Travel & Tourism - Bangladesh | Statista Market Forecast

Bangladesh's Travel & Tourism market is expected to grow at an annual growth rate (CAGR 2024-2029) of 10.27%, resulting in a projected market volume of US$3.46bn by 2029, with revenue projected to reach US$2.12bn in the same year.
The market's largest market is the Hotels market with a projected market volume of US$1.09bn in 2024.
By 2029, the number of users in the Hotels market is expected to amount to 15.55m users, with user penetration projected to hit 14.7%, up from 9.8% in 2024.
The average revenue per user (ARPU) is expected to amount to US$123.70.
By 2029, 61% of the total revenue in the Travel & Tourism market in Bangladesh will be generated through online sales.
In comparison to other countries, United States is projected to generate the highest revenue in 2024, with a total revenue of US$214bn.
Bangladesh's Travel & Tourism industry is growing due to government initiatives promoting eco-tourism and cultural heritage sites.

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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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 Bangladesh has been experiencing significant growth in recent years, attracting both domestic and international travelers.

Customer preferences: Travelers in Bangladesh are increasingly seeking unique and authentic experiences, driving the demand for off-the-beaten-path destinations and cultural immersion. Additionally, there is a growing interest in sustainable and eco-friendly tourism practices among travelers in the country.

Trends in the market: One notable trend in the Bangladeshi travel market is the rise of adventure tourism, with activities such as hiking, trekking, and river rafting gaining popularity. This trend is fueled by the country's diverse natural landscapes, including lush forests, picturesque rivers, and scenic mountains. Moreover, the government's efforts to promote tourism through infrastructure development and marketing campaigns have also contributed to the growth of the sector.

Local special circumstances: Bangladesh's rich cultural heritage and historical landmarks, such as ancient temples, mosques, and archaeological sites, make it a compelling destination for history enthusiasts and cultural tourists. The country's vibrant festivals, traditional arts and crafts, and delicious cuisine further add to its appeal among travelers. Additionally, the warm hospitality of the Bangladeshi people and the affordable cost of travel make it an attractive destination for budget-conscious tourists.

Underlying macroeconomic factors: The steady economic growth in Bangladesh, coupled with rising disposable incomes and improving infrastructure, has led to an increase in domestic travel. Furthermore, the government's focus on promoting tourism as a key sector for economic development has led to investments in tourism infrastructure and initiatives to attract more visitors to the country. As a result, the Travel & Tourism market in Bangladesh is poised for continued growth in the coming years.

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.