LONDON, March 17, 2021 (GLOBE NEWSWIRE) -- Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
The COVID-19 pandemic forced people to cancel their vacations and family gatherings due to unexpected and unprecedented lockdown and also various travel restrictions to curb the coronavirus spread. According to The Business Research Company’s research report on the travel arrangement and reservation services market, due to the travel restrictions and risks involved in long-distance travel, staycation witnessed popularity among voyagers. Resurgence of staycations is expected to contribute to the growth of the market for travel arrangement and reservation services in the immediate forecast period. Changing lifestyles and increasing interest in domestic tourism will positively impact the market.
According to the Building Society research study in the UK, around 71% of respondents are intending to plan their holiday within the UK in 2021. Changing minds and interests and the resurgence of staycations are expected to drive growth in the travel arrangement and reservation services market during the forecast period.
Along with this change, rapid shift in travel trends towards bleisure and food tourism is expected to be a major driver for the market as per travel and reservation services market analysis. Bleisure travel refers to the hybrid travel model that includes both business travel and leisure travel. The individuals during their business trips to various countries are preferring to explore the local cuisine, travel locations post completion of their official work.
According to the Global Business Travel Association, one in three business travelers will add a leisure component in at least one of their business trips a year. Food tourism is another major trend that is expected to drive the market travel arrangement and reservation services. Food tourism focuses on authentic culinary experiences. Over the last few years, there has been increasing shift towards experiencing local delicacies of specific countries in unique food and beverages activities while travelling in the last two years. Shift in travel trends will drive the market for travel arrangement and reservation services, going forward.
The Business Research Company’s report titled Travel Arrangement And Reservation Services Global Market Report 2021: COVID-19 Impact and Recovery to 2030 covers major travel arrangement and reservation services companies, travel arrangement and reservation services market share by company, travel arrangement and reservation services manufacturers, travel arrangement and reservation services market size, and travel arrangement and reservation services market forecasts. The report also covers the global travel arrangement and reservation services market and its segments.
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The global travel arrangement and reservation services market is expected to grow from $303.59 billion in 2020 to $370.1 billion in 2021 at a compound annual growth rate (CAGR) of 21.9%. The travel arrangement and reservation services market growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. Travel market research shows that it is then expected to reach $474.36 billion in 2025 at a CAGR of 6%.
Western Europe is the largest region in the market according to travel arrangement and reservation services market research, accounting for 48.6% of the total in 2020. It was followed by the Asia Pacific, North America and then the other regions. Going forward, the fastest-growing regions in the travel arrangement and reservation services industry will be the Middle East and South America where growth will be at CAGRs of 16.3% and 14.9% respectively during 2020-2025.
Major players in the travel services market include BCD Group, Booking Holdings, Expedia Group, Trip.com Group, and Flight Centre Travel Group (FCTG).
Travel Arrangement And Reservation Services Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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