kensington Tours Ltd., Cox & Kings Ltd., Travel With Meredith
Which emerging trends are set to transform the luxury travel market landscape?
Major companies operating in the luxury travel market are trying to develop new adventure experiences to gain a competitive edge in the market. Adventure experiences are a great way to explore the outdoors and challenge physically and mentally. For instance, in December 2022, according to White Desert, a UK-based tour operator, launched its latest luxury project in Antarctica, known as Echo Base. This space-inspired facility takes advantage of the 24-hour daylight in the region and is open for a limited window from mid-November to late January, accommodating no more than 12 guests at a time. The central hub, named Cosmos, connects to the Sky Pods through tunnels, creating a futuristic atmosphere reminiscent of a spaceship docking station. This new venture represents a forward-looking vision of Antarctic tourism, offering a unique and luxurious experience in one of the world’s most remote locations.
How do different geographies compare in terms of market share and growth potential in the luxury travel market?
Europe was the largest region in the luxury travel market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the luxury travel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Which major segments of the luxury travel market are experiencing the fastest growth?
The luxury travel market covered in this report is segmented –
1) By Types of Tour: Customized and Private Vacations, Adventure And Safari, Cruise Or Ship Expedition, Small Group Journey, Celebration and Special Events, Culinary Travel and Shopping
2) By Age Group: Millennials, Generation X, Baby Boomers, Silver Hair
3) By Type of Traveler: Absolute luxury, Aspiring luxury, Accessible luxury
4) By Transportation Type: Air Transportation, Water Transportation, Land Transportation
5) By Booking Channel: Phone Booking, Online Booking, In Person Booking
Subsegments:
1) By Customized And Private Vacations: Tailored Itinerary Packages, Private Guided Tours, Luxury Villas And Private Residences
2) By Adventure And Safari: Luxury Safari Tours, Mountain Expeditions, Wilderness And Wildlife Experiences
3) By Cruise Or Ship Expedition: Luxury Cruise Lines, Expedition Cruises, Private Yacht Charters
4) By Small Group Journey: Exclusive Group Tours, Luxury Guided Small Group Trips, Boutique Group Travel
5) By Celebration And Special Events: Destination Weddings, Honeymoon Packages, Luxury Event Planning And Experiences
6) By Culinary Travel And Shopping: Gourmet And Wine Tours, Shopping Spree Packages, Culinary Experiences And Food Festivals
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How is the luxury travel market defined?
Luxury travel refers to a high-end or premium style of tourism in which visitors look for luxurious, exclusive experiences and luxuries such as lodging facilities, services, and amenities. It is characterized by luxury accommodations, fine dining, top-notch services, and distinctive, immersive experiences.
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