Market Size of Canada Travel And Tourism Industry
| 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 |
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 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 Tourism Market Size Summary
The Canadian travel and tourism industry is poised for growth, driven by government initiatives aimed at economic revival and the rising trend of transformational travel, which emphasizes wellness and personal growth. This sector encompasses a wide range of services, including hospitality, food and beverage, entertainment, and travel brokerage, all of which contribute to its competitive landscape. The market's resilience is tested by challenges such as the lingering effects of COVID-19, which introduced uncertainties around travel policies and border entry requirements. However, the adoption of cost-effective, multi-day travel options and innovative platforms like Elude and Una Travel are expected to bolster market expansion. These developments reflect a shift towards more personalized and budget-friendly travel experiences, catering to a diverse range of consumer preferences.
The market is characterized by a mix of established players and emerging companies leveraging technological advancements to enhance their offerings and expand their reach. Major companies such as Expedia, Inc., Booking Holdings Inc., and American Express Global Business Travel hold significant market shares, but mid-size and smaller firms are increasingly making their mark through strategic partnerships and market diversification. Government investments, such as those in British Columbia's Indigenous tourism sector, and collaborations like the one between Sabre and BCD Travel, underscore the ongoing efforts to stimulate growth and innovation within the industry. These initiatives aim to attract new visitors and adapt to the evolving demands of the travel ecosystem, positioning Canada as a resilient and dynamic player in the global tourism market.
Canada Travel And Tourism Market Size - Table of Contents
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1. MARKET DYNAMICS AND INSIGHTS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Market Opportunities
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1.5 Industry Attractiveness - Porter's Five Forces Analysis
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1.5.1 Bargaining Power of Suppliers
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1.5.2 Bargaining Power of Buyers
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1.5.3 Threat of New Entrants
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1.5.4 Threat of Substitutes
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1.5.5 Intensity of Competitive Rivalry
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1.6 Insights on Various Regulatory Trends
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1.7 Insights on Impact of Technology and Innovation in the Market
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1.8 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Leisure
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2.1.2 Education
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2.1.3 Business
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2.1.4 Sports
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2.1.5 Medical Tourism
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2.1.6 Other Types
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2.2 By Application
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2.2.1 International
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2.2.2 Domestic
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2.3 By Booking
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2.3.1 Online
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2.3.2 Offline
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Canada Travel And Tourism Market Size 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.
