The global group travel market is projected to register a substantial CAGR during the forecast period, between 2021 and 2028. A vacation taken for personal enjoyment by a group of individuals is referred to as group travel. Group travel includes the vital role of several sub-industries that make up key components of traveling either for leisure or pleasure such as hotel, transportation, and packages and bookings. The travel is often arranged for excursions, entertainments, and recreational activities. These sort of expedition allow people to refresh and relax their minds as it is a means that allow them to escape from their hectic life schedules. Additionally, traveling to popular tourist destinations and learning about new cultures from around the world are some of the common motives for organizing such trips. The group travel sector encompasses a wide range of travel services such as transportation, lodging, shopping, food & beverage, and recreation.
The report on the group travel market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Attributes |
Details |
Report Title |
Group Travel Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2020 |
Historic Data |
2018 & 2019 |
Forecast Period |
2021–2028 |
Segmentation |
Age Groups (Millennials, Generation Z, Baby Boomers, and Generation X), Sales Channels (Online Channels and Conventional Channels), Expenditure Types (Events & Entertainment, Food & Beverages, Lodging, Transportation, and Others) |
Regional Scope |
Asia Pacific, North America, Europe, Latin America, and Middle East & Africa |
Report Coverage |
Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast |
Key Players Covered |
Travel Leaders Group; American Express Company; Thomascook.in; World Travel, Inc.; JTB USA Inc.; MAKEMYTRIP PVT. LTD.; Expedia, Inc.; and Veena Patil Hospitality Pvt. Ltd. |
Based on age groups, the group travel market is segmented into millennials, generation Z, baby boomers, and generation X. The millennials segment is projected to hold significant market share since millennials are constantly looking out for expedition and exploration of several unusual places to gain unique experiences. Furthermore, opportunities to learn and gain knowledge about diverse traditions and cultures of people during the travel remain the most influential aspects.
On the basis of sales channels, the market is bifurcated into online channels and conventional channels. The online channels segment is anticipated to account for substantial share of the market owing to the fast application of technological advancements and IoT (Internet of things) solutions in online operations such as booking services and easy payment methods for various services. The rising consumers’ demand for convenient services as well as the increasing prevalence of smartphones particularly in developing nations are likely to drive segment expansion during the forecast period. The use of big data analytics, AI, and IoT in operation optimizations for web-based reservations is expected to boost the growth of the group travel market by providing a seamless consumer experience.
In terms of expenditure types, the group travel market is divided into events & entertainment, food & beverages, lodging, transportation, and others. The transportation segment is anticipated to register substantial growth in the near future due to the use of a smart transportation network and allowing the travelers to be aware of traffic for improved coordination and driver safety.
In terms of regions, the market is categorized as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the market owing to increasing investment and development in some of the major economies such as India, Australia, and China. Promoting tourism is widely considered to be a key factor for economy development in these countries. Moreover, countries such as Malaysia and Thailand have recently emerged as top tourism destinations as these countries have a rich history about their cultural uniqueness alongside the availability of great tourism experiences, leisure, and entertainment opportunities.
Segments Covered in the Report:
By Age Groups
Key players in the global group travel market are Travel Leaders Group; American Express Company; Thomascook.in; World Travel, Inc.; JTB USA Inc.; MAKEMYTRIP PVT. LTD.; Expedia, Inc.; and Veena Patil Hospitality Pvt. Ltd. These players have widely engaged in several market development activities including collaborations, agreements, mergers & acquisitions, production capacity expansion, new product launches, and partnerships to increase their market share.
Segments Covered in the Report:
By Age Groups
Key players in the global group travel market are Travel Leaders Group; American Express Company; Thomascook.in; World Travel, Inc.; JTB USA Inc.; MAKEMYTRIP PVT. LTD.; Expedia, Inc.; and Veena Patil Hospitality Pvt. Ltd. These players have widely engaged in several market development activities including collaborations, agreements, mergers & acquisitions, production capacity expansion, new product launches, and partnerships to increase their market share.
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