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Research Nester has released a report titled “ GCC Outbound Travel and Tourism Market – Regional Demand Analysis & Opportunity Outlook 2028″ which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, along with the impact of COVID-19 and a detailed discussion on the latest trends and future opportunities that are associated with the growth of the market.
The GCC outbound travel and tourism market is estimated to grow on the back of growing disposable income, and changing lifestyle of people, leading to a direct increase in leisure activities, such as, travel. Moreover, improving business relations of the gulf countries with other western countries, is estimated to raise business travels, which, in turn, is anticipated to boost the market growth. Furthermore, increasing investments in airlines and hotels by various major private companies, and high number of flights is projected to boost the market growth.
The GCC outbound travel and tourism market is estimated to grow with a significant CAGR over the forecast period, i.e., 2021 – 2028. Saudi Arabia's market is estimated to grow at a CAGR of 18.21% over the forecast period and garner USD 27,030.19 million revenue by 2028. In UAE, the market, is expected to garner a revenue of USD 30,484.37 million by 2028, by growing at 18.73% CAGR throughout the forecast period. Similarly, in Qatar, the market is projected to grow by 18.66% CAGR and gain USD 13,212.47 million by 2028. The market in Kuwait is anticipated to grow at a CAGR of 18.40% over the forecast period, and generate a revenue of USD 17,392.50 million by 2028, up from USD 12,345.20 million in 2019.
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The market is segmented on the basis of age group into generation Z, millennials, generation X, and baby boomers. The generation X segment in all the countries is evaluated to occupy a major market share. In Saudi Arabia, the segment is estimated to gain a revenue of USD 11,142.5 million by 2028 owing to the high earning potential of this generation, and changing lifestyle. The segment in UAE's market is anticipated to gain a revenue of USD 18190 million by 2028 by growing at a CAGR of 20.46% over the forecast period on the back of increasing travel with family by this age group. In the same way, in Qatar, the segment is projected to grow at a CAGR of 19.25% throughout the forecast period, as generation X is the working population, which travels a lot for work and leisure purposes. In Kuwait, the segment is projected to garner USD 9774.6 million in 2028, up from USD 6622.2 million in 2019, by growing at a CAGR of 19.01% during the forecast period owing to the majority population aged below 30 years, who are the main traveling population of the country.
Geographically, the Saudi Arabia outbound travel and tourism market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region, out of which, the Europe region is estimated to occupy USD 13,161 million revenue by 2028, up from USD 7,361.7 million in 2019. This can be attributed to the increasing leisure travel to colder European countries. Furthermore, The Qatar, Kuwait and UAE outbound travel and tourism markets are segmented on the basis of region into Saudi Arabia, United Kingdom, Germany, Italy, Switzerland, United States, India, Australia, Malaysia, Singapore, South Africa, and rest of the World. Out of these, the Saudi Arabia segment is calculated to grab notable share in all the three countries. In UAE, the segment is estimated to record the largest revenue of USD 11,410.3 million in 2028, up from USD 7606.3 million in 2019 owing to the large number of indirect flights, which are preferred by people as they are comparatively cheaper. The segment in Qatar's market is projected to grow at a CAGR of 19.01% during the forecast period, and garner USD 5542.6 million revenue by 2028. This can be attributed to the increasing number of business trips to Saudi Arabia. In Kuwait, the segment is forecasted to grow at 19.02% CAGR over the forecast period and gain a revenue of USD 7252.7 million by 2028 owing to the high GDP growth, and economic development in Saudi Arabia.
The COVID-19 pandemic had an adverse effect on the GCC outbound travel and tourism market, as the restrictions on international travel persisted for a long duration. Even now, people are avoiding travelling due to health-related concerns. However, the market is estimated to overcome the downfall, and recover the losses in the upcoming years.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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This report also provides the existing competitive scenario of some of the key players of the GCC outbound travel and tourism market, which includes major airlines, hotel chains, food outlets, travel agencies, and travel insurance companies.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “ GCC Outbound Travel and Tourism Market – Regional Demand Analysis & Opportunity Outlook 2028″ , analyses the overall GCC outbound travel and tourism industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the GCC outbound travel and tourism market in the near future.
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