The global travel market is expected to grow by up to 10% per year this year and next, according to new research.
The analysis by global travel market research group Phocuswright forecasts a 6%-10% growth in global travel this year and next.
The company’s latest annual Global Travel Market Report claims online travel will be dominant, expanding by around 10% through 2026.
While North America remains the largest regional travel market in the world, the online booking growth is being driven by Europe and Asia-Pacific. The top five travel markets are the US, China, Japan, Germany and France, but the UK is expected to break into the top five by the end of this year.
According to Phocuswright, online bookings will account for 65% of all travel bookings globally by the end of next year.
