USD 1052.84 billion
U.S. & Canada Travel Market Size, Share, Growth Analysis, By Age Group(Luxury, Business Travel) - Industry Forecast 2024-2031
Report ID:
SQMIR25O2020 |
Region:
Regional |
Published Date: April, 2024
Pages:
223
|
Tables:
38 |
Figures:
74
U.S. & Canada Travel Market Insights
US & Canada Travel Market size was valued at USD 1052.84 billion in 2022 and is poised to grow from USD 1163.39 billion in 2023 to USD 2585.97 billion by 2031, at a CAGR of 10.5% during the forecast period (2024-2031).
To create unique experiences of their own, travellers are looking for flexible itineraries that blend entertainment and relaxation. Value-driven trips offering good value for the money and companies prioritising affordability and convenience have become increasingly popular, especially among millennial and younger travellers. The U.S. Travel Association estimates that total travel expenditures in the U.S. reached $93 billion in February 2023, a 5% increase over 2019 levels and a 9% increase over 2022 levels. The rising numbers of millennial and middle-class traveller groups will aid the growth of the market.
Positive developments in attitudes regarding gender, race, ethnicity, sexual orientation, and political stability, as well as more lenient visa policies, have a significant impact on international travel. Products, dependable transportation, exclusivity, and friendly & professional employee interactions set the travel standard. The U.S. and Canada will be facilitated by the government's increased efforts to revive the economy by directing funds into the system, and aiding various enterprises in starting new projects. Additionally, it is anticipated that the market will be fuelled by the increasing trend of transformational travel, which is focused on wellness travels to heal, balance, and transform the mind, spirit, and body.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Millennial
Fastest Growth
Millennial
Growth Rate
10.5% CAGR
US & Canada Travel Market 2022-2030 ($ Bn)
State Share for North East Region- 2022 (%)
US & Canada Travel Market Size By Age Group 2022-2030 ($ Bn)
US & Canada Travel Market Size By Age Group 2022-2030 (%)
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U.S. & Canada Travel Market Segmental Analysis
U.S. & Canada Travel Market is segmented on the basis of Type and Age Group and region. By Age Group, the market is segmented into Millennial, Generation X, Baby Boomers. By Type, market is segmented into Luxury, Business Travel, Cruise, Specialty/Activity/ Sports, Budget.
U.S. & Canada Travel Market Analysis by Type
The luxury travel sector dominated the global market. The primary reason behind the segment's growth is the rise in consumer disposable income in the United States and Canada. A TripAdvisor analysis from May 2021 indicated that high-earning millennials in the U.S. were the largest consumers of luxury travel and that the majority of them travelled with a purpose, primarily for self-care and relaxation.
Consumers in the United States and Canada are increasingly adopting budget-friendly travel trends, which is projected to support category growth. For instance, a brand-new travel search and booking business called Elude debuted its mobile app in August 2021. The organization seeks to pair budget-conscious, open-minded visitors with vacations that suit their interests and their needs.
U.S. & Canada Travel Market Analysis by Age Group
The millennial age group segment dominated the market. Particularly among millennial and younger travellers, value-driven journeys and companies prioritising accessibility and practicality are growing in popularity. Over the projection period, millennial travel spending in the U.S. is projected to rise from the 200 billion USD spent in 2016. 33% of young Americans aim to spend at least USD 5,000 on their vacation. In the United States, the average millennial family income is USD 6,282.
The Gen X segment is expected to grow at the fastest CAGR. They prefer high-end accommodations and personalised service and are willing to spend more on travel than any other age group. Gen X travelers spend an average of $6,620 on leisure travel annually.
US & Canada Travel Market Size By Age Group 2022 (%), 2022 (%)
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U.S. & Canada Travel Market Regional Insights
The Southeast region of the U.S. is a dominant market for travel, with cities like Miami, New Orleans, and Atlanta attracting visitors from around the world. The Southeast region of the U.S. is known for its warm climate, beaches, and hospitality. Popular tourist destinations include Florida, Georgia, and the Carolinas, which offer a variety of outdoor activities and cultural experiences. The region is also home to major theme parks, such as Walt Disney World and Universal Studios Orlando, which draw large crowds of tourists.
