Canada Travel And Tourism Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 16.19 Billion |
| Market Size (2029) | USD 17.20 Billion |
| CAGR (2024 - 2029) | 1.17 % |
| Market Concentration | Medium |
Major Players.webp "Canada Travel And Tourism Market Major Players")
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Canada Travel And Tourism Market Analysis
The Canada Travel And Tourism Market size is estimated at USD 16.19 billion in 2024, and is expected to reach USD 17.20 billion by 2029, growing at a CAGR of 1.17% during the forecast period (2024-2029).
The expansion of the travel market in Canada will likely benefit from the government's increased efforts to revive the economy by injecting money into the system and helping a variety of businesses launch new ventures. Additionally, it is anticipated that the evolving trend of transformational travel, which focuses on wellness travels to heal, balance, and transform the mind, spirit, and body, will drive throughout the projection period. The travel and tourist industry in Canada also includes firms that provide food and drink, lodging, financial services, entertainment, and travel brokers. One of the most competitive and well-established markets is the travel and tourism sector in Canada. The standard of the services being provided determines the market's viability.
Because of COVID-19, there was uncertainty about everything from policies for refunds (for hotel reservations, airline tickets, and corporate event planners) to various entry requirements at international borders, such as the number of nationals who could be admitted, the conditions under which they could be admitted, the length of the quarantine, and other requirements.
Canada Travel And Tourism Market Trends
Increasing Interest in Multi-Day Tours is Driving the Market
The segment growth is projected to be complemented by the consumer adoption of multi-day, low-cost travel trends across Canada. For example, A brand-new travel search and booking platform called Elude debuted its mobile app in August 2021. The organization seeks to match open-minded tourists with experiences that fit both their budget and their interests. A company representative said that an Android app, as well as web booking at Elude. Co will be made available soon. The iOS version of the Elude app may be downloaded from the Apple App Store. Una Travel, the new software from startup company XOKind, created collaborative itineraries for both individuals and groups that were mostly based on preferences.
Cultural Heritage is Expected to Strengthen the Market
The number of foreign visitors coming to Canada in 2021 decreased dramatically, according to Statista. Around 4.28 million foreign visitors visited Canada in the same year, a 15.5% decrease from the year before. With 22.1 million visitors, 2019 was considered to be the finest year for Canadian tourism, surpassing the 22 million mark for the first time, according to Statistics Canada. In contrast to 2019, when there were 6.7 million overnight arrivals from nations other than the United States, there was an all-time high of 7.15 million in 2018. But there's scope to strengthen the market in the upcoming future.
Canada Travel And Tourism Industry Overview
The report covers major players operating in the Canadian travel and tourism market. In terms of market share, few major players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping into new markets.
Canada Travel And Tourism Market Leaders
-
Expedia, Inc.
-
Booking Holdings Inc.
-
American Express Global Business Travel (GBT)
-
TCS World Travel
-
Abercrombie & Kent USA, LLC
*Disclaimer: Major Players sorted in no particular order
Canada Travel And Tourism Market News
- October 2023: The Government of Canada invested in tourism across British Columbia to attract new visitors and stimulate local economies. Funding of USD 500,000 has been provided to the Aboriginal Tourism Association of British Columbia to help Indigenous Tourism BC develop its "Invest in Iconic" tourism strategy with Destination BC to grow the Indigenous tourism sector in British Columbia.
- October 2022: Sabre and BCD Travel announced a landmark technology partnership focused on the growth, innovation, and evolution of corporate travel. Under the newly expanded and long-term technology agreement, BCD Travel expects to increase its booking levels with Sabre. Additionally, the two companies will jointly invest and collaborate on new and advanced solutions that will help accelerate the technology-driven evolution underway across the corporate travel ecosystem.
Canada Travel And TourismMarket Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
- 4.4 Market Opportunities
-
4.5 Industry Attractiveness - Porter's Five Forces Analysis
- 4.5.1 Bargaining Power of Suppliers
- 4.5.2 Bargaining Power of Buyers
- 4.5.3 Threat of New Entrants
- 4.5.4 Threat of Substitutes
- 4.5.5 Intensity of Competitive Rivalry
- 4.6 Insights on Various Regulatory Trends
- 4.7 Insights on Impact of Technology and Innovation in the Market
- 4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
-
5.1 By Type
- 5.1.1 Leisure
- 5.1.2 Education
- 5.1.3 Business
- 5.1.4 Sports
- 5.1.5 Medical Tourism
- 5.1.6 Other Types
-
5.2 By Application
- 5.2.1 International
- 5.2.2 Domestic
-
5.3 By Booking
- 5.3.1 Online
- 5.3.2 Offline
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration Overview
-
6.2 Company Profiles
- 6.2.1 Expedia, Inc.
- 6.2.2 Booking Holdings Inc.
- 6.2.3 American Express Global Business Travel (GBT)
- 6.2.4 TCS World Travel
- 6.2.5 Abercrombie & Kent USA, LLC
- 6.2.6 Exodus Travels Ltd.
- 6.2.7 BCD Travel
- 6.2.8 Intrepid Travel
- 6.2.9 Topdeck Travel Ltd.
- 6.2.10 Trafalgar*
- *List Not Exhaustive
7. FUTURE OF THE MARKET
8. DISCLAIMER AND ABOUT US
** Subject To AvailablityCanada Travel And Tourism Industry Segmentation
The market for travel and tourism is the systematic and coordinated application of business policies by both private and public tourism organizations operating at the local, regional, national, or international levels in order to achieve the best satisfaction of the needs of identifiable tourist groups and, in doing so, to obtain an appropriate return.
Canada's travel and tourism market is segmented by type (leisure, education, business, sports, medical tourism, and other types), by application (international, domestic), and by booking (online, offline). The market size and forecasts are provided in terms of value (USD) for all the above segments.
| By Type | Leisure |
| Education | |
| Business | |
| Sports | |
| Medical Tourism | |
| Other Types | |
| By Application | International |
| Domestic | |
| By Booking | Online |
| Offline |
Canada Travel And TourismMarket Research FAQs
How big is the Canada Travel And Tourism Market?
The Canada Travel And Tourism Market size is expected to reach USD 16.19 billion in 2024 and grow at a CAGR of 1.17% to reach USD 17.20 billion by 2029.
What is the current Canada Travel And Tourism Market size?
In 2024, the Canada Travel And Tourism Market size is expected to reach USD 16.19 billion.
Who are the key players in Canada Travel And Tourism Market?
Expedia, Inc., Booking Holdings Inc., American Express Global Business Travel (GBT), TCS World Travel and Abercrombie & Kent USA, LLC are the major companies operating in the Canada Travel And Tourism Market.
What years does this Canada Travel And Tourism Market cover, and what was the market size in 2023?
In 2023, the Canada Travel And Tourism Market size was estimated at USD 16 billion. The report covers the Canada Travel And Tourism Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Canada Travel And Tourism Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Canada Travel And TourismIndustry Report
Statistics for the 2024 Canada Travel And Tourism market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Canada Travel And Tourism analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
