Travel & Tourism Industry in Top 5 Emerging Markets Expected to Reach a Value of $2.174.2 Billion in 2020
A recent report titled “Travel & Tourism Top 5 Emerging Markets Industry Guide-2016”, is the focus of a new analysis added to the vast portfolio of Market Research Hub (MRH). The study provides top-line data and analysis on the top 5 emerging countries from travel and tourism industry. With extensive five year forecasts, future growth predictions of the market are also analyzed. The report compares data from Brazil, China, India, Mexico and South Africa.
As tourism is one of the main resources for any country that features historical, mythological and natural tourist spots, it is no wonder to say that all the BRICS countries are the best tourist destinations in the world. China and India have been the global driving force in the travel and tourism industry. A large arrival of tourists from Asia has been driving the western market, which has resulted in market growth in those countries. According to the report, these countries have contributed $1,377.5 billion to the global travel & tourism industry in 2015, along with a CAGR of 9.7% between 2007 and 2011. The top 5 emerging countries are expected to reach a value of $2,174.2 billion in 2020, with a CAGR of 9.6% during the forecast of 2015-20 period.
Further, market observers of the developments happening in BRICS group have stated that there is a remarkable improvement in tourism in previous years. Geographical individualities, unique flora and fauna have added glitters to these ever charming tourism destinations. The travel and tourism industry consists of revenues generated by passenger airlines, passenger rail, food service, hotels, travel intermediaries & casinos as well as gaming. Currently, China is the leading country among the top 5 emerging nations with market revenues of $1,051.8 billion.
The report state that, being a highly populated country in the world and also the land that has been in history records for more than two eras, China is one of the booming economies in terms of tourism & travel. In the year 2020, it is also further expected to lead the travel & tourism industry with a value of $1,662.1 billion, followed by India and Brazil with expected values of $232.1 and $171.4 billion, respectively.
Market volumes are classified by the number of hotels in a country or region. Travel intermediaries is now part of the business that assists in selling travel products and services to customers.