GCC Outbound Tourism Market Share, Revenue, Size, Scope, Upcoming Trends, Challenges, Growth Drivers and Business Opportunities Till 2033


GCC Outbound Tourism Market Share, Revenue, Size, Scope, Upcoming Trends, Challenges, Growth Drivers and Business Opportunities Till 2033: SPER Market Research

 Category : Travel & Tourism

 Published: Apr-2024
 Author: SPER Analyst

GCC Outbound Tourism Market is projected to be worth USD 176.78 billion by 2033 and is anticipated to surge at a CAGR of 8.09%.

Travel by citizens of one nation to another for pleasure, business, or other reasons is referred to as outbound tourism. It includes a broad variety of travel-related activities, such as leisure travel, business travel, visiting friends and relatives (VFR), adventure travel, and medical travel. A number of factors, including growing disposable incomes, globalization, enhanced connection through air travel, and expanding awareness of many cultures and destinations, are driving outbound tourism. It is important for promoting international understanding and cultural interaction as well as job possibilities and economic progress.

GCC Outbound Tourism Market Driving Factors and Challenges

Drivers: The GCC's outbound tourism sector is seeing expansion due to a number of important factors that support the region's rising outbound travel demand. One important factor is the growing wealth and disposable income of citizens in the Gulf Cooperation Council (GCC) nations, which is being driven by the region's economic growth, which is mostly attributable to oil earnings and diversification initiatives. People may now go abroad for business, pleasure, and other reasons because to their increasing income. A young, rapidly urbanizing populace that is very inclined to travel and explore the world are some notable features of the GCC region.

Challenges: The outbound tourist market has numerous challenges, such as economic difficulties, geopolitical instability, and environmental concerns. Changes in the economy, including income distribution and exchange rates, can significantly impact people's ability to go abroad. Travelers may be deterred from visiting other countries by geopolitical tensions, such as wars or unrest in specific regions, as they fear for their safety. Travel can also be hampered by strict immigration regulations and convoluted visa procedures, which reduces the amount of visitors departing the nation. Furthermore, in response to environmental issues like overtourism and climate change, demands for sustainable practices and responsible tourism have increased.

Impact of COVID-19 on GCC Outbound Tourism Market
The GCC's tourism industry has been negatively impacted by the COVID-19 pandemic, which has drastically changed traveler preferences and behaviors. The travel ban, border closures, and lockdowns that were imposed globally to stop the virus's spread caused a significant downturn in the Gulf Cooperation Council's outbound tourism industry. Strict travel restrictions, quarantine regulations, and warnings issued by the governments resulted in a sharp decline in international travel from the region. Because of the uncertainties surrounding the epidemic and their concerns about contracting the disease while traveling, travelers from the Gulf Cooperation Council (GCC) were hesitant to leave the country.

GCC Outbound Tourism Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; Big Five Tours & Expeditions Inc., Farhat Tours & Transfers S.P.C., G Adventures, Praxis Holidays LLP, Greenloons LLC, Responsible Travel, Royal Arabian Destination Management, and Steppes Travel.

GCC Outbound Tourism Market Segmentation:

By Tourist Type: Based on the Tourist Type, GCC Outbound Tourism Market is segmented as; Domestic, International.

By Age Distribution: Based on the Age Distribution, GCC Outbound Tourism Market is segmented as; Under 18 years, 18-25 years, 26-35 years, 36-45 years, 46-55 years, Above 55 years.

By Tourism Type: Based on the Tourism Type, GCC Outbound Tourism Market is segmented as; Holiday, VFR (Visit Friends and Relatives), Business, Others.

By Traveler Type: Based on the Traveler Type, GCC Outbound Tourism Market is segmented as; Independent Traveller, Tour Group, Package Traveller.

By Region: This research also includes data for US, Canada, Rest of North America.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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