- Increase in interest of travelers to interact with culture and local people, and formation of SAVE travel alliance, and rise in awareness toward sustainable tourism are expected to propel the growth of the global SAVE tourism market
PORTLAND, Oregon, Oct. 3, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "SAVE Tourism Market by Type (Scientific, Academic, Volunteer, and Education), and by Sales Channel (Travel Agent and Online): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global SAVE tourism market was pegged at $69.5 billion in 2018 and is projected to reach $106.9 billion by 2026, registering a CAGR of 5.8% during the forecast period.
Whys and wherefores of market ups and downs
Growing interest of travelers to interact with culture, nature, and local people, continuous growth of international travel, and formation of SAVE travel alliance have boosted the growth of the global SAVE tourism market. However, different rules and regulations related to visa and advent of commercialization in SAVE tourism hamper the market. On the contrary, contribution to sustainable tourism and benefits to developing and underdeveloped countries are expected to create lucrative opportunities in the near future.
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The academic segment dominated the market
By type, the academic segment held the largest share in 2018, contributing more than one-third of the global SAVE tourism market. This is due to increase in number of international students owing to increase in opportunities to collaborate with high education institution or university. However, the education segment is projected to manifest the fastest CAGR of 6.5% during the forecast period, owing to rise in the voluntourism organization that sends voluntourists in different countries.
The online sales channel to grow at fastest CAGR by 2026
By sales channel, the online segment is expected to portray the fastest CAGR of 7.5% during the forecast period, owing to increase in penetration of Internet in tourism industry and preference of people to book tours online. However, the travel agent segment dominated the market in 2018, contributing around 88% of the global SAVE tourism market, as they operate locally, nationally, and internationally to offer unique and life-changing experience toward sustainable tourism.
Europe holds the largest share; followed by North America
The market across Europe held the largest share in 2018, contributing more than two-fifths of the market, owing to initiative to make Europe the world's No. 1 tourism destination to stimulate competitiveness and promote development of sustainable tourism. The market across North America also held major share of the total revenue. However, the global SAVE tourism market across Asia-Pacific is projected to register the fastest CAGR of 8.5% during the forecast period, owing to rise in both outbound and inbound trip and an increasing middle class looking to spend its rising disposable income for travelling purpose.
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Major market players
- ABTA Ltd.
- ATTITUDE HOSPITALITY LTD (AHL)
- Caribtours Ltd
- Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH
- Fair Trade Tourism
- Four Communications
- Responsible Vacation
- The travel foundation
- Tui Group
- we-are.travel GmbH
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