U.S. Canada Travel Market Global Scale Share Expansion Forecast 2032

  

The U.S. and Canada travel market, valued at USD 952 million in 2022, is projected to reach USD 2.5 billion by 2032, growing at a CAGR of 10.14%. This growth is driven by rising disposable incomes, particularly among millennials, who hold a 51% revenue share, and increasing demand for wellness-focused transformational travel. The market’s significance lies in its economic contribution, generating USD 1.9 trillion globally in 2021, per the World Tourism Organization.

Luxury travel leads segments, with a 32% share, while the U.S. dominates regionally with a 95% share. Canada benefits from U.S. tourist arrivals, with 14.7 million in 2018. Challenges include post-COVID travel restrictions and geopolitical tensions affecting the U.S.’s global image. The market is poised for robust growth through 2032, supported by digital innovations and favorable government initiatives.

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Market Analysis

The U.S. and Canada travel market is propelled by growing disposable incomes, with U.S. savings rates 10–20% higher post-COVID, fueling leisure travel, per Fact.MR. Millennials drive demand for value-driven, wellness-focused trips, boosted by social media exposure. The market grew at a 10% CAGR from 2017–2021, reaching USD 952 million in 2022. Recovery from COVID-19 is evident, with U.S. air travel nearing pre-pandemic levels at two million daily passengers. Canada’s tourism, with 22.1 million arrivals in 2019, benefits from U.S. visitors. Geopolitical issues, like the U.S.’s Afghanistan withdrawal, and visa delays hamper growth. Innovations like Expedia’s 2021 itinerary features and Booking Holdings’ USD 1.2 billion Getaroom acquisition in 2021 enhance market prospects.

Segment Analysis

The market is segmented by type, age group, and country. Luxury travel leads with a 32% share in 2021, driven by high-income millennials seeking self-care trips. Business travel follows, supported by corporate recovery. Millennials dominate age groups with a 51% share, fueled by affordability and social media trends. The U.S. holds a 95% share, driven by initiatives like the 2022 Sustainable Travel Coalition, per Fact.MR. Canada, with a smaller share, grows due to U.S. tourists and programs like the 2022 Canada Refresh Program. Budget and specialty/activity travel segments gain traction, catering to diverse preferences, ensuring sustained market growth.

Country-wise Insights

In the United States, the market, holding a 95% share in 2022, grows at a 10.14% CAGR, driven by high disposable incomes and leisure travel demand, per Fact.MR. Initiatives like the U.S. Travel Association’s Sustainable Travel Coalition bolster growth. In Canada, growth is supported by 14.7 million U.S. tourist arrivals in 2018 and programs like the Canada Refresh Program, though specific CAGR data is limited. The U.S. leads in scale and innovation, while Canada benefits from cross-border tourism, ensuring robust growth through 2032.

Key Players

  • Expedia, Inc.
  • Booking Holdings Inc.
  • American Express Global Business Travel (GBT)
  • TCS World Travel
  • Abercrombie & Kent USA, LLC
  • Exodus Travels Ltd.
  • BCD Travel
  • Intrepid Travel
  • Topdeck Travel Ltd.
  • Trafalgar

Strategic Outlook and Industry Trends

The U.S. and Canada travel market is advancing through digital innovations like Elude’s budget-focused app and startups like Airalo, which raised USD 5.4 million in 2021 for digital SIM cards. Expedia’s 2021 feature updates and Booking Holdings’ Getaroom acquisition enhance user experiences. Wellness and sustainable travel trends, supported by initiatives like the U.S. Sustainable Travel Coalition, drive growth. Challenges include visa delays and geopolitical tensions. Canada’s tourism, with 22.1 million arrivals in 2019, offers opportunities via U.S. visitors. The market is set for robust expansion through 2032, fueled by millennial demand and technological advancements.

Segmentation of U.S. and Canada Travel Market

By Type:

  • Luxury Travel
  • Business Travel
  • Cruise Travel
  • Specialty/Activity/Sports Travel
  • Budget Travel

By Age Group:

  • Millennials
  • Generation X
  • Baby Boomers

By Country:

  • S.
  • Canada

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