URBAN TOURISM MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Global urban tourism market is estimated to be valued at USD 6.98 TN in 2024, exhibiting a compound annual growth rate (CAGR) of 6.1% from 2024 to 2031. Global urban tourism market has witnessed significant growth over the past few years. According to recent estimates, over 1.4 billion international tourist visited cities worldwide in 2021, indicating increase of20% as compared to pre-pandemic levels. Factors such as rapid urbanization, growing preference for city travel among millennials and generation Z, increasing disposable incomes, and expansion of low-cost air travel options have boosted the prospects of urban tourism destinations globally. However, the outbreak of the COVID-19 pandemic adversely impacted international travel. Major cities observed a steep decline in foreign visitor arrivals in 2020 but with progress of vaccination drives, the urban tourism market has witnessed growth since 2021.

 Market Dynamics:

Global urban tourism market growth is driven by factors such as rapid urbanization in developing countries, growing interest in city break vacations among younger travelers, and expansion of low-cost air travel networks which provide better connectivity. However, the market growth can be hampered as concerns of overtourism can degrade the liveability of popular destinations and impact the local environment and culture. The onset of the COVID-19 pandemic posed a major challenge with international travel suffering a massive slump. But recovery has been witnessed since 2021 with destinations gradually easing travel restrictions. Increasing interest of travelers in less explored destinations and off-the-beaten paths experiences within cities can offer opportunities for the market growth.

 Key Features of the Study:

• This report provides in-depth analysis of the global urban tourism market, and provides market size (US$ TN) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global urban tourism market based on the following parameters company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include URBAN TOUR, Intrepid Urban Adventures, MakeMyTrip, Yatra, ClearTrip, EasemyTrip, Expedia, Thomas Cook, Riya Group, Thrillophilia, Travel Troops Global Private Ltd., Flying Squirrel Holidays, SOTC Travel Limited, G Adventures, Hays Travel, Audley Travel, Go Travel, TransIndus, Travelex, Al Tayer Group
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• Global urban tourism market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global urban tourism market

Market Segmentation

• By Purpose of Visit:
• • Leisure
  • Entertainment
  • Shopping
  • Cultural
  • Others
• By Type of Activities:
• • Sightseeing
  • Outdoor recreation
  • Dining
  • Nightlife
  • Others
• By Type of Accommodation:
• • Hotels
  • Hostels
  • Homestays
  • Others
• By Regional:
• • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Company Profiles:
• • URBAN TOUR
  •  Intrepid Urban Adventures
  • MakeMyTrip
  • Yatra
  • ClearTrip
  • EasemyTrip
  • Expedia
  • Thomas Cook
  • Riya Group
  • Thrillophilia
  • Travel Troops Global Private Ltd.
  • Flying Squirrel Holidays
  • SOTC Travel Limited
  • G Adventures
  • Hays Travel
  • Audley Travel
  • Go Travel
  • TransIndus 
  • Travelex 
  • Al Tayer Group