Travel & Tourism - Americas

Americas

According to the latest report, revenue in the Travel & Tourism market of the Americas is projected to reach US$286.20bn by 2024.
The market is expected to grow annually with a CAGR of 4.36% from 2024 to 2029, resulting in a projected market volume of US$354.20bn by 2029.
Among the markets, Hotels are expected to have the largest share, with a projected market volume of US$143.40bn in 2024.
The number of users in the Hotels market is expected to amount to 362.20m users by 2029.
In 2024, user penetration is projected to be 45.0% and is expected to increase to 52.7% by 2029.
The average revenue per user (ARPU) is expected to be US$0.63k.
By 2029, online sales are expected to generate 72% of total revenue in the Travel & Tourism market.
In global comparison, United States is expected to generate the most revenue, with US$214bn in 2024.
In the United States, domestic road trips have surged in popularity as travelers seek safe and affordable travel options amidst the pandemic.

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.

Structure:

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.

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Market

Region

Region comparison

Currency

Analyst Opinion

The Travel & Tourism market in Americas is experiencing dynamic growth and evolution, driven by various factors shaping the industry in different countries across the region.

Customer preferences: Travelers in the Americas are increasingly seeking unique and authentic experiences, moving away from traditional tourist hotspots to explore off-the-beaten-path destinations. This shift in preferences has led to the rise of adventure tourism, cultural exchanges, and eco-friendly travel options. Additionally, the demand for personalized and customized travel experiences is on the rise, with travelers looking for tailor-made itineraries that cater to their specific interests and preferences.

Trends in the market: In Brazil, the Travel & Tourism market is seeing a surge in domestic tourism, driven by the country's diverse natural landscapes and rich cultural heritage. With more Brazilians opting to explore their own country, there is a growing demand for sustainable tourism practices and community-based tourism initiatives. The rise of digital platforms and online travel agencies has also made it easier for travelers to discover and book unique experiences in Brazil.

Local special circumstances: Mexico, as one of the top tourist destinations in the Americas, is experiencing a transformation in its Travel & Tourism market. The country's vibrant culture, ancient ruins, and pristine beaches continue to attract millions of visitors each year. However, safety concerns and political instability in certain regions have impacted the industry. To combat this, the Mexican government has been investing in infrastructure development and implementing safety measures to ensure the well-being of tourists.

Underlying macroeconomic factors: The United States remains a key player in the Travel & Tourism market in the Americas, with a strong economy driving both domestic and international tourism. The country's diverse attractions, ranging from bustling cities to natural wonders, appeal to a wide range of travelers. The depreciation of the US dollar has also made it more affordable for international tourists to visit the US, contributing to the growth of the tourism sector. Additionally, the increasing trend of bleisure travel, combining business trips with leisure activities, is shaping the way travelers experience the US.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of hotels, vacation rentals, cruises, package holidays, and camping.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, the Global Consumer Survey, third-party studies and reports, data from industry associations (e.g., UNWTO), and price data of major players in respective markets. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as country-related GDP, demographic data (e.g., population), tourism spending, consumer spending, internet penetration, and device penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, and exponential trend smoothing methods are applied. A k-means cluster analysis allows for the estimation of similar countries. The main drivers are tourism GDP per capita and respective price indices.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.