Asia Pacific Surpasses the U.S. to Become Second Largest Regional Travel Market
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PhoCusWright launches Asia Pacific (APAC) Research Subscription with a new study that maps the APAC online travel opportunity, analyzing the complex growth dynamics of the region’s diverse markets.
Sherman, CT USA, May 9, 2011—The Asia Pacific (APAC) travel market surged 17% 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 US$255.8 billion in 2010.
PhoCusWright's Asia Pacific Online Travel Overview Fourth Edition reveals a diverse APAC travel market poised for significant online growth. The region quickly rebounded following a resilient response to the global economic slowdown. While the European and U.S. travel markets both declined 15% in 2009, APAC declined just 7%, 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.
"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 provides a detailed overview of the APAC travel market, including market sizing and projections for the total and online leisure and unmanaged business travel markets through 2012. The report provides 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. The report highlights marketing, distribution and consumer trends for major travel segments (air, hotel, car rental and rail) and online channels (suppliers and online travel agencies).
PhoCusWright's Asia Pacific Online Travel Overview Fourth Edition ($1,795 through May 25) includes:
-Market size and projections for the Asia Pacific total and online leisure/unmanaged business travel markets from 2008 – 2012
-In-depth analysis of all major travel supplier segments (air, hotel, car rental and rail)
-Distribution patterns by segment and channel (supplier vs. online travel agency)
-Online penetration forecasts by market
-In-depth analysis of Australia/New Zealand, China, India, Japan and Singapore
-Aggregate view of Hong Kong, Indonesia, Macau, Malaysia, South Korea, Taiwan and Thailand
The report 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. 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.
About PhoCusWright Inc.
PhoCusWright is the travel industry research authority on how travelers, suppliers and intermediaries connect. Independent, rigorous and unbiased, PhoCusWright fosters smart strategic planning and tactical decision-making.
PhoCusWright delivers qualitative and quantitative research on the evolving dynamics that influence travel, tourism and hospitality distribution. Our marketplace intelligence is the industry standard for segmentation, sizing, forecasting, trends, analysis and consumer travel planning behavior. Every day around the world, senior executives, marketers, strategists and research professionals from all segments of the industry value chain use PhoCusWright research for competitive advantage.
To complement its primary research and learning solutions in North and Latin America, Europe and Asia, PhoCusWright produces several high-profile conferences in the United States and Germany, and partners with conferences in Canada, China and Singapore. Industry leaders and company analysts bring this intelligence to life by debating issues, sharing ideas and defining the ever-evolving reality of travel commerce.
The company is headquartered in the United States with Asia-Pacific operations based in India and local analysts on five continents.
PhoCusWright is a wholly-owned subsidiary of Northstar Travel Media, LLC.