Travel & Tourism - North America | Statista Market Forecast

The Travel & Tourism market in North America is expected to witness a significant rise in revenue in the coming years.
According to projections, the revenue in this market is expected to reach US$246.80bn by 2024, with an annual growth rate (CAGR 2024-2029) of 4.25%.
This growth rate is expected to result in a projected market volume of US$303.90bn by 2029.
The Hotels market is expected to be the largest market in this market, with a projected market volume of US$125.80bn in 2024.
By 2029, the number of users in this market is expected to reach 256.80m users.
The user penetration rate is expected to increase from 62.0% in 2024 to 71.7% by 2029.
The average revenue per user (ARPU) is expected to be US$780.30.
The online sales channel is also expected to witness significant growth in the Travel & Tourism market in North AmeriBy 2029, 71% of the total revenue in this market is expected to be generated through online sales.
In terms of global comparison, United States is expected to generate the most revenue in this market, with a projected revenue of US$214bn in 2024.
The United States is experiencing a rise in eco-tourism, with travelers seeking sustainable and environmentally-friendly options for their vacations.

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 North America is experiencing a significant growth trajectory driven by various factors.

Customer preferences: Travelers in North America are increasingly seeking unique and authentic experiences, leading to a rise in demand for adventure tourism, eco-friendly accommodations, and cultural immersion activities. The shift towards sustainable travel practices is also influencing customer choices, with a growing preference for environmentally responsible tourism options.

Trends in the market: In the United States, the rise of domestic tourism is a notable trend, with travelers exploring their own country more than ever before. This trend is fueled by factors such as convenience, affordability, and a desire to support local businesses. Additionally, the popularity of road trips and outdoor adventures is on the rise, reflecting a preference for off-the-beaten-path experiences.

Local special circumstances: Canada, known for its stunning natural landscapes and diverse cultural offerings, is witnessing a surge in international tourism. The country's welcoming reputation, safety measures, and well-developed tourism infrastructure make it an attractive destination for travelers worldwide. Moreover, Mexico's rich history, vibrant cuisine, and beautiful beaches continue to draw tourists seeking a mix of relaxation and exploration.

Underlying macroeconomic factors: The stable economic conditions in North America, coupled with favorable exchange rates, are contributing to the growth of the Travel & Tourism market in the region. Increasing disposable incomes, low unemployment rates, and government initiatives to promote tourism are further bolstering the industry. Additionally, advancements in technology have made travel planning more accessible and convenient, driving the overall expansion of the market.

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.