global luxury travel market is expected to generate $1,614 billion by 2026, growing at a CAGR of 7.9% during 2019–2026.
PORTLAND, OR, UNITED STATES, September 15, 2020 /EINPresswire.com/ — According to the report published by Allied Market Research, the global luxury travel market was estimated at $752.29 billion in 2015 and is expected to hit at $1,153.67 billion by 2022, registering a CAGR of 6.4% from 2016 to 2022. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Growing inclination of people towards unique & exotic holiday experiences, increase in middle & upper middle-class spending, rise in the trend of online booking, and surge in social media usage & its impact on travel industry propel the growth of the global luxury travel market. On the other hand, varying socio-economic conditions and effects by natural parameters check the growth to some extent. Nevertheless, emerging new destinations and demand for enhanced service standards are anticipated to create multiple opportunities for the key players in the market.
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The adventure and safari segment to lead the trail through 2016–2022-
Based on tour types, the adventure and safari segment accounted for more than two-fifths of the total market share in 2015 and is expected to rule the roost till 2022. The culinary travel and shopping segment, on the other hand, is projected to garner the fastest CAGR of 7.8% during the forecast period.
The absolute luxury segment to remain lucrative till 2022-
Based on traveler types, the absolute luxury segment generated the highest share in 2015, holding more than half of the total market revenue. The same segment is also predicted to cite the fastest CAGR of 6.5% during the estimated period.
Europe generated the highest revenue in 2015-
Based on geography, Europe contributed to nearly two-fifths of the total share in 2015 and is anticipated to retain its top status through 2016–2022. Simultaneously, the Asia-Pacific region is expected to grow at the fastest CAGR 8.7% during the study period.
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Frontrunners in the industry-
The key market players analyzed in the global luxury travel market report include Travcoa, Thomas Cook Group PLC, Abercrombie & Kent USA, Micato Safaris, Ker & Downey, LLC, Tauck, Scott Dunn Ltd, Cox & Kings Ltd, Butterfield & Robinson Inc., and Kensington Tours. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Source: EIN Presswire