Key Companies Covered in the GCC Outbound Travel and Tourism Market Research Report Are airlines, hotel chains, travel agencies, travel insurance companies, and other key market players.
New York, July 27, 2021 (GLOBE NEWSWIRE) -- According to the statistics by the UN World Tourism Organization (UNWTO), in the year 2017, per-capita international tourism expenditure from the GCC was 6.5 times more than the worldwide average. On the other hand, according to the statistics by the World Bank, international tourism expenditure in Saudi Arabia, Qatar, and Kuwait, in the year 2019 was recorded to be USD 16.415 billion, USD 12.528 billion, and USD 17.131 billion respectively. Further, this expenditure in the United Arab Emirates (UAE) grew from USD 18.004 billion in 2018 to USD 33.372 billion 2019.
Research Nester published a report titled “GCC Outbound Travel and Tourism Market” that presents detailed synopsis of the outbound travel and tourism market of Saudi Arabia, UAE, Qatar, and Kuwait. The report focuses on the latest market trends, opportunities, growth drivers, and restraints associated with the market growth over the period 2019-2028.
The travel and tourism industry in the GCC nations has witnessed massive growth over the past few years. This growth can primarily be attributed to the growing income of individuals in these nations, along with the rising need among individuals for travel related to businesses, leisure, or religious purposes to different countries around the globe. In other statistics by the World Bank, the gross national income (GNI) per capita in Saudi Arabia, United Arab Emirates, and Qatar grew from USD 19,990, USD 39,290, and USD 56,920 respectively in the year 2017 to USD 22,840, USD 43,470, and USD 61,180 respectively in the year 2019. Further, in Kuwait, this increased from USD 31,400 in 2017 to USD 36,290 in 2019. The GCC outbound travel and tourism market is estimated to grow with a significant CAGR over the forecast period, i.e., 2021 – 2028. The market in Saudi Arabia is estimated to garner a revenue of USD 27,030.19 million by 2028, up from USD 15,100.83 million in the year 2019 by growing at a CAGR of 18.21% over the forecast period. Further, the market in the UAE, which attained a value of USD 19,448.49 million in 2019, is further expected to reach USD 30,484.37 million by 2028, by growing at a CAGR of 18.73% during the forecast period. Moreover, the Qatar outbound travel and tourism market is projected to grow by a CAGR of 18.66% over the forecast period and further gain revenue of USD 3989.34 million by 2021. The market in Kuwait, on the other hand, is anticipated to generate substantial revenue of USD 17,392.50 million by 2028, by growing at a CAGR of 18.40% over the forecast period.
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Regionally, the Saudi Arabia outbound travel and tourism market is segmented into five major regions, including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa, out of which, the Europe segment, is estimated to garner the largest revenue of USD 13,161 million by 2028. In the year 2019, the market was valued at USD 7,361.7 million. The growth of the market can be attributed to the increasing leisure travel to European countries, as Saudi Arabia experiences extremely warm temperatures in the summer, and people prefer the colder climate for vacations. In other statistics by the UNWTO, interregional arrivals in the Europe Union from the Middle East is expected to grow by 2.6% a year by the end of 2030. On the other hand, the UAE, Qatar and Kuwait outbound travel and tourism markets are segmented on the basis of region, into Saudi Arabia, United Kingdom, Germany, Italy, Switzerland, United States, India, Australia, Malaysia, Singapore, South Africa, and rest of the World. Out of these, in the UAE, the Saudi Arabia segment is estimated to record the largest revenue of USD 3551.1 million in 2021, and further reach a value of USD 11,410.3 million in 2028 owing to the increasing business travels amongst the two countries. Further, in Qatar, the Saudi Arabia segment registered the largest revenue of USD 3919.9 million in the year 2019, and is expected to grow by the highest CAGR of 19.01% during the forecast period. Moreover, in Kuwait, the United States segment is expected to grow with a significant CAGR of 18.43% throughout the forecast period.
Based on age group, the market is segmented into generation Z, millennials, generation X, and baby boomers. Out of these, the generation X segment is expected to garner the major market share in all the countries. In the Saudi Arabia outbound travel and tourism market, the generation X segment is estimated to attain a revenue of USD 3,458.2 million by 2021. Further, in the UAE, the segment is anticipated to touch USD 18190 million by 2028. Furthermore, in Qatar, the same segment is anticipated to grow with the highest CAGR of 19.25% throughout the forecast period and attain USD 6989.4 million in terms of revenue by 2028. Alternatively, in Kuwait, the segment is estimated to garner USD 2890.1 million by the end of 2021.
The GCC outbound travel and tourism market is also segmented on the basis of duration, tourism type, booking method, and spent type.
GCC Outbound Travel and Tourism Market, Segmentation by Duration
Less than 7 Days
More than 6 Months
GCC Outbound Travel and Tourism Market, Segmentation by Tourism Type
Sports & Adventure
GCC Outbound Travel and Tourism Market, Segmentation by Booking Method
Travel Agency Outlet
GCC Outbound Travel and Tourism Market, Segmentation by Spent Type
Some of the major industry leaders mentioned in our report that are associated with the GCC outbound travel and tourism market are the major airlines, hotel chains, travel agencies, travel insurance companies, and others.
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