Luxury Travel Market Analysis - Global Industry Size, Share, Trends and Forecast, 2014 - 2024

Category : Automotive, Transportation and Logistics | Delivery Format : PDF | Status: Forthcoming | Report ID : ARC400

Introduction

The market for luxury travel has gone up to a new level as rich class citizens across the globe are preferring this mode of travelling and spending heavily on luxury travel packages. The travel industry is widening its wings to fulfil the luxury travel demands of such end consumers. The middle class consumers of today are shifting their focus towards urbanization and look for more materialism in the luxury travel, thus the mature markets are yearning the novel and evolved kind of luxury, where luxury would be defined by the relevance of personal and exclusive experience offered to the customers.

Market Dynamics

The market for luxury travel is majorly driven by business travels. Over the time, most of the business travellers have realised that the cost of stressed economic class journey outpaces the cost of leisured first class journey. The luxury travel industry is however not limited to the travel component of a tourism industry; the opportunities thrive through all different aspects of the tourism industry. Several hotels have now come up with an idea of offering their customers with personalized comfort and services that include high class restaurants offering unmatched and personal fare which take into account not just the calorie intake but also the diet plans followed by the guests and cater to all kinds of dietary requirements. The growth of luxury travel is also attributed to the escalating disposable income and growth of the middle class people across the globe. The stats say that majority of the millionaire are in Asia-Pacific and manage more wealth than their North American peers.

Market Classification and Segment Overview

The luxury travel market is broadly segmented into age groups, tour types and types of travellers. The age groups segment is categorised into millennial, generation x, silver hair and baby boomers. Baby boomers are the people from age 41 to 59, this age group accounts for the majority of share in the market owing to their priority for ‘travel’ and the disposable income and savings. Also, this age group faces lesser heath issues as compared to the silver hairs. Eco tourism, bucket list, second honeymoon and passion tourism are some of the reasons encouraging people from this age group to opt for luxury travel. The types of travellers can be widely categorised into absolute luxury, accessible luxury and aspiring luxury. Business tours, private vacations, culinary tour, special events, small/group tours, cruise/ship expeditions, adventure and safari or customized tour are the different segments of different types of tours in the luxury travel market.

Globally, the market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa (MEA). Asia-Pacific is anticipated to exhibit highest growth rate, majorly supported by China, where approximately seven million outbound trips take place annually. Following China is Singapore and India. India, in Asia-Pacific, is analyzed to be the fastest growing country owing to the rising numbers of affluent travellers travelling to landscapes in other regions.

Report Coverage

Market

Global Luxury Travel Market

Analysis Period

2014 – 2024

Historic Data

2014 – 2015

Base Year

2016

Forecast Data

2017 – 2024

Market Stratification

Age Groups, Tour Type, Type Of Travellers, Geography

Regional Scope

North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA)

Report Coverage

Market Trends, Drivers, Restraints, Porter's Five Forces Analysis, Competitive Analysis,

Player Profiling, Value Chain Analysis

 

Market Participants

Some of the major players in this market are Thomas Cook Group PLC, Micato Safaris, Abercrombie & Kent USA, Butterfield & Robinson Inc, Cox & Kings Ltd, Ker & Downey, Kensington Tours, Travcoa, Scott Dunn Ltd and Tauck. There are also some other companies playing a key role in the value chain of luxury travel market, viz., Black Tomato, TUI Group, Lindblad Expeditions LLC, Exodus Travels, Zicasso, Inc. and Backroads. In order to capitalize on higher service standards, the market players have formulated distinctive strategies that would target the surge in middle class segment, for example, hire skilled personals with varied linguistic skills and good communication skills. This way the demand for unique travel experience would offer myriad opportunities for the industry to continue to remain competitive.

