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World?s biggest: Asia Pacific travel market to hit $352 B this year

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October 28, 2013

World?s biggest: Asia Pacific travel market to hit $352 B this year

Asia PacificSingapore ? The Asia Pacific travel market is expected to reach almost $352 billion this year, according to the latest report by global travel market research company PhoCusWright.

PhoCusWright revealed the latest growth figures on regional travel outlook at the ITB (Internationale Tourismus-B?rse) Asia held here this week.

The report showed that Asia Pacific has become the world?s biggest regional travel market, taking over Europe with $326.2-billion gross bookings in 2012 is expected to post a growth rate of eight percent this year.

The PhoCusWright study says that the projected growth figures for the countries within the Asia Pacific region over the next three years will be led by China, Japan and the Pacific region.

?We expect Asia Pacific travel market to maintain its growth through 2015 to reach $407.3 billion and China will account for a third of that,? said Chetan Kapoor, PhoCusWright research analyst for Asia Pacific. The Indonesian market is also poised for rapid development in the next three years. ?Double-digit growth is forecasted for several Asia Pacific markets through 2015,? he added.

At the same time, online leisure and unmanaged business travel bookings in the region also grew by 18 percent this year on improved access to the Internet and mobile gadgets to make travel bookings. In 2012, the aggregate mobile travel gross bookings in China, India and Japan stood at $4.6 billion

PhoCusWright contends that mobile will be the ?fastest growing travel distribution channel in the region? through 2015.

A three-day B2B travel trade event organized by Messe Berlin Singapore, ITB Asia has been considered ?The Trade Show for the Asian Travel Market?. It is part of the week-long, annual trade platform Travel Ravel, organized by Singapore Tourism Board. Eight different events relating to travel and hospitality have attracted both Asian and non-Asian leaders and professionals from across the industry.

Click here to read more.

Source Yahoo News, http://ph.news.yahoo.com/world-biggest-asia-pacific-travel-market-hit-352-220019760–sector.html

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