Travel & Tourism - Europe
- The Travel & Tourism market in Europe is set to attain a revenue of US$288.00bn by 2024.
- It is anticipated that this industry will grow at a compound annual growth rate (CAGR 2024-2028) of 1.68%, leading to a market volume of US$307.80bn by 2028.
- Among the markets, Package Holidays are expected to be the largest with a forecasted market volume of US$127.50bn by 2024.
- By 2028, the number of users in this market is expected to increase to 293.10m users.
- In 2024, user penetration is expected to be 52.3% and is predicted to reach 54.8% by 2028.
- The average revenue per user (ARPU) is anticipated to be US$0.65k.
- It is expected that, by 2028, online sales will account for 81% of the total revenue in the Travel & Tourism market.
- When compared globally, United States is projected to generate the highest revenue of US$199bn by 2024.
- Following the profound ramifications of the COVID-19 pandemic, France's travel and tourism market is bouncing back with a focus on domestic tourism.
Key regions: Malaysia , Europe , Singapore , Vietnam , United States
Definition:
The Travel & Tourism market encompasses a diverse range of accommodation services catering to the needs and preferences of travelers. This dynamic market includes package holidays, hotel accommodations, private vacation rentals, camping experiences, and cruises.
The market consists of five further markets.
- The Cruises market covers multi-day vacation trips on a cruise ship. The Cruises market encompasses exclusively passenger ticket revenues.
- The Vacation Rentals market comprises of private accommodation bookings which includes private holiday homes and houses as well as short-term rental of private rooms or flats.
- The Hotels market includes stays in hotels and professionally run guest houses.
- The Package Holidays market comprises of travel deals that normally contain travel and accommodation sold for one price, although optional further provisions can be included such as catering and tourist services.
- The Camping market includes bookings at camping sites for pitches using tents, campervans, or trailers. These can be associated with big chains or privately managed campsites.
Additional Information:
The main performance indicators of the Travel & Tourism market are revenues, average revenue per user (ARPU), users and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues and users for the above-mentioned markets. Users represent the aggregated number of guests. Each user is only counted once per year. Additional definitions for each market can be found within the respective market pages.
The booking volume includes all booked travels made by users from the selected region, independent of the departure and arrival. The scope includes domestic and outbound travel.
Prominent players in this sector include online travel agencies (OTAs) like Expedia and Opodo, as well as tour operators such as TUI. Specialized platforms like Hotels.com, Booking.com, and Airbnb facilitate the online booking of hotels and private accommodations, contributing significantly to the market's vibrancy.
For further information on the data displayed, refer to the info button right next to each box.
- Bookings directly via the website of the service provider, travel agencies, online travel agencies (OTAs) or telephone
out-of-scope
- Business trips
- Other forms of trips (e.g. excursions, etc.)
Travel & Tourism
- Vacation Rentals
- Package Holidays
- Analyst Opinion
The Travel & Tourism market in Europe has been experiencing significant growth and development in recent years. Customer preferences: Travelers in Europe are increasingly seeking unique and authentic experiences, moving away from traditional tourist hotspots to explore off-the-beaten-path destinations. They are also showing a preference for sustainable and eco-friendly travel options, supporting local communities and reducing their carbon footprint. Trends in the market: In countries like Italy, Spain, and France, cultural tourism is on the rise, with travelers eager to explore historical sites, museums, and art galleries. Adventure tourism, such as hiking in the Alps or cycling along scenic routes, is gaining popularity in countries like Switzerland and Austria. Additionally, the growing trend of food and wine tourism is attracting visitors to regions known for their gastronomic delights, such as France and Italy. Local special circumstances: Countries like Greece and Croatia are experiencing a surge in tourism due to their stunning coastlines and picturesque islands. The Balkan countries, including Slovenia and Montenegro, are emerging as hidden gems for travelers looking for unspoiled natural beauty and rich cultural heritage. Eastern European countries like Poland and Hungary are becoming increasingly popular for city breaks, offering a mix of history, architecture, and vibrant nightlife. Underlying macroeconomic factors: The overall economic stability and growth in Europe have contributed to the positive performance of the Travel & Tourism market. Factors such as low unemployment rates, rising disposable incomes, and improved infrastructure have made travel more accessible to a wider range of consumers. Additionally, the European Union's focus on promoting tourism through initiatives and funding has further boosted the industry across the region.
- Methodology
Data coverage:
Modeling approach:
Additional notes:
- Sales Channels
- Global Comparison
- Key Market Indicators
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Europe Tourism Market Bwc20089
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Europe Tourism Market, By Type (Local/Domestic and International), By Purpose (Adventure, Business, Medical, Religious and Others), By Country (France, Spain, Italy, United Kingdom, Germany, Turkey, Austria, Greece and Others); Trend Analysis, Competitive Market Share & Forecast, 2016 - 2026
- Published Date: July 2020
- Report ID: BWC20089
- Available Format: PDF
- Report Summary
- Table of Contents
- Segmentation
- Methodology
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