United States, Rockville MD, Aug. 04, 2022 (GLOBE NEWSWIRE) -- The U.S and Canada travel market is anticipated to secure US$ 952 Million in 2022 and is likely to exhibit a CAGR of 10.14% from 2022 to 2032. Expansion of the market can be attributed to the growing number of millennial and middle-income traveler groups.
According to the World Tourism Organization, the economic contribution of tourism in 2021 is likely to have garnered US$ 1.9 trillion, against US$ 1.6 trillion in 2020. The growing trend of transformational travel focusing on wellness journeys to rejuvenate the mind, spirit, and body is likely to drive the market positively.
The travel and tourism exhibitions in the USA is a salient factor that is likely to augment the market size during the forecast period. For instance, World Deer Expo 2022 would feature a weekend for people who are fond of outdoor activities. Another such exhibition is Scuba Show 20223, which would feature displays related to areas like marine, adventure, underwater photography, seafood preparation, and marine conservation. Such factors are expected to encourage people to travel, which will eventually benefit the US and Canada travel industry during the forecast period.
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Additionally, the launch of other traveling apps, such as the Una Travel App from startup XOKind curates collaborative itineraries for individual travelers and groups majorly based on interests. Another such example is, Out of Office, which allows users to browse travel recommendations from trusted sources and then book them via OpenTable, and the new TPG App from travel website The Points Guy, which aims to enhance the power of users’ accumulates loyalty rewards points.
On the contrary, factors such as U.S’s withdrawal from Afghanistan and issues between France and the U.S over AUKUS trilateral submarine deal have affected USA’s image as a superpower and has also affected other travel industry. Besides, the number of visas issued by American embassies across Europe has dropped dramatically compared to pre-COVID times.
Key Takeaways from the U.S and Canada Travel Market
- The millennial segment is anticipated to dominate the US and Canada market during the forecast period. In 2022, the segment is expected to claim around 50% revenue share.
- The US and Canada travel market to secure about US$ 2.5 Billion during the forecast period.
- The Luxury segment to dominate the US and Canada market during the forecast period. In 2021, the segment secured about 32% of the global revenue.
- The US and Canada travel market is expected to secure US$ 952 Million by 2022.
- The US and Canada travel market is anticipated to display a CAGR of 10.14% during the forecast period.
Competition Analysis
Key players in the US and Canada travel market include Expedia, Inc., Booking Holdings Inc., American Express Global Business Travel (GBT), TCS World Travel, Abercrombie & Kent USA, LLC, Exodus Travels Ltd., BCD Travel, Intrepid Travel, Topdeck Travel Ltd., and Trafalgar.
- In April 2021, Expedia launched new features and ad campaigns in anticipation of increased travel. Changes such as a new itinerary experience allow travelers to see all the details of their trip in one place, Plans to simplify the insurance experience, and help travelers discover and experience more of the destination, among others.
- In November 2021, Booking Holdings Inc. announced that it inked an agreement to acquire Getaroom, a B2B distributor of hotel rooms, from Court Square Capital Partners for about $1.2 billion.
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What is the Contribution of Startups in Developing the U.S and Canada Travel Market?
Airalo, Ditto, Amenitiz, Troop, Yoti, The Hotels Network, Smooss, Blueboard, Port, Hopin, and Butler Hospitality are some of the emerging entities in the US and Canada travel market. Startups are likely to make a significant contribution to the market.
- For instance, Airalo, which offers digital SIM cards to travelers raised US$ 5.4 Million in Series A funding. The round was initiated by Rakuten Ventures with participation from Antler, Sequoia Capital India's Surge program, LG Technology Ventures, Plug and Play Ventures, Go Ventures, and others. Thus, startups are anticipated to make a notable contribution to boosting the US and Canada travel market.
Key Segments Profiled in the US and Canada Travel Market
- By Type :
- Luxury Travel
- Business Travel
- Cruise Travel
- Specialty/Activity/Sports Travel
- Budget Travel
- By Age Group :
- Millennials
- Generation X
- Baby Boomers
- By Country :
- U.S Travel Market
- Canada Travel Market
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More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global retail coolers market, presenting a historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Type (Luxury, Business Travel, Cruis, Specialty/Activity/Sports, Budget), by Age Group (Millennial, Generation X, Baby Boomers), & Region (North America).
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