Travel & Tourism - Canada

  • Canada
  • It is predicted that Canada's revenue in the Travel & Tourism market will increase and reach US$16.31bn in 2024.
  • Over the next four years, a steady annual growth rate (CAGR 2024-2028) of 0.92% is expected, resulting in a projected market volume of US$16.92bn by 2028.
  • The Hotels market is currently the largest market in the country's Travel & Tourism market with a projected market volume of US$7.04bn in 2024.
  • By 2028, the number of users is anticipated to increase to 17.54m users.
  • It is noteworthy that the user penetration rate is predicted to decline slightly from 61.2% in 2024 to 61.0% by 2028.
  • The average revenue per user (ARPU) is expected to be US$0.68k.
  • Canada's online sales in the Travel & Tourism market are also projected to witness a significant rise, contributing to 84% of total revenue by 2028.
  • In terms of global comparison, Canada's revenue generation is relatively small.
  • The United States, for instance, is expected to generate the highest revenue of US$199bn in 2024.
  • Canada's Travel & Tourism industry is heavily impacted by the COVID-19 pandemic, resulting in a significant decline in international visitors.

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

Region comparison

Analyst Opinion

Canada's Travel & Tourism market is a dynamic sector that continues to evolve with changing consumer preferences and global trends.

Customer preferences:
Travelers in Canada are increasingly seeking unique and authentic experiences, moving away from traditional tourist hotspots to explore off-the-beaten-path destinations. There is a growing demand for sustainable and eco-friendly travel options, as well as a preference for personalized and customized travel itineraries.

Trends in the market:
One notable trend in the Canadian Travel & Tourism market is the rise of adventure tourism, with more travelers looking for adrenaline-pumping activities such as hiking, skiing, and wildlife watching. Additionally, the popularity of food and wine tourism is on the rise, as travelers seek out culinary experiences and local delicacies across the country.

Local special circumstances:
Canada's vast and diverse landscape offers a wide range of attractions for travelers, from the stunning Rocky Mountains in the west to the picturesque coastlines in the east. The country's rich indigenous culture and heritage also play a significant role in shaping the tourism landscape, with many travelers seeking out authentic indigenous experiences.

Underlying macroeconomic factors:
The stable economy and favorable exchange rate in Canada have contributed to the growth of the Travel & Tourism market, making it an attractive destination for both domestic and international travelers. Government initiatives to promote tourism, along with investments in infrastructure and transportation, have further boosted the sector's growth.


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
  • Travel Behavior
  • User Demographics
  • Global Comparison
  • Methodology
  • Key Market Indicators
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