Global Traditional Travel Agency Market Poised for Growth, Predicts $212.9 Billion Valuation by 2032: Report

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A recent study by Allied Market Research titled “Traditional Travel Agency Market Size, Share, Competitive Landscape and Trend Analysis Report by Service Types, by Age Group: Global Opportunity Analysis and Industry Forecast, 2023-2032” reveals that the market was worth $143.9 billion in 2022. It is forecasted to expand to $212.9 billion by 2032, with a steady growth rate of 3.7% annually from 2023 to 2032.

The report highlights that partnerships with local businesses such as hotels and other service providers are unlocking new opportunities and enhancing service offerings. Many agencies focus on specific segments like luxury trips, family vacations, or wellness retreats, providing targeted and expert advice tailored to specific customer needs. This is leading to an increased demand for traditional travel agency services.

The pandemic underscored the importance of adaptable booking and cancellation policies. Agencies are now adjusting their terms to accommodate last-minute changes, providing travelers with reassurance. Traditional travel agencies are also forging alliances across various sectors including hospitality, entertainment, and technology to create comprehensive travel experiences and loyalty rewards, thus propelling the market’s growth.

The study categorizes the market based on service type, age group, and geography. It is segmented by service type into transportation, travel accommodation, and vacation packages. By age group, it is divided into 22-31, 32-43, 44-56, and over 56 years. Geographically, the market spans North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa).

The transportation segment was the largest in 2022, capturing over two-fifths of the market revenue, and is expected to maintain its lead. The travel accommodation segment is projected to grow the fastest, with a CAGR of 5.0%. Among age groups, the 32-43 year segment dominated in 2022, holding about one-third of the market, and it is also expected to grow the fastest at a CAGR of 4.7%.

Europe led the market in 2022 and is predicted to continue its dominance. The allure of Europe’s rich history and culture continues to draw travelers. Agencies in Europe are tailoring experiences that allow travelers to immerse themselves in the local culture, history, and traditions, with a particular focus on culinary experiences, wellness retreats, and adventure travel. The region also sees significant activity in the cruise and river cruise sectors.

Key players in this market include Expedia Group Inc., Booking Holdings, Mahindra Holidays, STA Travel, Carlson Wagonlit Travel (CWT), AAA Travel, Kuoni Group, Thomas Cook, TUI AG, and Flight Center Travel Group Limited.

Complete Report is Available @https://www.alliedmarketresearch.com/checkout-final/f74a5db37274768fd51d40086681eb6c


The post Global Traditional Travel Agency Market Poised for Growth, Predicts $212.9 Billion Valuation by 2032: Report appeared first on Travel And Tour World.

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