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Asia-Pacific Travel Market Surpasses the U.S.May 9, 2011 By: George Dooley Travel Agent
|Singapore, along with other Asia-Pacific travel markets, saw tremendous growth in 2010. // (c) Deanna Ting 2011|
The Asia-Pacific (APAC) travel market surged 17 percent in 2010, surpassing the U.S. to become the second largest regional travel market worldwide, according to a new report by travel industry research authority PhoCusWright. Fueled by a recovering economic climate and strong growth in key emerging markets, APAC grew faster than all other regions to reach $255.8 billion in 2010.
PhoCusWright's Asia Pacific Online Travel Overview Fourth Edition reveals a diverse APAC travel market that is poised for significant online growth. The region quickly rebounded following a resilient response to the global economic slowdown, PhoCusWright says. While the European and U.S. travel markets both declined 15 percent in 2009, APAC declined just 7 percent, with China and India growing slightly on local currency terms.
Rising Internet access and an organic shift toward Internet purchasing will help propel strong double-digit growth in APAC's online leisure/unmanaged business market through 2012, when gross bookings will reach $70.6 billion, PhoCusWright reported.
“At more than $53 billion in 2010, APAC's online travel market is no longer nascent. But online travel penetration varies widely, reflecting the extraordinary differences among APAC's individual markets," said Douglas Quinby, senior director, research. "In more mature markets such as Japan and Australia/New Zealand, online penetration gains are slowing, while emerging online markets like India and China are now driving growth across the region."
PhoCusWright's Asia Pacific Online Travel Overview Fourth Edition encompasses in-depth analysis of five markets: Australia/New Zealand, China, India, Japan and Singapore. In addition, Hong Kong, Indonesia, Macau, Malaysia, South Korea, Taiwan and Thailand are reviewed in aggregate.
PhoCusWright's Asia Pacific Online Travel Overview Fourth Edition is included in the newly launched PhoCusWright Research Subscription: Asia Pacific Edition, an annual, subscription-based syndicated research service providing actionable data and nuanced analysis to help travel, tourism and hospitality companies thrive in each of APAC's unique markets.
The report is designed to serve the needs of APAC-based companies and those focused on the region, The Asia Pacific Edition delivers a 360-degree view of the APAC travel market, including market sizing and forecasts, segment data, consumer research, travel technology trends and online traffic sizing.