Traditional travel agency market
According to a new report published by Allied Market Research titled, “Traditional Travel Agent Market Size, Share, Competitive Landscape, Trends Analysis by Service Type and Age Group: Global Opportunity Analysis and Industry Forecast, 2023-2032,” the global traditional travel agency market size is valued at $143.9 billion in 2022 and is projected to reach $212.9 billion by 2032, growing at a CAGR of 3.7% from 2023 to 2032. The global traditional travel agency market size is valued at $143.9 billion in 2022 and is projected to reach $212.9 billion by 2032, growing at a CAGR of 3.7% from 2023 to 2032.
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Collaboration with local service providers, hotels, and other travel-related businesses creates opportunities for special offers and improved services. Partnerships increase the accessibility of travel agents and provide more options to customers. Some travel agencies focus on specific areas or niche markets such as luxury travel, family travel, and health retreats. Depending on their area of โโspecialization, they provide in-depth knowledge and specialized advice suited to specific customer demands. Hence, the demand for traditional travel agency market is creating opportunities for traditional travel agency market during the forecast period.
The COVID-19 pandemic has highlighted the value of flexible cancellation and booking rules and regulations. To provide peace of mind to consumers, travel agencies are modifying their terms to allow for last-minute changes to vacation itineraries. To offer integrated travel experiences and rewards programs, traditional travel agencies are collaborating with companies across industries such as hospitality, entertainment, and even technology. All these trends in the traditional travel agency market are driving growth in the traditional travel agency market.
The traditional travel agency market has been analyzed based on service type, age group, and region. By service type, the market is segmented into transportation, travel accommodation, and vacation packages. By age group, the market is segmented into 22-31 years, 32-43 years, 44-56 years, and 56+ years. By region, the market has been analyzed across North America (US, Canada, Mexico), Europe (France, Germany, Italy, Spain, UK, Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia Pacific), LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA).
Based on service type, the transportation segment is expected to account for the highest market share in 2022, accounting for more than two-fifths of the global traditional travel agency market revenue, and is projected to maintain its leadership position throughout the forecast period. The traditional travel agency market is witnessing an increasing demand for transportation services. Travelers are seeking the convenience of expertly curated transportation options to suit their personalized itineraries. However, the travel and accommodation segment will manifest the fastest CAGR of 5.0% during the forecast period.
The 22-31 age segment will maintain its leadership position throughout the forecast period.
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Based on age group, the 32-43 years old segment is expected to hold the highest market share in 2022, accounting for nearly one-third of the global traditional travel agency market share, and maintain its leadership position throughout the forecast period. The same segment will manifest the fastest CAGR of 4.7% during the forecast period.
The region that dominated the global traditional travel agency market in 2022 was Europe, and its dominance is expected to continue throughout the forecast period. Travelers are still drawn to Europe because of its rich history and culture. Developing itineraries that allow travelers to fully experience the culture, history, and traditions of the place is the focus of travel agents. Some travel agencies in Europe are focusing on specific areas such as culinary experiences, wellness retreats, and adventure travel. They are now targeting and offering their expertise to specific travel groups. The cruise and river cruise industry is very popular in Europe.
The leading players in the global traditional travel agency industry analyzed are Expedia Group Inc., Booking Holdings, Mahindra Holidays, STA Travel, Carlson Wagonlit Travel (CWT), AAA Travel, Kuoni Group, Thomas Cook, TUI AG and Flight Centre Travel Group Limited.
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โ The report quantitatively analyzes the Traditional Travel Agent market segments, current trends, estimations, and trends in the Traditional Travel Agent market from 2022 to 2032 and identifies the prevailing opportunities in the Traditional Travel Agent market.
โ The market research is provided with information related to key drivers, restraints, and opportunities.
o Porterโs five forces analysis highlights the potential of buyers and suppliers, enabling the parties to make profit-driven business decisions and strengthen the supplier-buyer network.
โ A detailed analysis of the traditional travel agency market segmentation helps identify current market opportunities.
โ Major countries in each region are mapped according to their revenue contribution to the global market.
โ Market player positioning facilitates benchmarking and provides a clear picture of the current position of traditional travel agency market players.
โ The report includes an analysis of regional and global Traditional Travel Agent market trends, key players, market segments, application areas, and growth strategies of the Traditional Travel Agent market.
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