Technavio has been monitoring the luxury travel market and it is poised to grow by USD 213.00 billion during 2020-2024, progressing at a CAGR of almost 4% during the forecast period.
The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
Impact of COVID-19
The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a low impact on the luxury travel market. The market growth in 2020 is likely to decrease compared to the market growth in 2019.
Frequently Asked Questions:
- Based on segmentation by type, which is the leading segment in the market?
The adventure segment led the market in 2019.
- What are the major trends in the market?
The rising popularity of sports tourism is the major trend in the market.
- At what rate is the market projected to grow?
The market is projected to grow at a CAGR of almost 4% during the forecast period.
- Who are the top players in the market?
Abercrombie & Kent USA LLC, Absolute Travel Inc., Butterfield & Robinson Inc., Classic Journeys, Cox & Kings Ltd., Indigenous Tourism BC, Odyssey World, Responsible Travel, Scott Dunn, and Travelopia are the top players in the market.
- What are the key market drivers and challenges?
The market is driven by increasing disposable incomes. However, the threat of terrorism might challenge growth.
- How big is the North America market?
North America accounted for a 30% share of the global market in 2019.
Related Reports on Consumer Discretionary Include:
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Global Online Travel Booking Platform Market – Global online travel booking platform market is segmented by type (packages and direct), booking platform (desktop/laptop and mobile/tablet), and geography (North America, APAC, Europe, South America, and MEA).
Develop Smart Strategies for Your Business:
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Abercrombie & Kent USA LLC, Absolute Travel Inc., Butterfield & Robinson Inc., Classic Journeys, Cox & Kings Ltd., Indigenous Tourism BC, Odyssey World, Responsible Travel, Scott Dunn, and Travelopia are some of the major market participants. Although the increasing disposable incomes will offer immense growth opportunities, the threat of terrorism is likely to pose a challenge for the market vendors. In a bid to help players strengthen their market foothold, this luxury travel market forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.
Technavio’s custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Luxury Travel Market 2020-2024: Segmentation
Luxury Travel Market is segmented as below:
- Cruising And Yachting
- Geographic Landscape
- North America
- South America
Luxury Travel Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The luxury travel market report covers the following areas:
- Luxury Travel Market Size
- Luxury Travel Market Trends
- Luxury Travel Market Industry Analysis
This study identifies trending sports tourism as one of the prime reasons driving the Luxury Travel Market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
Luxury Travel Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist luxury travel market growth during the next five years
- Estimation of the luxury travel market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the luxury travel market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of luxury travel market vendor