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

Automotive Laser Headlight Market By Vehicle: (Passenger Vehicle, Commercial Vehicle) By Sales Channel: (OEM, Aftermarket) – Global Industry Analysis, Market Size, Opportunities And Forecast, 2019 - 2026

The global automotive laser headlight market size is expected to reach around 339.7 Bn by 2026 and growing at a CAGR of around 67.9% from forecast period 2019 to 2026. Laser headlights are the automotive components used for lighting the road surface to increase safety, and also to avoid risk of accidents. Laser headlights are an innovative technology used in the automobiles, where laser beams not actually shot on the road instead lasers f

Car Rental Market (By Booking Type: Online Access, Offline Access; By Application Type: Leisure/Tourism and Business; By Vehicle Type: Economy/Budget Cars, Luxury/Premium Car) - Global Industry Size, Share, Trends and Forecast 2019 - 2026

The global car rental market size is expected to reach over USD 187.5 billion by 2026 and is expected to grow at a CAGR of 13.7% during the forecast period, 2019–2026. During last few years, the trend of the car and automotive buying has changed the scenario. Rental cars have got the traction during last few years. Car rental service provides car and automobiles on rent for l

Electric Vehicle Market (By Type: Battery Electric Vehicle, Hybrid Electric Vehicle, and Plug-in Hybrid Electric Vehicle; By Application: Two-Wheeler, Passenger Cars, and Commercial Cars) - Global Industry Size, Share, Trends and Forecast 2019 - 2026

The global electric vehicle market is expected to grow at CAGR 25.6% during the forecast period, 2019-2026 and will reach over USD 568.2 Billion by 2026. Electric vehicle also knows as electric motor or EV, is a vehicle that uses electric motor for propulsion. Some of the common electric vehicles are electric car, electric truck, electric train, electric airplanes, electric lorries, electric boats,

Electric Vehicle Charging Station Market (By Type of Charger: AC Charging Station and DC Charging Station; By Power Output: <11 kW, 11kW-50 kW, >50 kW; By End Use: Private Type and Public Type; By Supplier Type: OE Charging Station and Private Charging Station) - Global Industry Size, Share, Trends and Forecast 2019 - 2026

The global electric vehicle charging station market is expected to grow at CAGR 40.5% during the forecast period, 2019-2026 and will reach over USD 30.8 Billion by 2026. Electric vehicle charging stations is known with multiple names including electric vehicle charging point, electric recharging point is an infrastructural point that is known for supplying electric energy to the electric vehicle. T

Automotive OLED Market (By Location: Interior OLEDs, exterior OLEDs; By Structure: Transparent OLEDs, Graded Hetero-Junction OLEDs, Stacked OLEDs, Inverted OLEDs; By Vehicles Type: Passenger Vehicles (PV), Commercial Vehicles (CV)) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026

The global automotive OLED market size is expected to reach over USD 5.1 billion by 2026 and is expected to grow at CAGR 16.5% during the forecast period, 2019-2026. Automotive OLED (Organic Light-Emitting Diode) is the film of organic compound that emits light in response to an electric current. It is an advanced type of the automotive lighting. The global Automotive OLED market is growing at sign

Automotive Filter Market (By Type: Air Filter, Fuel Filter, Oil Filter, Emission Filter; By Sales: OES, OEM, IAM, Aftermarket; By Application: LCV, Passenger Vehicle (PV), HCV, 2-wheeler) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026

The global automotive filter market size is expected to reach over 29.6 USD Billion by 2026 and is expected to grow at a CAGR of 3.5% during the forecast period, 2019–2026. Automotive Filter is used in the filtration of the petrol, oil and air excused in the automotive vehicles. During last few years there is a significant increase in the number of the automotive vehicles across the globe which has boosted the demand for the automotive filter across

Cart Summary