Market Segmentation

Market by Age Groups

·         Millennial (Age Group 21-30)

·         Generation X (Age Group 31-40)

·         Baby boomers (Age Group 41-60)

·         Silver hair (Above 60)

Market by Tour Type

·         Business tours

·         Private vacations

·         Culinary tour

·         Special events

·         Small/group tours

·         Cruise/ship expeditions

·         Adventure and safari or customized tour

Market by Type Of Travellers

·         Absolute luxury

·         Accessible luxury

·         Aspiring luxury

Market by Geography

·         North America

o   US

o   Canada

o   Mexico

·         Europe

o   UK

o   Germany

o   France

o   Rest of Europe

·         Asia-Pacific

o   China

o   Japan

o   India

o   Philippines

o   Rest of Asia-Pacific

·         Latin America

o    Brazil

o   Chile

o   Rest of Latin America

·         Middle East and Africa (MEA)

o   South Africa

o   Saudi Arabia

o   Rest of MEA


Related Reports

Autonomous Vehicle Sensors Market (Product Type: LIDAR, RADAR, Ultrasonic Detectors, Image Censors; Application: Sports Cars, Taxis, Individuals, Others; End-Use Industry: E-Commerce, Automotive, Travels & Tours, Multinationals, Marine and Aerospace) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026

Introduction According to research, the autonomous vehicle sensors market is expected to grow at a market value of nearly $XX Billion by 2026, at approximately XX% CAGR. Autonomous vehicle sensors are electronic devices that constantly monitor their surrounding areas and generate information. Sensors are the primary part of autonomous vehicles. As sensors play a vital role, without

Automotive Sensors Market (Sensor Type: Pressure Sensor, Temperature Sensor, Speed Sensor, Position Sensor, O2 Sensor, NOX Sensor, Inertia Sensor, Image Sensor, Others; Vehicle Type: Passenger Car, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV); Application: Powertrain, Chassis, Exhaust, Safety & Control, Body Electronics, Telematics, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026

Introduction According to research, the automotive sensors market is expected to grow at a market value of nearly $44.2 Billion by 2026, at approximately 7% CAGR. Sensors are the crucial parts of the vehicle safety systems. Sensors are used in measuring or recording physical phenomena, detecting and consequently responding by transmitting information, affecting system control or in

Blind Spot Monitoring Market (Type: Passenger, Commercial; Product: RADAR Sensor, Ultrasonic Sensor, Application: OEM, After Market) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2025

Introduction The blind spot monitor is an automobile based sensor device that senses other vehicles located to the driver’s side. Warnings from the system are generated and can be in forms such as audible, tactile, visual or vibrating. However, blind spot monitors may do more than monitoring from the sides and rear of the automobile. They may also incorporate cross traffic al

Automotive Turbocharger Market (By Vehicle: PCV, LCV, HCV; By Technology: VGT/VNT, Wastegate, Twin turbo; By Fuel: Gasoline, Diesel; By Distribution Channel: OEM, Aftermarket) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026

Introduction Global automotive turbocharger market is expected to grow at a CAGR of around 10% from 2018 to 2026 and reach the market value of more than $25 billion by 2026. Automotive turbocharger is a forced initiation system that makes use of energy of fatigue gases from the engines via a turbine. This facilitate in the stimulation of a volume of air into combu

Automotive Transceivers Market (By Protocol: LIN, CAN, FlexRay, Ethernet, Others; By Application: Body Electronics [Body Control Module, HVAC, Dashboard, Others], Infotainment [Multimedia, Navigation, Telematics, Others], Powertrain [Engine Management System, Auto Transmission], Chassis & Safety [Electric Power Steering, ADAS/Autonomous driving]) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026

Introduction The automotive industry has changed noticeably in the last 30 years. The previous, entire mechanical systems have been substituted by a mixture of electronic and mechanical devices. Growing safety systems, such as air bags, seat belts, anti-lock braking systems (ABS), blind spot detection (BSD), a electronic stability control (ECS), lane change assist (LCA) and adapti

Automotive Communication Technology Market (By Bus Module: Local Interconnect Network (LIN), Controller Area Network (CAN), FlexRay, Media-oriented Systems Transport (MOST), Ethernet; By Vehicle Class: Economy, Mid-Sized, Luxury; By Distribution Channel: OEM, Distributors; By Application: Powertrain, Body and Comfort Electronics, Infotainment and Communication, Safety and ADAS, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026

Introduction Growing safety systems, such as air bags, seat belts, anti-lock braking systems (ABS), blind spot detection (BSD), electronic stability control (ECS), lane change assist (LCA) and adaptive cruise control (ACC) along with others. The data communication networks are being used in cars as well due to the mounting number of electronics in cars. Transceivers are used to se

Cart Summary