Travel & Tourism - ASEAN | Statista Market Forecast

The Travel & Tourism market is expected to experience a significant increase in revenue in ASEAN, with a projected revenue of US$30.14bn by 2024.
Furthermore, the market is expected to exhibit an annual growth rate (CAGR 2024-2029) of 5.81%, resulting in a projected market volume of US$39.96bn by 2029.
The largest market in the market is the Hotels market, which is expected to reach a projected market volume of US$12.39bn in 2024.
By 2029, the number of users in the Hotels market is expected to amount to 127.60m users, with a user penetration of 17.5% in 2024 and an anticipated increase to 24.4% by 2029.
The average revenue per user (ARPU) is expected to be US$248.50.
By 2029, online sales are expected to generate 73% of the total revenue in the Travel & Tourism market.
Interestingly, when compared globally, United States is projected to generate the most revenue in the market, with a projected revenue of US$214bn in 2024.
Thailand's travel and tourism market is experiencing a rise in sustainable tourism initiatives and a growing interest in cultural tourism experiences.

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.

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

Business trips
Other forms of trips (e.g. excursions, etc.)

The Travel & Tourism market in ASEAN is experiencing significant growth and development, driven by various factors influencing consumer behavior and market dynamics.

Customer preferences: Travelers in ASEAN countries are increasingly seeking unique and authentic experiences, leading to a rise in demand for cultural and eco-tourism activities. Tourists are looking to immerse themselves in the local culture, cuisine, and traditions, moving away from traditional mass tourism offerings. Additionally, there is a growing preference for sustainable and responsible travel practices, with tourists showing interest in supporting local communities and preserving the environment.

Trends in the market: In Thailand, the rise of medical tourism is a prominent trend, with the country becoming a hub for medical procedures and wellness retreats. This trend is driven by the country's advanced healthcare facilities, skilled medical professionals, and competitive pricing compared to Western countries. As a result, Thailand is attracting a significant number of international patients seeking medical treatments combined with leisure activities.

Local special circumstances: Indonesia, with its diverse archipelago and rich cultural heritage, is experiencing a surge in adventure tourism. Travelers are drawn to the country's vast natural landscapes, including volcanoes, jungles, and pristine beaches, offering opportunities for activities such as hiking, surfing, and diving. The government's focus on infrastructure development in remote areas is further boosting the growth of adventure tourism in Indonesia.

Underlying macroeconomic factors: The strong economic growth in ASEAN countries, coupled with increasing disposable incomes among the middle class, is fueling the expansion of the Travel & Tourism market. As more people have the financial means to travel, there is a growing domestic and international tourism demand within the region. Additionally, government initiatives to promote tourism, such as visa facilitation and infrastructure investments, are contributing to the overall growth of the sector in ASEAN.

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.

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

Business or corporate travel is the tourism segment that focuses on people who travel for work or professional purposes and the related tourism services. This branch also includes the meetings industry, which refers to business events, conferences, congresses, trade fairs, and exhibitions. According to the World Travel and Tourism Council (WTTC), business travel accounted for 20 percent of the global tourism expenditure in 2021. In that year, it was estimated that business travelers spent more than 740 billion U.S. dollars worldwide, with Chinese tourists topping the ranking of the biggest business travel spenders.