Global Travel Market Report 2024

Summary

The global travel industry is back on track, surging by 24% in 2023 to hit $1.5 trillion and surpassing pre-pandemic levels. By 2026, online channels are expected to account for 65% of global travel bookings, driven by shifts in consumer behavior and technological advancements. North America remains the largest travel market, while Europe and APAC lead in online booking penetration, each reaching 69% by 2026. These trends highlight the industry's resilience and rapid adaptation to a digital future.

Phocuswright’s Global Travel Market Report 2024 provides comprehensive market sizing and projections from 2019-2026, including analysis of key segments, trends and distribution dynamics for six regions: North America (U.S. and Canada), Asia Pacific (APAC), Europe, the Middle East, Latin America (LATAM) and Eastern Europe. The content presented here is sourced in part from several Phocuswright publications, including the following:

• U.S. Travel Market Report 2023-2027
• Canada Consumer Behavior and Travel Market Report 2022-2026
• Asia Pacific Travel Market Report 2022-2026
• Europe Travel Market Report 2023-2027
• Middle East Travel Market Report 2022-2026
• Latin America Travel Market Report 2022-2026
• Eastern Europe Travel Market Report 2023-2027
  
  

  Key questions addressed by this research include:

  • How has the global travel market recovered post-pandemic, and what are the projected market sizes for key regions through 2026?
  • How are online bookings shaping the travel industry's growth, and how is digital penetration varying across different regions?
  • Which regions and travel segments (airlines, hotels, car rentals) are experiencing the most significant growth in the global travel market?
  • What are the emerging trends in travel distribution channels, especially regarding the recent shifts in online bookings and supplier-direct channels?