The global traditional travel agency market is expanding rapidly due to Changing consumer preferences and behavior, complex travel itineraries, and growing demand for one-to-one consultation
PORTLAND, Ore., Oct. 23, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Traditional Travel Agency Market by Services Type (Transportation, Travel Accommodation, and Vacation Packages), and Age Group (22-31 years, 32-43 years, 44-56 years, >56 years): Global Opportunity Analysis and Industry Forecast, 2023–2032″. According to the report, the global traditional travel agency market size was valued at $143.9 billion in 2022, and is projected to reach $212.9 billion by 2032, growing at a CAGR of 3.7% from 2023 to 2032.
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Traditional travel agencies have been crucial players in the travel industry, aiding both individuals and organizations in the planning, booking, and management of their journeys while offering an array of travel-related services. Their expertise and personalized guidance have made them an integral and noteworthy part of the travel sector. The process of planning a vacation can frequently be a time-consuming task, especially when an individual is faced with a vast array of online options. Travel agencies streamline this process by offering thoughtfully selected choices that align with preferences and budget.
Prime determinants of growth
The global traditional travel agency market is expanding rapidly due to Changing consumer preferences and behavior, complex travel itineraries, and growing demand for one-to-one consultation. However, the market for traditional travel agencies is significantly constrained by costs and commission pressure. On the other hand, personalized traveling experiences are creating lucrative opportunities for the growth of the global traditional travel agency market.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$143.9 billion |
|
Market Size in 2032 |
$212.9 billion |
|
CAGR |
3.7 % |
|
No. of Pages in Report |
250 |
|
Segments Covered |
Service Types, Age Group, and Region. |
|
Drivers |
– Changing consumer preferences and behavior – Complex Travel Itineraries – Growing demand for a one-to-one consultation |
|
Opportunities |
– Personalized travel experiences |
|
Restraints |
– Competition from online booking portals and websites – Costs and commission pressure |
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The transportation segment to maintain its leadership status throughout the forecast period
By service types, the transportation segment held the highest market share in 2022, accounting for more than two-fifths of the global traditional travel agency market revenue and is estimated to maintain its leadership status throughout the forecast period. The demand for transportation services is on the rise within the traditional travel agency market. Travelers seek the convenience of expertly curated transportation options that align with their personalized itineraries. The travel accommodation segment, however, shows the fastest CAGR of 5.0% during the forecast period. Travel accommodation services are experiencing a surge in demand within the traditional travel agency market. As travelers seek curated and hassle-free experiences, these agencies play a pivotal role in securing accommodations that align with individual preferences and travel plans.
The 22-31 years segment to maintain its leadership status throughout the forecast period
By age group, the 32-43 years segment held the highest market share in 2022, accounting for around one-third of the global traditional travel agency market share and is estimated to maintain its leadership status throughout the forecast period. The same segment would showcase the fastest CAGR of 4.7% during the forecast period. The demand from the 32-43 age group is increasing in the traditional travel agency market due to their specific needs as working professionals and family-oriented travelers.
Europe to maintain its dominance by 2032
By region, Europe held the highest market share in terms of revenue in 2022, contributing to more than one-third and is likely to dominate the market during the forecast period. With a diverse range of destinations and travel preferences, North American travelers turn to agencies for curated experiences, family trips, and niche travel segments. The market continues to evolve, adapting to digital trends while maintaining its appeal through face-to-face interactions and customized planning for a variety of travelers. However, LAMEA is expected to witness the fastest CAGR of 4.2% from 2023 to 2032. The demand for the traditional travel agency market is on the rise in the LAMEA region due to several factors. With its rich cultural diversity and varied landscapes, travelers seek expert assistance to navigate the intricacies of travel choices.
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Leading Market Players: –
Expedia Group Inc.
Booking Holdings
Mahindra Holidays
STA Travel
Carlson Wagonlit Travel (CWT)
AAA Travel
Kuoni Group
Thomas Cook
TUI AG
Flight Center Travel Group Limited
The report provides a detailed analysis of these key players in the global traditional travel agency market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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