5 critical APAC travel market projections you need to know #Phocuswright research
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. 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.
Get the Phocuswright report here: https://www.phocuswright.com/Travel-Research/Market-Overview-Sizing/Asia-Pacific-Travel-Market-Report-2023-to-2027
