Portland,OR, Oct. 07, 2020 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the Asia-Pacific group travel market generated $363.11 billion in 2019, and is estimated to garner $689.5 billion by 2030, witnessing a CAGR of 6.0% from 2019 to 2030.The report provides a detailed analysis of changing market trends, market size &estimations, key winning segments, top segments, value chain, and competitive scenario.
Pursuit of unique experiences and innovative marketing &promotionalstrategies on social media drive the growth of the Asia-Pacific group travel market. However, terrorism activities, political unrest, and climate changes present restraints in the market growth. On the other hand, a new trend of eco-mmodationand implementation of mobile applications, big data analytics, and artificial intelligence in the travel industry present new opportunities in the coming years.
In-depth analysis of the COVID-19 impact on the Asia-Pacific group travel Market@ https://www.alliedmarketresearch.com/request-for-customization/6071?reqfor=covid
Covid-19 Scenario:
- There has been a lockdown imposed by governments in the Asia-Pacific region. This has led to a shutdown of operations in the tourism industry. Revenue of travel agencies has been reduced significantly.
- Many countries have imposed a ban on local and international travel to curb the spread of the coronavirus. Governments have permittedpeople to return totheir hometowns under specific conditions such as availing e-pass, medical certificate, and others.
- Despite lockdown, restrictions eased off and permission has been given for local and international travel, people have been restricting their movements to ensure safety. As per current conditions, it seems that it will take some time to get the tourism industry back on track.
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The report offers detailed segmentation of the Asia-Pacific group travel market based on group type, sales channel, and country.
Based on group type, the leisure group segment accounted for more than two-thirds of the total share in 2019, and is projected to maintain its leadershipstatus based on revenue during the forecast period. However, the special interest groupsegment is projected to witness the highest CAGR of 7.3% from 2020 to 2027.
Based on sales channel, the travel agencies segment contributed to the largest market share with more than three-fourths of the total market revenue in 2019, and is expected to maintain its lead position throughout the forecast period. Moreover, this segment is projected to grow at the highest CAGR of 6.3% from 2020 to 2027.
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Based on country, China contributed to the highest market share with more than half of the total share in 2019, and is projected to maintain its dominance by 2027. However, this country is expected to witness the highest CAGR of 7.3% from 2020 to 2027. The report also offers analysis of countries including Thailand, Malaysia, Indonesia, Philippines, Singapore, India, Taiwan, Japan, Hong Kong, Korea, and Rest of Asia-Pacific.
Leading players of the global Asia-Pacific group travel market include EXO Travel, G2 Travel, Thomas Cook (India) Limited, Destination Asia, Apollo Asia Travel Group (AATG), Miki Travel Limited, Expedia, Inc., Trafalgar, and ASIA DMC.
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