Travel

WHAT'S NEXT?: How we travel, where we travel and whether we travel at all will mean tremendous change in the decades ahead.

• [New] The market for a Chinese plane is more than secure: China is projected to overtake the United States as the largest air travel market within three years.
• [New] Airlines will use the new jets to meet growing travel demand between the Middle East and China, which is expected to jump six-fold by 2038.
• [New] Boeing projects Middle East carriers will require 3,130 new jets worth $725bn over the next two decades, revising upwards its earlier forecast of 2,990 aircraft, to meet growing demand for air travel.
• APAC's travel spend is predicted to rise to around 40% of the global total in three years, compared to a 25% expected share for North America.
• Tourism remains huge at more than €180 billion per year - half the GDP of Ireland - and offers opportunities to Irish firms in travel tech.
• In the coming years, coastal and maritime tourism will be a source for growth and job creation in the coastal states of India.
• Today, some 75 million people travel between Pune and Mumbai each year, and forecasts suggest that number could rise to 130 million annually by 2026.
• Risks and uncertainties, including escalating trade wars, the impending Brexit deadline, and possible disruptions to the oil supply, are adding to general fears of an economic slowdown in some parts of the world, even though, overall, the global economy is expected to grow a solid 3.6% next year.
• Global Mass Tourism Market is expected to grow with a CAGR of +16% during forecast period 2019 to 2025.
• The number of Chinese citizens taking foreign holidays is growing at over 6% a year and 160 million will take holidays outside China next year.
• CAVs could deliver a £62 billion boost to the UK economy by 2030, as well as provide for thousands of new jobs, improve the safety of travel and speed up journey times.
• £250m will be provided over the next five years to help sub-Saharan nations cope with the impacts of climate change and environmental degradation.
• The UK will aim to become the most accessible tourist destination in Europe by 2025 - increasing the number of visitors with disabilities by 33%.
• Shanghai will be built into a world - famous tourist destination, with a target of 360 million domestic tourists and 10 million international tourists, and tourism revenue of over RMB600 billion by 2020.
• Between 2017 and 2022, GCC hotel supply is expected to grow at a CAGR of 4.01% to approximately 835,723 rooms, including Serviced Apartment Rooms.
• Completion of the new Umekita Station in 2023 and of the Naniwasuji Line in 2031 is expected to shorten the travel time between Osaka Station and Kansai International Airport by as much as 30 minutes.
• The Indonesian travel and tourism industry is forecast to have a value of USD $88.5 billion in 2022, a substantial increase of about 38.3 percent since 2017.
• With the opening of Hotel Okura Manila in the second half of this year, total room count at the Resorts World Manila complex will be approximately 3,500, supporting the continued growth of the Philippine tourism industry.
• The tourism spending in Qatar is expected to reach QAR 40bn in 2023; and it aims to increase the tourism contribution to GDP to 4% in 2023 from 2.3% in 2016.
• Muscat which is one of the key travel hub in Oman, had hotel supply of 10,924 rooms in 2017, and is expected to rise 12% annually by 2021 to 16,866 rooms 19.
• Qatar is expected to have a hotel supply of 46,000 rooms by 2022.
• India is expected to be the third largest aviation market by 2024, which will make Asia Oceania the largest travel market in the near future.

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Last updated: 24 August 2019