Saudi Arabia travel & tourism market
is anticipated to show robust growth in the upcoming five years, 2024-2028. The
market growth can be attributed to rising disposable income and religious
traveling by the international as well as national tourists. Although the
market was drastically affected due to the recent pandemic situation, the
market is expected to grow with a stable CAGR in the upcoming five years. In
the light of the COVID-19 spread, various countries, including the Kingdom of
Saudi Arabia, halted the incoming and outgoing air travels, and that affected
the travel and tourism industry in the country. With the recent advancements of
vaccination and recoveries from the lockdown, the country is bound to benefit
from the travel and tourism sector. Moreover, the growing affordability of
airline travel and improvement in the accessibility of the exotic locations of
the country are alluring more tourists in the country. Along with these
mentioned factors, the expenditures by the tourists toward food, souvenirs, and
clothing are driving the growth of the market in the next five years.
The Saudi Arabia travel & tourism
market is segmented on the basis of product/ service offering, type, the
purpose of visit, tourist profile, regional distribution, and competitional
landscape. Based on product/ service offerings, the market is further
fragmented into ticket reservations, hotel booking, holiday/tour packages,
travel insurance, and others. Ticket reservation is anticipated to hold the
largest shares of the market and assert its dominance over other segments on
the grounds of the rising number of tourists. Moreover, with cheaper air travel
and more convenient tour planning, ticket reservations are increasing rapidly.
Also, the business travels are increasing due to expansion of global companies
is aiding to the growth of the market in the next five years. Hotel bookings
are expected to register significant growth in the upcoming five years on
account of international tourists' visits to the country for their religious
beliefs. Religious pilgrimage like Mosque of Mecca, Kaaba, etc., is a major
tourist attraction for visits as well as for the prayer offerings. The presence
of these tourist attractions is attracting more tourists to the country and
aiding the growth of the market in the next five years.
A partial list of market players in the
Saudi Arabia travel & tourism market includes Akbar Travels and Tourism,
Almosafer, Saudi Arabia, Saudi Arabian Airlines (SAUDIA), Saudi Arabia Tours,
HelloTravel, Make My Trip, Yatra, Expedia, Ease My Trip, Travelocity, among
others. These market players hold larger shares of the market than the new
market players. With the advancement of technology, it is appropriate to say
that the effective research and development of technologically advanced
services like better tour packages, convenient ticket booking processes would
support the market growth and benefit the market players as well as the
consumers. New market players may focus on research and development to provide
services that satisfy the consumer demand as well as benefits the market
players in building their brand value. Other competitive strategies include
mergers and acquisitions, new product developments, and better service
provisions.
Objective
of the Study:
- To
analyze the historical growth of the
market size of Saudi Arabia travel & tourism market from 2018 to 2021.
- To
estimate and forecast the market size of Saudi Arabia travel & tourism
market from 2022 to 2028 and growth rate until 2028.
- To classify and
forecast Saudi Arabia travel & tourism market based on product/
service offering, type, purpose of visit, tourist profile, competitional landscape,
and regional distribution.
- To identify dominant region or segment in the Saudi Arabia travel
& tourism market.
- To
identify drivers and challenges for Saudi Arabia travel & tourism
market.
- To
examine competitive developments such as expansions, new product launches,
mergers & acquisitions, etc., in Saudi Arabia travel & tourism market.
- To identify and analyze the profile
of leading players operating in Saudi Arabia travel & tourism market.
- To identify key sustainable strategies adopted by market players in
Saudi Arabia travel & tourism market.
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TechSci Research performed both primary as well as exhaustive
secondary research for this study. Initially, TechSci Research sourced a list
of suppliers, and service providers across the country. Subsequently, TechSci
Research conducted primary research surveys with the identified companies.
While interviewing, the respondents were also enquired about their competitors.
Through this technique, TechSci Research could include the service providers
which could not be identified due to the limitations of secondary research. TechSci
Research analyzed the service provider, distribution channels and presence of
all major players across the country.
TechSci Research calculated the market size of Saudi Arabia travel & tourism market using a bottom-up approach,
wherein data for various end-user segments was recorded and forecast for the
future years. TechSci Research sourced these values from the industry experts
and company representatives and externally validated through analyzing
historical data of these services and applications for getting an appropriate,
overall market size. Various secondary sources such as company websites, news
articles, press releases, company annual reports, investor presentations and
financial reports were also studied by TechSci Research.
Key
Target Audience:
- Travel & tourisms providers, end users, and other stakeholders
- Distributers and suppliers of the related products and services
- Organizations, forums, and alliances related to travel &
tourisms
- Market research and consulting firms
The study is useful in providing answers to several critical
questions that are important for the industry stakeholders such as service
providers, suppliers, end users, etc., besides allowing them in strategizing
investments and capitalizing on market opportunities.
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Attribute
|
Details
|
|
Base Year
|
2022
|
|
Historical Data
|
2018 – 2021
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|
Estimated Year
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2023
|
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Forecast Period
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2024 – 2028
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Quantitative Units
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Revenue in USD Million and CAGR for 2018-2022 and 2023E-2028F
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Report coverage
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Revenue forecast,
company share, competitive landscape, growth factors, and trends
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|
Segments covered
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·
Product/ Service Offering
·
Type
·
Purpose of Visit
·
Tourist Profile
|
|
Regional scope
|
Western
Region, Northern and Central Region, Eastern Region, Southern Region
|
|
Key companies profiled
|
Akbar Travels and Tourism, Almosafer, Saudi Arabia, Saudi
Arabian Airlines (SAUDIA), Saudi Arabia Tours, HelloTravel, Make My Trip,
Yatra, Expedia, Ease My Trip, Travelocity
|
|
Customization scope
|
10% free
report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing and purchase options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase
options
|
|
Delivery Format
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PDF and Excel through Email (We can also
provide the editable version of the report in PPT/Word format on special
request)
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Report Scope:
In this report, Saudi Arabia travel & tourisms market has been segmented into
following categories, in addition to the industry trends which have also been
detailed below:
- Saudi Arabia Travel
& Tourisms Market, By Product/ Service Offering:
- Ticket Reservation
- Hotel Booking
- Holiday/Tour Packages
- Travel Insurance
- Others
- Saudi Arabia Travel & Tourism
Market, By Type:
o Domestic
o Inbound
o Outbound
- Saudi Arabia Travel & Tourism
Market, By Purpose of Visit:
o Business
o Leisure & Recreation
o Education
o Medical
o Social Activity
o Others
- Saudi Arabia Travel & Tourism
Market, By Tourist Profile:
- Saudians
- Foreign Nationals
- Saudi Arabia Travel & Tourism
Market, By Region:
- Western
- Eastern
- Northern & Central
- Southern
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in Saudi Arabia Travel & Tourism market.
Available Customizations:
With the given market data, TechSci Research offers
customizations according to a company’s specific needs. The following customization
options are available for the report:
Company
Information:
- Detailed analysis and profiling of additional market players (up to five).
Saudi Arabia Travel & Tourism Market is an upcoming report to be
released soon. If you wish an early delivery of this report or want to confirm
the date of release, please contact us at [email protected]