Travel and Tourism is one of the key sectors that play a pivotal role in any Country’s Economy and make a significant contribution to the country’s GDP. This growth in travel and tourism activities globally has led to the rise of travel intermediaries and forms an important part of selling travel products to customers.
The market size of the travel and tourism sector in Asia-Pacific reached a value of $163 billion in 2021. In recent years, the rise in the number of online travel intermediaries was aided by the growth in the number of internet users along with the demand for convenience among travelers further supported the rise in the market for online travel Intermediaries.
The travel and tourism market in Asia Pacific grew by 30% in 2021 as the sector witnessed a recovery in the demand after easing the restrictions which were placed on account of the Outbreak of the pandemic COVID-19 and online travel intermediaries’ sharp rise in travel products as the consumers planned their travel activities after the gap of close to two years.
Meanwhile, the growth which the travel and tourism sector was going to see was reversed as the Outbreak of the COVID-19 pandemic completely devastated the industry in 2020. During the year 2020, the market value of travel and tourism in the Asia-Pacific region saw a de-growth of a whopping 69%, and the sectors allied with the industry were severely impacted.
Key travel destinations among travelers in Asia Pacific include Thailand, Hong Kong, Vietnam, and Singapore.
The travel and tourism market in Asia-Pacific grew at a compound annual growth rate of negative 18% during the period 2017-2021. The global travel industry along with its allied sectors saw a slump in market value with the pandemic in 2020. Prior, to 2020, the industry was also witnessing slow growth due to low economic growth.
The major companies that have a strong presence in the travel and tourism market for the Asia-Pacific region include Booking Holding Inc, Expedia, China Tourism Duty Free, Trip.com.
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