Group Travel Market

Global Group Travel Market by 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), and Regions (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa) Forecasts, 2021-2028

  • Report ID: CG-4043
  • Author: Growth Market Reports
  • Rating: 4.8
  • Total Reviews: 2
  • No. Of Pages: 185
  • Format:
  • Pub. Date: Upcoming
  • Share:

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.

Group Travel Market key takeaways

Market Trends, Drivers, Restraints, and Opportunities:

  • Increasing disposable income and growing use of card payment system are primary factors driving the market.
  • Growing digitalization and globalization that influence to change lifestyle and encourage travel habit are major factors boosting the market expansion.
  • Wide expansion of governments' initiatives to promote tourism and increasing investment for development of attractive tourist centers are projected to propel market growth in the coming years.
  • Improvement of infrastructure and logistics, rigorous tourism promotion and advertising by governments, and rapid development of global international travel are some of the major factors boosting the market.
  • Air travel ban and movement restrictions imposed by government agencies to curb the spread of the COVID-19 virus acts as a main hindrance to the expansion of the market.
  • Availability of tourist guiding partners and service providers along with customers' shift from physical to online booking are opening up new opportunities for market growth.

Scope of the report:

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.

 

Group Travel Market Segment Insights:

Millennials segment is projected to hold significant market share

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.

Group Travel Market by age groups

Online channels segment is anticipated to account for a substantial share

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.

Transportation segment to register substantial growth

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.

Asia Pacific is expected to dominate the market

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.

Group Travel Market by regions

Segments

Segments Covered in the Report:

By Age Groups

  • Millennials
  • Generation Z
  • Baby Boomers
  • Generation X
By Sales Channels
  • Online Channels
  • Conventional Channels
By Expenditure Types
  • Events & Entertainment
  • Food & beverages
  • Lodging
  • Transportation
  • Others
By Regions
  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa
By Key Players
  • Travel Leaders Group
  • American Express Company
  • Thomascook.in
  • World Travel, Inc.
  • JTB USA Inc.
  • MAKEMYTRIP PVT. LTD.
  • Expedia, Inc.
  • Veena Patil Hospitality Pvt. Ltd.

Competitive Landscape

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.

Group Travel Market by key players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Group Travel Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Group Travel Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Group Travel Market - Supply Chain
  4.5. Global Group Travel Market Forecast
     4.5.1. Group Travel Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Group Travel Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Group Travel Market Absolute $ Opportunity
5. Global Group Travel Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Group Travel Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Group Travel Demand Share Forecast, 2019-2026
6. North America Group Travel Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Group Travel Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Group Travel Demand Share Forecast, 2019-2026
7. Latin America Group Travel Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Group Travel Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Group Travel Demand Share Forecast, 2019-2026
8. Europe Group Travel Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Group Travel Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Group Travel Demand Share Forecast, 2019-2026
9. Asia Pacific Group Travel Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Group Travel Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Group Travel Demand Share Forecast, 2019-2026
10. Middle East & Africa Group Travel Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Group Travel Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Group Travel Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Group Travel Market: Market Share Analysis
  11.2. Group Travel Distributors and Customers
  11.3. Group Travel Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Travel Leaders Group
     11.4.2. American Express Company
     11.4.3. Thomascook.in
     11.4.4. World Travel, Inc.
     11.4.5. JTB USA Inc.
     11.4.6. MAKEMYTRIP PVT. LTD.
     11.4.7. Expedia, Inc.
     11.4.8. Veena P

Segments Covered in the Report:

By Age Groups

  • Millennials
  • Generation Z
  • Baby Boomers
  • Generation X
By Sales Channels
  • Online Channels
  • Conventional Channels
By Expenditure Types
  • Events & Entertainment
  • Food & beverages
  • Lodging
  • Transportation
  • Others
By Regions
  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa
By Key Players
  • Travel Leaders Group
  • American Express Company
  • Thomascook.in
  • World Travel, Inc.
  • JTB USA Inc.
  • MAKEMYTRIP PVT. LTD.
  • Expedia, Inc.
  • Veena Patil Hospitality Pvt. Ltd.

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.

Group Travel Market by key players

Buy Report