Group Travel Market Analysis, Share, Growth & Forecast 2031

Report Description

The Global Group Travel Market size was valued at USD XX Billion in 2022 and is expected to surpass USD XX Billion by 2031, expanding at a CAGR of 4.4% during the forecast period, 2023 – 2031. 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.

Get Free Sample Report

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 travel booking are opening up new opportunities for market growth.

Scope of Group Travel Market 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.

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.

Get Free Sample Report

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.

Get Free Sample Report