by OSAM TOUR · Updated Sep. 1, 2023
Tourism Market Statistics (Editors Picks)
- Global travel market size: USD 2.3 trillion in 2023.
- Projected growth rate of tourism globally: CAGR of 5.9% from 2023 to 2030.
- Adventure tourism market size: USD 366.7 billion in 2022.
- Business travel market size: USD 1.0 trillion in 2022.
- Average adventure travel spend per trip: USD 2,900 (for 8 nights).
- The most popular travel destination: France.
- The most visited place in the world: the Great Wall of China.
- Top visited city in the world: Bangkok.
- The largest tour operator: TUI Group.
- The best-rated travel company: National Geographic Expeditions.
- The most famous travel influencer: Murad and Nataly Osmann of ‘#FollowMeTo’.
Global Tourism Industry Market Size in 2023
What is the size of the travel market in 2023?
According to a research from Statista, the global travel market size stood at a sizeable USD 1.3 trillion in 2020. The market experienced a significant fall due to the pandemic, as the size in the previous year, 2019, was USD 2.0 trillion. The report estimates that the global tourism market almost recovered in 2022 and continues to rise to reach an impressive USD 2.3 trillion in 2023.
Factors fueling this growth include a resurgence in travel demand, the convenience of online travel booking platforms, progressive government initiatives to promote tourism, affordable air travel, and an uptick in disposable income in many parts of the world.
Market Size of the Tourism Sector Worldwide from 2013 to 2023
(in billion U.S. dollars)
How big is the travel market in the US?
According to data from IBISWorld, the domestic tourism market’s size by revenue in the United States was USD 788.1 billion in 2020. Owing to the pandemic, travel came to a near standstill with lockdowns and travel restrictions. This was a substantial setback considering the American travel market size in 2019 was about USD 1.1 trillion!
However, as states have opened up and travel restrictions relaxed, the US tourism industry has begun rebounding. The US tourism sector ramped up at an annualized rate of 23.6% in 2021 reaching approximately USD 944.4 billion in 2021 and continuing towards USD 1.2 trillion in 2022.
How big is the travel market in Europe?
Europe is one of the most popular destinations for international tourists, capturing almost 50% of all global international arrivals. According to the European Travel Commission, Europe attracted 745 million international tourists in 2019. However, the resurgence of travel post-pandemic has been slower in Europe, as compared to other regions.
Eurostat reported that tourist accommodation establishments in the European Union saw a decline of 52% in 2020 as compared to 2019, due to the pandemic. In monetary terms, Europe’s travel market size fell from EUR 740 billion in 2019 to about EUR 370 billion in 2020. Nevertheless, the recovery has already begun and the travel market is expected to bounce back to EUR 570 billion in 2023.
How big is the travel market in the UK?
According to Statista, the tourism industry in the UK generated GBP 145.9 billion in 2019. However, the UK was hit hard by the pandemic. Data from the UK Office for National Statistics shows a 73% decline in overseas residents’ visits to the UK in 2020 compared to 2019.
Despite this, the market was primed for recovery. As per GlobalData, the UK’s tourism market size reached a value of GBP 157 billion in 2021, and is projected to grow to GBP 257 billion in 2023.
How big is the travel market in Asia?
According to GlobalData, travel and tourism’s direct contribution to Asia’s GDP was USD 884.9 billion in 2019. But in 2020 Asia’s travel market was adversely affected by the pandemic.
A report from Statista estimates that revenue in the Asia’s travel and tourism market reached USD 694 billion in 2021, with a significant portion of this recovery being driven by domestic travel. As the recovery continues, various market research studies project that Asia’s travel market could grow to USD 1.4 trillion in 2023.
How big is the travel market in Africa?
The pandemic heavily impacted travel in Africa. United Nations World Tourism Organization (UNWTO) data indicates that there were improvements in 2021, and this positive trajectory continued into 2022. It’s projected that in 2023, Africa’s tourism market could reach a size of approximately USD 274 billion. This includes all forms of tourism, such as domestic travel, inbound international tourism and business trips.
How big is the travel market in Latin America?
According to World Bank data, during the pandemic international tourism receipts dropped from USD 33 billion in 2019 to USD 13 billion in 2020. As per forecasts, revenue in the Travel and Tourism market in Latin America is expected to reach USD 33 billion in 2023.
Revenue in the Travel Market in Latin America from 2017 to 2027
Global Tourism Industry Growth Rate 2015 – 2030
What is the growth of global tourism?
Tourism worldwide has seen a trend of consistent growth over the years, exhibiting a Compound Annual Growth Rate (CAGR) of 4.2% from 2015 to 2019. However, 2020 saw a historic drop due to COVID-19, with the global tourism market declining 40% from the previous year. With impressive resilience in the tourism sector, the market witnessed significant recoveries, with the annualized growth rate from 2020 to 2023 at 20%.
The global tourism industry is forecasted to continue its growth trajectory with an estimated CAGR of 5.9% from 2023 to 2030. This growth outlook suggests a robust and sustained resurgence of international travel activity.
Why tourism is the fastest growing industry?
The tourism industry has been one of the fastest-growing sectors over the past few decades and continues to show robust growth due to:
- Globalization: Increased globalization has spurred cultural curiosity, fostering an environment where more people are attracted to exploring new countries and cultures.
- Increased Disposable Income: Economic development in many parts of the world means individuals and families have more disposable income to spend on travel.
- Ease of Travel: The advent and growth of online booking platforms, more international flights, and easier visa procedures in many countries have simplified travel planning and execution.
- Affordable Air Travel: Budget airlines have revolutionized the air travel industry, making it more accessible to a broader population.
- Digital Influence: Social media platforms and travel influencers have a significant impact on encouraging more people to travel