The Northeast region is expected to grow at the fastest CAGR, with major cities like New York, Boston, and Washington, D.C. drawing millions of visitors each year. The Northeast region of the U.S. and Canada is known for its history, culture, and urban attractions. Major cities in this region include New York City, Boston, Philadelphia, and Washington, D.C. The region also features scenic natural areas, such as the Adirondack Mountains and the Cape Cod coastline. The Northeast is a popular destination for business and leisure travelers alike
US & Canada Travel Market Size By Geography, 2022-2030, 2024-2031
- Largest
- Fastest
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U.S. & Canada Travel Market Dynamics
U.S. & Canada Travel Market Drivers
Economic Conditions
- Employment rates are a key indicator of economic conditions, and they directly impact the travel industry. When employment rates are high, consumers tend to have more disposable income, which can lead to increased spending on travel. Conversely, when employment rates are low, consumers may have less disposable income, which can lead to decreased spending on travel.
Demographic changes
- Demographic changes such as aging populations, shifting immigration patterns, and changing family structures can also impact the travel market. For example, as the baby boomer generation retires, they may have more time and resources to travel, which can increase demand for travel products and services.
U.S. & Canada Travel Market Restraints
Geopolitical instability
- Geopolitical instability and security concerns can also impact the travel industry, particularly for international travel. For example, terrorist attacks and political unrest can lead to travel advisories and restrictions, which can significantly reduce travel demand.
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U.S. & Canada Travel Market Competitive Landscape
Because there are numerous companies, the market is very competitive. To increase their market share and solidify their position in the sector, market participants are launching new services and engaging in various strategic efforts, such as collaborations, mergers, acquisitions, agreements, and the formation of new companies.
U.S. & Canada Travel Market Top Player’s Company Profiles
- Accor
- Airbnb
- American Express Global Business Travel
- Booking Holdings
- Carnival Corporation
- Delta Air Lines
- Enterprise Holdings
- Expedia Group
- Hilton Worldwide Holdings
- Hertz Global Holdings
- InterContinental Hotels Group
- Marriott International
- Norwegian Cruise Line Holdings
- Priceline Group
- Royal Caribbean Cruises
- Southwest Airlines
- TripAdvisor
- United Airlines
- WestJet Airlines
- Wyndham Destinations
U.S. & Canada Travel Market Recent Developments
- In March 2023, Sunwing Airlines Acquisition by WestJet was approved. A merger between Sunwing Airlines, one of the major leisure carriers in the nation, and Canada's second-largest carrier, will take place.
- In February 2023, in order to assist start-ups working on the development of sustainable aviation fuel, United Airlines (UAL.O) established an investment fund worth more than $100 million (SAF).
- In September 2022, in addition to announcing a conditional purchase deal for 200 four-seat electric aircraft plus 200 options, United also announced a $15 million investment in Eve Air Mobility. The company anticipates the first deliveries to begin as early as 2026.
U.S. & Canada Travel Key Market Trends
- Domestic travel
As travel restrictions remain in place and travelers remain cautious about international travel, many are opting to explore their own countries rather than traveling abroad. Domestic travel provides a safer and more convenient option for travelers, eliminating the need for international travel and the associated health and safety risks. safety concerns, domestic travel also provides travelers with the opportunity to explore their own countries and discover new destinations closer to home.
U.S. & Canada Travel Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our US and Canada travel market analysis, the market is a large and diverse industry that includes a wide range of travel providers, including airlines, hotels, online travel agencies, car rental companies, and cruise lines. Several factors, including economic conditions, consumer preferences, and technological advancements drive the market. The market is characterized by a range of trends, including sustainable, personalization, digitalization, wellness travel, and adventure travel, and travel providers are investing in these trends to meet changing consumer preferences and remain competitive. The market is a dynamic and ever-evolving industry, and travel providers need to stay up-to-date with the latest trends and market dynamics in order to remain competitive and provide travelers with the experiences and services they are looking for.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1052.84 billion |
| Market size value in 2031 | USD 2585.97 billion |
| Growth Rate | 10.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on U.S. & Canada Travel Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on U.S. & Canada Travel Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the U.S. & Canada Travel Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the U.S. & Canada Travel Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the U.S. & Canada Travel Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the U.S. & Canada Travel Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
U.S. & Canada Travel Market Report Snapshots
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