The Asia Pacific travel market experienced a spectacular resurgence in 2023, with total travel gross bookings surging by 48% - the highest growth rate across all regions - reaching $395.8 billion. With 2024 ushering in a new era of completely unrestricted travel, the region is poised to surpass its pre-pandemic travel market size - a milestone that North America and Europe hit in 2022 and 2023, respectively. According to Phocuswright research report Asia Pacific Travel Market Report 2023-2027 , between 2024 and 2027, the market is forecasted to grow at a 7% CAGR, reaching $555.4 billion, largely driven by the recovery in China and the rapid expansion of India's travel sector.
Here are 5 critical APAC travel market projections you need to know:
Phocuswright powers the travel industry’s smartest decisions. Make confident, data-driven decisions that outpace your competition by leveraging our in-depth insights and analysis.
The Phocuswright Open Access research subscription gives you company-wide access to all of our expert-driven research reports and interactive data, so your team can identify emerging trends and seize new opportunities faster.
More Research Insights
.png "Travel Forward: Data, Insights and Trends for 2025")