Asia Pacific group travel market
According to a new report, the Asia Pacific group travel market is segmented by group type, distribution channel and country.
— Shankar Bhandalkar
5933 NE WIN SIVERS DRIVE, PORTLAND, OR, UNITED STATES, Sept. 19, 2022 /EINPresswire.com/ — According to a new report from Allied Market Research titled, “Asia-Pacific Group Travel Market by Group Type and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2019-2030, the Asia-Pacific group travel market size was estimated at US$331.9 billion in 2017 and is projected to reach US$689.5 billion by 2030, at a CAGR of 6.0% from 2019 to 2030. China dominated group travel market share in Asia-Pacific in 2017, accounting for 52.4% of total spending.
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Tourism has always remained the focus of government due to its huge economic contribution to the country’s economic well-being. As a result, the countries’ top regime spends enormous amounts of capital and resources in the form of infrastructure, advertising and promotions to attract travelers from all over the world. Decoding consumer behavior plays a crucial role in tourism-friendly policies. A strong focus on digital presence, friendly tourism policies, safety and security, and managing and maintaining reputation are some of the tasks top management struggles with.
Group travel refers to people traveling in a group of two or more than two people together. Reservations for group travelers are often booked together over the course of their trip, which involves logistics, accommodation and travel. In addition, traveling in a group is relatively more economical than traveling alone, as costs for meals, transit, activities, and accommodation are shared between the groups.
Group travelers choose unique and exotic vacation destinations to get away from it all and gain valuable experiences. Private, quiet, tranquil and exotic places are the most important factors that people consider when choosing their travel destination. Private islands were voted the top preference by luxury travelers.
The Asia Pacific group travel market is segmented by group type, distribution channel and country.
Based on group type, the Asia Pacific Group Travel market is studied for Leisure Groups, Interest Groups, High-End Groups and Incentive Travel. Based on the sales channels, the market is divided into travel agencies and tour operators. To gain a comprehensive understanding, the market scenario is analyzed in key countries namely Thailand, Indonesia, Malaysia, Singapore, India, Philippines, China, Taiwan, Hong Kong, Japan, Korea and the rest of Asia-Pacific.
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Key players profiled in the Asia Pacific Group Travel Market Analysis include EXO Travel, Thomas Cook (India) Limited, G2 Travel, Apollo Asia Travel Group (AATG), Destination Asia, Expedia, Inc. Miki Travel Limited , Trafalgar and ASIA DMC.
Asia Pacific Group Travel Market Key Results:
○ In terms of value, the Leisure Groups segment is expected to grow at a CAGR of 5.7% during the Asia-Pacific Group Travel Market forecast period.
○ In 2017, China is expected to dominate the Asia-Pacific group travel industry and maintain its dominance throughout the forecast period.
○ The Travel Agents segment is expected to dominate the demand in the Asia-Pacific group travel market at a CAGR of 6.3%.
○ China, Korea, Hong Kong and Thailand together accounted for about two-thirds of the market share in 2017.
○ China dominated in terms of global international departures with around 143 million for 2017
○ The average Chinese spend more than USD 1,800 per person on outbound travel
Reason for purchase:
○ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Asia Pacific Group Travel Market.
○ Highlights key business priorities to guide companies in reforming their business strategies and establishing themselves in Asia Pacific.
○ The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific Group Travel Market, thereby allowing players to develop effective long term strategies to garner their market revenues.
○ Develop/modify business expansion plans by leveraging significant growth offerings in both developed and emerging markets.
○ Examine in-depth Asia Pacific market trends and prospects associated with the factors driving the market as well as the factors restraining the growth to some extent.
○ Improve the decision-making process by understanding the strategies driving commercial interest in terms of products, segmentation and industry verticals.
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○ The ecotourism market is expected to reach US$333.8 billion by 2027
○ The wellness tourism market is expected to reach US$1,592.6 billion by 2030
https://www.alliedmarketresearch.com/wellness-tourism-market
○ Sustainable tourism market revenue is projected to reach CAGR forecast by 2027
https://www.alliedmarketresearch.com/sustainable-tourism-market-A06549
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