Published on : Feb 01, 2018
Albany, New York, February 1, 2018: Travel and tourism are one of the fastest growing industries in the world. Each year, millions of people travel to various destinations in the world for vacation, business or other purposes. With a prime focus on United States, a study titled “US-Travel & Tourism: A technology driven market with high rewards (Strategy, Performance and Risk Analysis)” has been publicized to the wide repository of Market Research Hub (MRH), which offers a comprehensive evaluation of the travel and tourism market and analyzes industry from a ground-up manner by evaluating the driving forces, restraints, opportunities, trends and growth prospects of this market until the end of 2021
Research Inclusion and Key Highlights
The main objective of the study is to provide readers a comprehensive market view including sections on risk and reward, key industry trends and drivers, industry SWOT analysis, industry benchmarking to compare key performance indicators with regional and global markets, competitive landscape, industry latest innovations, deals and key developments.
With the growth of low-cost airlines and availability of inexpensive accommodations, traveling is becoming cheaper so even more people can visit the country or destination of their dreams. In the present time, the huge number of people traveling to the US for leisure and business purposes makes it one of the leading markets for travel and tourism. According to the research key findings, the US showcases strong potential in terms of domestic and international arrivals, as total tourist volumes reached 2.2 billion in 2016 and are expected to reach 2.4 billion by 2021. In the passenger airlines segment, the US rated first globally in terms of the number of seats available and sold.
Moving further, for a clear understanding of the market, the study analyzes key factors and trends active in the market and how it will positively impact market growth in the coming years. Top 3 factors encouraging market growth are as follows:
- Online channel to drive growth
- Consolidation and investments to boost growth
- Growing use of internet in the US helps to drive growth in the car rental market
Also, the report evaluates that US hotel revenue reached US$198.1 billion in 2016 and is expected to increase at a CAGR of 4.5% over 2017-2021 to reach US$246.2 billion. In terms of total tourist volumes, the US was ranked second after China. In terms of international arrivals, the US was ranked second after France, with leisure being the primary purpose for visits. Report further also adds that sales from the online channel recorded revenues of US$58.94 billion in 2016 and is probable to grow at a CAGR of 4.2% over 2017-2021 to reach US$72.11 billion.
The competitive landscape section offered in the report gives readers an overview of relevant players in the US travel and tourism industry such as airlines, hotels and car rental companies. Each player in the relevant category compared with its peers in terms of relevant industry indicators.
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