The WTTC has also predicted an average growth of 3.8 percent a year directly or indirectly in the global travel and tourism GDP. Its GDP contribution to the world’s economy will rise to 10.5% and by 2025 accounting for 10.7% of the world’s employment.
The fastest growing region will be South Asia offering an increase of over 7 percent growth. India has been predicted to outpace China. Sub regions that will observe the most significant growth of up to 4.6 to 5.6 percent through 2015 will be Southeast Asia, Sub-Saharan Africa, North Africa and the Middle East. North America, the Caribbean and Latin America follow with growth rates of 3.3% to 3.6%, followed by Oceania (3.1%) and Europe (2.6%).
India, China, Thailand, Indonesia, Peru and Kenya and smaller countries with smaller economies like Myanmar, Montenegro, Angola, Tanzania, Bangladesh, Cambodia and Mozambique are countries that have experienced significant growth in their Travel and Tourism GDP. Major countries like China, US, Germany and the UK will continue to hold their position as top spenders in outbound travel.
Despite geopolitical instability such as health and security concerns from terrorism, the Global Travel and Tourism Industry observed an 8 percent rise from its previous year. There are promising results from the Global Hospitality insight report which observes a strong development of new properties in the pipeline. There will be a worldwide increase of 1.3 million new guestrooms the world over.
More than 1.8 billion tourists will be traveling abroad, beyond the boundaries of their nations. The tourism marketplace is being added with new members every year and UNWTO predicts that there will be a 43 million addition of international tourists joining the marketplace each year.
The growth trend has quite obviously reflected on the aviation sector as well. The International Air Transport Association (IATA) expects annual passenger volume to touch 7.3 billion by 2034. Annual growth rate will be 4.1 percent which will more than the current rate of 3.3 billion.
China will oust US and be the largest passenger market by 2030. But the market will be dominated by these two countries at a wide margin. By 2034, flights to, from and within China will account for about 1.3 billion passengers a year, 856 million more than current levels and representing an annual growth rate 5.5%. Traffic to, from and within the US will grow at an annual average rate of 3.2% and will account for 1.2 billion passengers in the same time frame.
The market that have been predicted to realize the fastest growth will be China, the US, India, Indonesia and Brazil according to IATA. In percentage terms the fastest top ten growing markets will be Africa, the city of Paris, Asian, and South American destinations. These destinations will bring phenomenal growth of $6 trillion in the GDP adding 105 million jobs in the global travel market over the next 20 years.
Aircraft fleet will double over the next 20 years and world passenger cargo fleet will grow from 20,910 aircraft to 42,180—with 35,770 new airplanes being added over that time frame estimates Boeing.
More people with more wealth will be living in the urban areas in the next 20 years. Urban population will increase by 51 percent according to Airbus. The worldwide demand for air travel will increase and the need to cater to this demand by introducing more seats to fulfill the world wide demand will have to be met with. 27 percent of trips will be to visit friends and family which also shows a rise in the immigration flow. The demand for studying abroad will also increase. The numbers are growing rapidly which is directly reflecting on the aviation industry. More aircraft are being built, from 20,910 aircraft to 42,180—with 35,770 new airplanes being added over that time frame.
Asia-Pacific will lead the world in air travel 20 years from now, followed by Europe, North America, the Middle East, Latin America, the CIS and Africa. First-time flyers will come from the world’s burgeoning middle class that will grow from 2.2 billion persons today to over 5.2 billion in 20 years.
The WTTC shows a projected growth in the top level jobs of the travel and tourism industry. The industry will create 72 million new jobs in the next 10 years with talented, service-minded people at all levels, to meet the demands of the industry. Travel and Tourism is a lucrative marketplace for top achievers in the next 20 years.
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