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“Rising disposable income among Americans and growing exposure to social media is expected to benefit the US and Canada market during the forecast period. Additionally, the launch of various applications is another significant factor that will drive the market during the forecast period,” says Fact.MR analyst.
UNITED STATES, Rockville, MD, Aug. 04, 2022 (GLOBE NEWSWIRE) — The US and Canada travel market is expected to reach USD 952 million by 2022 and is expected to show a CAGR of 10.14% from 2022 to 2032. The market may be due to the growing number of millennial and middle-income travel groups.
According to the International Tourism Organization By 2021, tourism’s economic contribution could reach US$1.9 trillion, up from US$1.6 trillion in 2020. The body is likely to lead the market positively.
The forecast period for travel and tourism exhibitions in the US is an important factor that can increase the market size. For example, World Deer Expo 2022 offers a weekend for outdoor enthusiasts. Another such exhibition is the Scuba Show 20223, which features displays such as marine, adventure, underwater photography, seafood preparation and marine conservation. Such conditions are expected to encourage people to travel, which will ultimately benefit the US and Canada travel industry during the forecast period.
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Additionally, the launch of other travel apps like the Una Travel app from startup XOKind curates collaborative trips for individual travelers and groups, primarily based on interest. Another such example is Out of Office, which allows users to browse travel recommendations from trusted sources and then book through OpenTable, and the new TPG app from travel website The Points Guy, which accumulates users’ loyalty rewards. Points.
On the contrary, issues such as the US withdrawal from Afghanistan and the AUKUS Tripartite Submarine Treaty between France and the US have made the US appear a superpower and affected other travel industries as well. In addition, the volume of visas issued by US embassies across Europe has decreased significantly compared to the pre-Covid period.
From the U.S and the Canadian travel market
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The millennial segment is expected to dominate the US and Canada market during the forecast period. By 2022, the segment is expected to claim around 50% revenue share.
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The US and Canadian travel market is projected to earn around $2.5 billion during the forecast period.
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The luxury segment dominates the US and Canada market during the forecast period. In the year By 2021, the segment will account for 32 percent of global revenue.
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US and Canadian travel market It is expected to guarantee US$ 952 million by 2022.
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The US and Canada travel market is expected to exhibit a CAGR of 10.14% during the forecast period.
Competitive analysis
Key players in the US and Canada travel market include Expedia, Inc., Booking Holdings Inc., American Express Global Business Travel (GBT), TCS World Travel, Abercrombie & Kent USA, LLC, Exodus Travels Ltd., BCD Travel, Intrepid Travel. , Topdeck Travel Ltd. and Trafalgar.
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In April 2021, Expedia launched new features and advertising campaigns in anticipation of more travel. Changes like the new travel experience allow travelers to see all of their trip details in one place, simplify the insurance experience and help travelers discover and experience more of the destination.
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In the year In November 2021, Booking Holdings Inc. announced an agreement to acquire B2B hotel rooms distributor Getaroom from Court Square Capital Partners for approximately $1.2 billion.
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What is the contribution? The beginning Developing the US and Canadian travel market?
Airalo, Ditto, Amenities, Trop, Yoti, Hotel Network, Smos, Blueboard, Port, Hoppin, and Butler Hospitality are some of the emerging entities in the US and Canadian travel market. Startups are expected to contribute significantly to the market.
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For example, Arielo, which offers digital SIM cards to travelers, raised $5.4 million in Series A funding. The round was led by Rakuten Ventures with participation from Antler, Sequoia Capital India Surge Program, LG Technology Ventures, Plug and Play Ventures, Go Ventures and others. Hence, startups are expected to contribute significantly to the growth of the US and Canada travel market.
Key segments defined in the US and Canadian travel market
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Type:
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by age group;
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Millennium
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Generation X
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Baby boomer
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By country:
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American travel market
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Canadian travel market
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