Travel & Tourism - Asia

  • Asia
  • It is estimated that the revenue in the Travel & Tourism market of Asia will reach US$326.20bn by 2024.
  • Moreover, it is expected to grow annually at a rate of 5.36% between 2024 and 2028, resulting in a market volume projection of US$402.00bn by 2028.
  • Among all the markets, Hotels is expected to be the largest with a market volume projection of US$165.40bn by 2024.
  • Furthermore, the number of users in the Hotels market is expected to reach 624.30m users by 2028, while the user penetration is projected to increase from 20.3% in 2024 to 23.1% in 2028.
  • The projected average revenue per user (ARPU) is expected to be US$352.90.
  • It is estimated that 74% of the total revenue in the Travel & Tourism market will be generated through online sales by 2028.
  • Finally, it is noteworthy that United States is projected to generate the highest revenue (US$199bn in 2024) in the Travel & Tourism market globally.
  • In Japan, there has been a growing trend of "slow travel" where tourists are seeking authentic cultural experiences and staying longer in one destination.

Key regions: Malaysia, Europe, Singapore, Vietnam, United States

Region comparison

Analyst Opinion

The Travel & Tourism market in Asia continues to experience significant growth and development, driven by a variety of factors ranging from changing customer preferences to local special circumstances and underlying macroeconomic factors.

Customer preferences:
Travelers in Asia are increasingly seeking unique and authentic experiences, leading to a rise in demand for personalized and experiential travel options. From cultural tours to eco-friendly adventures, customers are looking for ways to immerse themselves in the local culture and environment.

Trends in the market:
In Japan, there has been a noticeable trend towards rural tourism, with more travelers exploring off-the-beaten-path destinations to escape the crowds and experience the tranquility of the countryside. This shift is driven by a desire for authenticity and a break from the fast-paced city life.

Local special circumstances:
South Korea has seen a surge in medical tourism, with visitors flocking to the country for high-quality healthcare services combined with the opportunity to explore the rich cultural heritage. The country's advanced medical facilities and skilled professionals have positioned it as a top destination for medical travelers in Asia.

Underlying macroeconomic factors:
In China, the growing middle class and increasing disposable income levels have fueled the demand for luxury travel experiences. This has led to a rise in high-end hotels, fine dining establishments, and exclusive tour packages tailored to affluent Chinese travelers looking for premium services and amenities.


Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of hotels, vacation rentals, cruises, package holidays, and camping.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, the Global Consumer Survey, third-party studies and reports, data from industry associations (e.g., UNWTO), and price data of major players in respective markets. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as country-related GDP, demographic data (e.g., population), tourism spending, consumer spending, internet penetration, and device penetration. This data helps us estimate the market size for each country individually.


In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, and exponential trend smoothing methods are applied. A k-means cluster analysis allows for the estimation of similar countries. The main drivers are tourism GDP per capita and respective price indices.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.


  • Revenue
  • Sales Channels
  • Analyst Opinion
  • Users
  • Global Comparison
  • Methodology
  • Key Market Indicators
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