Travel Agencies Market Size, Share, Growth, and Industry Analysis, By Type (International and Domestic Airline Bookings, Tour and Packaged Travel Bookings, Accommodation Bookings, Cruise Bookings, Car Rental and Others), By Application (Online and Offline), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Travel Agencies Market Report Overview

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The global travel agencies market size was USD 153540 million in 2021 and is projected to touch USD 698483.32 million by 2031, exhibiting a CAGR of 15.6% during the forecasting period.

A company that facilitates trip preparation and booking is a travel agency. They may assist with booking travel and lodging as well as organising excursions and activities. A travel agent is someone who is fully knowledgeable in the tourist product, including destinations, modes of transportation, climate, lodging, and other service-related fields. He represents the principals or product providers on whose behalf he works in exchange for a commission. The owner or manager of an agency is technically a travel agent, but other staff members are in charge of giving tourists recommendations and selling travel packages, tours, and other travel-related products. A travel agent is a person, company, or organisation that is also known as a travel agency. An agency is the location of a travel agency or other business where everyone

COVID-19 Impact: Bad Impact on Tourism Due to Lockdowns to Hamper Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with travel agencies market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributed to the travel agencies market growth and demand returning to pre-pandemic levels once the pandemic is over.

In addition to killing over a million people, the coronavirus drastically altered people's daily routines in a short period of time, had a negative impact on the world economy, and spread panic. The tourist sector appears to have been the hardest devastated by the Covid-19 epidemic of all the afflicted industries, affecting a number of related industries like hotel, travel and tour operators, all forms of transportation services, and many more. Hotels, cafes, taverns, and restaurants just closed their doors as flights were grounded, cities came to a standstill, trains stopped operating, and practically all public transportation ceased to operate. The market for travel agents was negatively impacted by this.

LATEST TRENDS

"Rising Demand for Leisure Travel to Enhance Market Growth"

The reduction in the number of hours in the workweek has led to an increase in leisure travel. This frees up more time for leisure pursuits. People are no longer required to save money by taking unpaid vacations. People can now spend that extra money. There is now a larger selection of leisure activities, so everyone may find something they enjoy. Transportation is become more affordable, simple, and quick. As a result, more people may take vacations overseas and access leisure activities more easily. Leisure travel directly benefits travel agencies market.

RESTRAINING FACTORS

"Risks Involved in Tourism to Impede Market Growth"

The development of global travel agencies is anticipated to be hampered by elements including potential dangers associated with adventure travel, unpredictable climate conditions, and possibility for catastrophes. These factors pose serious threat to the lives of tourists so precautions need to be taken which make it a little expensive. This is anticipated to hamper market growth.

Travel Agencies Market Segmentation

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• By Type

Based on type; the market is divided into international and domestic airline bookings, tour and packaged travel bookings, accommodation bookings, cruise bookings, car rental and others.

In terms of product, tour and packaged travel bookings is the largest segment.

• By Application

Based on application; the market is divided into online and offline.

In terms of application, online is the largest segment.

DRIVING FACTORS

"Inclination of Youth Towards Tourism to Augment Market Growth "

Youth travel preferences, increasing interest in adventure sports and affordable travel packages are anticipated to support market expansion throughout the course of the projected period. Nowadays, it is thought that travelling is a crucial component of adolescent education and activities. Young kids benefit from educational trips that broaden their knowledge and encourage the development of new concepts. The best way to improve health, happiness, and enjoyment is to travel. Additionally, it fosters youth's sense of national solidarity. Most individuals travel for pleasure because it thrills the heart and expands the mind. Seeing the splendours of nature gives people enormous joy. Travellers’ hearts are touched by the majestic mountains and meadows, streams and rivers, the deep blue sky, green trees, the enormous desert, and the open sea. This is anticipated to drive travel agencies market growth.

"Government Initiatives in Travel Agency to Promote Market Growth"

The factors driving the growth of the travel agency market in the future include an increase in government initiatives in the form of public-private partnerships to promote tourism, a spike in travel-related social media trends, intense competition among travel agencies to offer affordable travel packages, fewer travel restrictions, as well as the economic evolution. This is anticipated to boost market growth.

Travel Agencies Market Regional Insights

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"North America to Dominate the Market Due to Increased Tourism"

North America dominated the global travel agencies market share. The expansion of the regional market can be linked to a number of variables, including an increase in business travel, an increase in tourism, and the expansion of online travel agencies. Furthermore, it is anticipated that the presence of significant businesses in this region will fuel growth over the following eight years. In North America, demand for foreign travel among both people and corporate entities is expected to rise significantly throughout the projected period as a result of rising disposable income and a better standard of life.

Additionally, due to increased awareness of the various modes of transportation available globally, rapid development and improved infrastructure facilities will spur industry expansion throughout this region during the same period, driving overall revenue share across all segments, including domestic airlines booking service providers, tour operators, accommodation reservations, and car rental agencies, and others.

KEY INDUSTRY PLAYERS

"Intense Competition Among Market Players to Boost Market Growth "

Some of the most prominent and incumbent players functioning within the global travel agencies market include Omega World Travel, Ovation Travel Group, Thomas Cook, Travel and Transport, Travelocity, Travelong, TravelStore, TripAdvisor, Uniglobe Travel International, World Direct Travel. The market's competitive environment may become more intense in the coming years as more new companies prepare to enter the industry.The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.

List of Market Players Profiled

• Booking Holdings Inc. (U.S.)
• Expedia Group Inc. (U.S.)
• Trip.com Group Limited (China)
• Tripadvisor, Inc. (U.S.)
• Trivago NV (Germany)
• eDreams (Spain)
• Odigeo (Spain)

REPORT COVERAGE

The report examines market channels of travel agencies and provides information on the elements affecting probable future global development. Additionally, the report looks at market size and share, regional trends, end-use categories, and market segments. It emphasises the importance of outlining an exhaustive regional analysis. The Global travel agencies study also carried out a sector analysis to comprehend the key driving factors and entry barriers of the market. The paper also offers suggestions on how businesses might strengthen their market positions in light of significant alterations in the market dynamics.