USD 1052.84 billion
Report ID:
SQMIR25O2020 |
Region:
Regional |
Published Date: April, 2024
Pages:
223
|Tables:
38
|Figures:
74
US & Canada Travel Market size was valued at USD 1052.84 billion in 2022 and is poised to grow from USD 1163.39 billion in 2023 to USD 2585.97 billion by 2031, at a CAGR of 10.5% during the forecast period (2024-2031).
To create unique experiences of their own, travellers are looking for flexible itineraries that blend entertainment and relaxation. Value-driven trips offering good value for the money and companies prioritising affordability and convenience have become increasingly popular, especially among millennial and younger travellers. The U.S. Travel Association estimates that total travel expenditures in the U.S. reached $93 billion in February 2023, a 5% increase over 2019 levels and a 9% increase over 2022 levels. The rising numbers of millennial and middle-class traveller groups will aid the growth of the market.
Positive developments in attitudes regarding gender, race, ethnicity, sexual orientation, and political stability, as well as more lenient visa policies, have a significant impact on international travel. Products, dependable transportation, exclusivity, and friendly & professional employee interactions set the travel standard. The U.S. and Canada will be facilitated by the government's increased efforts to revive the economy by directing funds into the system, and aiding various enterprises in starting new projects. Additionally, it is anticipated that the market will be fuelled by the increasing trend of transformational travel, which is focused on wellness travels to heal, balance, and transform the mind, spirit, and body.
Global Market Size
USD 1052.84 billion
Largest Segment
Millennial
Fastest Growth
Millennial
Growth Rate
10.5% CAGR
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U.S. & Canada Travel Market is segmented on the basis of Type and Age Group and region. By Age Group, the market is segmented into Millennial, Generation X, Baby Boomers. By Type, market is segmented into Luxury, Business Travel, Cruise, Specialty/Activity/ Sports, Budget.
U.S. & Canada Travel Market Analysis by Type
The luxury travel sector dominated the global market. The primary reason behind the segment's growth is the rise in consumer disposable income in the United States and Canada. A TripAdvisor analysis from May 2021 indicated that high-earning millennials in the U.S. were the largest consumers of luxury travel and that the majority of them travelled with a purpose, primarily for self-care and relaxation.
Consumers in the United States and Canada are increasingly adopting budget-friendly travel trends, which is projected to support category growth. For instance, a brand-new travel search and booking business called Elude debuted its mobile app in August 2021. The organization seeks to pair budget-conscious, open-minded visitors with vacations that suit their interests and their needs.
U.S. & Canada Travel Market Analysis by Age Group
The millennial age group segment dominated the market. Particularly among millennial and younger travellers, value-driven journeys and companies prioritising accessibility and practicality are growing in popularity. Over the projection period, millennial travel spending in the U.S. is projected to rise from the 200 billion USD spent in 2016. 33% of young Americans aim to spend at least USD 5,000 on their vacation. In the United States, the average millennial family income is USD 6,282.
The Gen X segment is expected to grow at the fastest CAGR. They prefer high-end accommodations and personalised service and are willing to spend more on travel than any other age group. Gen X travelers spend an average of $6,620 on leisure travel annually.
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The Southeast region of the U.S. is a dominant market for travel, with cities like Miami, New Orleans, and Atlanta attracting visitors from around the world. The Southeast region of the U.S. is known for its warm climate, beaches, and hospitality. Popular tourist destinations include Florida, Georgia, and the Carolinas, which offer a variety of outdoor activities and cultural experiences. The region is also home to major theme parks, such as Walt Disney World and Universal Studios Orlando, which draw large crowds of tourists.
The Northeast region is expected to grow at the fastest CAGR, with major cities like New York, Boston, and Washington, D.C. drawing millions of visitors each year. The Northeast region of the U.S. and Canada is known for its history, culture, and urban attractions. Major cities in this region include New York City, Boston, Philadelphia, and Washington, D.C. The region also features scenic natural areas, such as the Adirondack Mountains and the Cape Cod coastline. The Northeast is a popular destination for business and leisure travelers alike
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U.S. & Canada Travel Market Drivers
Economic Conditions
Demographic changes
U.S. & Canada Travel Market Restraints
Geopolitical instability
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Because there are numerous companies, the market is very competitive. To increase their market share and solidify their position in the sector, market participants are launching new services and engaging in various strategic efforts, such as collaborations, mergers, acquisitions, agreements, and the formation of new companies.
U.S. & Canada Travel Market Top Player’s Company Profiles
U.S. & Canada Travel Market Recent Developments
As travel restrictions remain in place and travelers remain cautious about international travel, many are opting to explore their own countries rather than traveling abroad. Domestic travel provides a safer and more convenient option for travelers, eliminating the need for international travel and the associated health and safety risks. safety concerns, domestic travel also provides travelers with the opportunity to explore their own countries and discover new destinations closer to home.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our US and Canada travel market analysis, the market is a large and diverse industry that includes a wide range of travel providers, including airlines, hotels, online travel agencies, car rental companies, and cruise lines. Several factors, including economic conditions, consumer preferences, and technological advancements drive the market. The market is characterized by a range of trends, including sustainable, personalization, digitalization, wellness travel, and adventure travel, and travel providers are investing in these trends to meet changing consumer preferences and remain competitive. The market is a dynamic and ever-evolving industry, and travel providers need to stay up-to-date with the latest trends and market dynamics in order to remain competitive and provide travelers with the experiences and services they are looking for.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 1052.84 billion |
Market size value in 2031 | USD 2585.97 billion |
Growth Rate | 10.5% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the U.S. & Canada Travel Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the U.S. & Canada Travel Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the U.S. & Canada Travel Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the U.S. & Canada Travel Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIR25O2020