The customized travel market has seen rapid expansion, with growth expected from $106.73 billion in 2023 to $117.58 billion in 2024 at a CAGR of 10.2%. Factors driving this growth include the rise of an affluent middle class, internet growth, social media influence, sustainability awareness, and increased focus on safety and health.
The customized travel market is expected to reach $173.76 billion by 2028 at a CAGR of 10.3%. Growth drivers include the expansion of air travel, increasing demand for personalized experiences, tourism infrastructure development, the growth of luxury travel, and changing demographics and lifestyles. Key trends include augmented and virtual reality adoption, collaborations with local influencers, group travel customization, digitization of travel agencies, and infrastructure development.
Major Driver In The Customized Travel Market
The rise of millennial travelers is anticipated to drive growth in the customized travel market. Millennials prioritize experiences over material possessions and seek tailored travel options that align with their interests. In October 2023, an American Express report indicated that 72% of Millennial and Gen-Z respondents prefer spending on experiences rather than gifts during holidays. Therefore, the rise of millennial travelers is fueling the customized travel market. The market size for customized travel was valued at $16.3 billion in 2023, expected to reach $18.2 billion in 2024, and is projected to grow to $25.1 billion by 2028.
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Customized Travel Market Competitive Landscape
Expedia Group Inc., Airbnb Inc., Cox and Kings Limited, TripAdvisor Inc., Abercrombie and Kent Group of Companies S.A, Insight Vacations Inc., Sonder Holdings Inc., G Adventures Inc., Viator Inc., Backroads Inc., MakeMyTrip Limited, Travel Leaders Group LLC, GetYourGuide AG, Luxury Escapes Travel Pty Ltd., TCS World Travel Inc., VBT Bicycling Vacations, Scott Dunn Travel Limited, Black Tomato Group Inc., Railbookers Group, Klook Travel Technology Limited, Zicasso Inc., Classic Journeys LLC, Salt and Wind Travel LLC, Customized Journeys LLC, Asia Transpacific Journeys Inc., Trafalgar Tours International Limited, Heritage Tours Private Travel LLC, Rustik Travel Ventures Private Limited
Key Customized Travel Market Trend
Companies in the customized travel market are developing AI-powered platforms for personalized trip planning to enhance traveler experiences. In August 2024, Thomas Cook India launched an AI-powered platform for customized holiday planning. This platform enables users to plan vacations in under ten minutes by analyzing preferences and providing tailored recommendations, significantly reducing the planning time.
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Global Customized Travel Market Segmentation
The customized travel market covered in this report is segmented –
1) By Traveler Type: Luxury Travelers, Adventure Travelers, Cultural Enthusiasts, Family Travelers, Solo Travelers
2) By Trip Duration: Short Breaks (Within 7 Days), Extended Vacations (7-15 Days Or More)
3) By Trip Focus: Special Interest Tours, Wellness Retreats, Educational Travel
By Geography:The regions covered in the customized travel market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the customized travel market in 2023.
The Customized Travel Global Market Report 2024 furnishes information about the global customized travel market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
