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Traditional Travel Agency Market to Reach $212.9 Billion, Globally, by 2032 at 3.7% CAGR: Allied Market Research

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Allied Market Research

23 Oct, 2023, 08:38 GMT

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The global traditional travel agency market is expanding rapidly due to Changing consumer preferences and behavior, complex travel itineraries, and growing demand for one-to-one consultation

PORTLAND, Ore., Oct. 23, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Traditional Travel Agency Market by Services Type (Transportation, Travel Accommodation, and Vacation Packages), and Age Group (22-31 years, 32-43 years, 44-56 years, >56 years): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global traditional travel agency market size was 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.

Request Sample Copy of Report: https://www.alliedmarketresearch.com/request-sample/200808

Traditional travel agencies have been crucial players in the travel industry, aiding both individuals and organizations in the planning, booking, and management of their journeys while offering an array of travel-related services. Their expertise and personalized guidance have made them an integral and noteworthy part of the travel sector. The process of planning a vacation can frequently be a time-consuming task, especially when an individual is faced with a vast array of online options. Travel agencies streamline this process by offering thoughtfully selected choices that align with preferences and budget. 

Prime determinants of growth 

The global traditional travel agency market is expanding rapidly due to Changing consumer preferences and behavior, complex travel itineraries, and growing demand for one-to-one consultation. However, the market for traditional travel agencies is significantly constrained by costs and commission pressure. On the other hand, personalized traveling experiences are creating lucrative opportunities for the growth of the global traditional travel agency market.

Report coverage & details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$143.9 billion

Market Size in 2032

$212.9 billion

CAGR

3.7 %

No. of Pages in Report

250

Segments Covered

Service Types, Age Group, and Region.

Drivers 

- Changing consumer preferences and behavior

- Complex Travel Itineraries

- Growing demand for a one-to-one consultation 

Opportunities

- Personalized travel experiences

Restraints

- Competition from online booking portals and websites

- Costs and commission pressure

Procure Complete Report (250 Pages PDF with Insights, Charts, Tables, and Figures): https://www.alliedmarketresearch.com/checkout-final/023901fa38d2d5ba5166dd3a7a5482a1

The transportation segment to maintain its leadership status throughout the forecast period

By service types, the transportation segment held the highest market share in 2022, accounting for more than two-fifths of the global traditional travel agency market revenue and is estimated to maintain its leadership status throughout the forecast period.  The demand for transportation services is on the rise within the traditional travel agency market. Travelers seek the convenience of expertly curated transportation options that align with their personalized itineraries. The travel accommodation segment, however, shows the fastest CAGR of 5.0% during the forecast period. Travel accommodation services are experiencing a surge in demand within the traditional travel agency market. As travelers seek curated and hassle-free experiences, these agencies play a pivotal role in securing accommodations that align with individual preferences and travel plans.

The 22-31 years segment to maintain its leadership status throughout the forecast period

By age group, the 32-43 years segment held the highest market share in 2022, accounting for around one-third of the global traditional travel agency market share and is estimated to maintain its leadership status throughout the forecast period. The same segment would showcase the fastest CAGR of 4.7% during the forecast period. The demand from the 32-43 age group is increasing in the traditional travel agency market due to their specific needs as working professionals and family-oriented travelers.

Europe to maintain its dominance by 2032

By region, Europe held the highest market share in terms of revenue in 2022, contributing to more than one-third and is likely to dominate the market during the forecast period. With a diverse range of destinations and travel preferences, North American travelers turn to agencies for curated experiences, family trips, and niche travel segments. The market continues to evolve, adapting to digital trends while maintaining its appeal through face-to-face interactions and customized planning for a variety of travelers. However, LAMEA is expected to witness the fastest CAGR of 4.2% from 2023 to 2032. The demand for the traditional travel agency market is on the rise in the LAMEA region due to several factors. With its rich cultural diversity and varied landscapes, travelers seek expert assistance to navigate the intricacies of travel choices.

Enquire before buying: https://www.alliedmarketresearch.com/purchase-enquiry/200808

Leading Market Players: -

  • Expedia Group Inc.
  • Booking Holdings
  • Mahindra Holidays
  • STA Travel
  • Carlson Wagonlit Travel (CWT)
  • AAA Travel
  • Kuoni Group
  • Thomas Cook
  • TUI AG
  • Flight Center Travel Group Limited

The report provides a detailed analysis of these key players in the global traditional travel agency market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Read More Trending "AMR Exclusive Insights:

  • Online Travel Agency Market Opportunity Analysis and Industry Forecast, 2023-2032
  • Travel Transportation Market Opportunity Analysis and Industry Forecast, 2023-2032
  • Low Cost Airlines Market Opportunity Analysis and Industry Forecast, 2016-2030
  • Driving Vacation Market Opportunity Analysis and Industry Forecast, 2021-2031
  • Travel Accommodation Market Opportunity Analysis and Industry Forecast, 2021-2031

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David correa
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg

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