Publish Date: Oct 2021
Category: Retail & Consumer Goods
Publisher: Allied Market Research
The global SAVE tourism market was valued at $69.5 billion in 2018 and is projected to reach $106.9 billion by 2026, growing at a CAGR of 5.8% from 2019 to 2026. The rise in demand for various types of researches and exploration drives the growth of the global SAVE tourism market.
The global SAVE tourism market is segmented on the basis of type, sales channel, and region. Based on type, the SAVE tourism market is further segmented into scientific, academic, volunteer, and education. Among these types, the academic segment accounts to higher value share owing to higher rate of educational travels and the attraction of consumers to go in foreign countries for higher studies.
North America and Europe are known to be the dominant regions in the SAVE tourism market. Europe has witnessed higher rate of traction for different types of tours since these tours provide information and knowledge which is not explored and the places which have historical importance. Some of the key macroeconomic factors such as rise in internet penetration rate and surge in per-capita income also play an important role in contributing toward the overall growth of the SAVE tourism market.
Though North America and Europe accounts for higher value share in the SAVE tourism market, Asia-Pacific is expected to exhibit faster growth in the future. The developed and the developing countries in Asia-Pacific has witnessed rise in awareness for different types of tours in SAVE concept such as cooking visits, agricultural learning, cultural exchange programs, and UN’s volunteer programs.
The Asia-Pacific regions have witnessed surge in number of millennials and the millennials are the forefront travelers of various types of exploration and education tours. Therefore, rise in number millennial population makes way for lucrative growth opportunities in the market.
SAVE tours are expensive when compared with other regular tours owing to the technology adopted, locating remote areas, and providing facilities such as costly accessories in some special tours that include marine and Antarctic expeditions. Further, the maintenance cost for expedition products is also high. This makes SAVE tourism to be counted in the premium tours range. This leads to decrease in affordability for the tours among the common end user, which in turn restricts the market growth.
Millennials, population aged between 20 and 35 years, are tech-savvy, active, and broad minded. They always to tend to explore places that are new in the market and are eager to go in foreign countries for higher education. Thus, they are also anticipated to exhibit interest in organizing SAVE tours. This factor is projected to fuel the growth of the market.
Some of the key companies profiled in the report include ABTA Ltd, ATTITUDE HOSPITALITY LTD (AHL), Bookdifferent, Caribtours Ltd, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, Fair Trade Tourism, Four Communications, NECSTouR, Responsible Vacation, The travel foundation, Tui Group, and we-are.travel GmbH
KEY BENEFITS FOR STAKEHOLDERS
• The report provides an extensive analysis of the current and emerging market trends and opportunities in the SAVE tourism market.
• The report provides detailed qualitative and quantitative analysis of current trends and future estimations that help evaluate the prevailing market opportunities.
• A comprehensive analysis of the factors that drive and restrict the growth of the market is provided.
• An extensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the market framework.
• The report provides extensive qualitative insights on the potential segments or regions exhibiting favorable growth.
KEY MARKET SEGMENTS
By Sales Channel
• Travel Agent
• North America
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
o South America
o Middle East