According to the latest findings by Future Market Insights, the Malaysia tourism market is anticipated to create impressive growth opportunities over the forecast period by registering a CAGR of 12.6% from 2023 to 2033. The market is predicted to generate a total revenue of USD 2,853.9 Million by the end of 2023. In the long term, Malaysia’s tourism is estimated to reach around USD 9,350.3 Million in 2033. Over the last few decades, the tourism industry has contributed significantly to the GDP of Malaysia. The growth of the market is attributed to a rich historical culture, diverse local lifestyle, and beautiful natural landmarks present in Malaysia. These attributes have significantly turned Malaysia into one of the most popular destinations.
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At present, a worldwide campaign is gaining pace called ‘Malaysia, Truly Asia’. This small country is generating extra revenue through tourism to contribute towards the development of its economy. Quality accommodation and transport are also better which is attracting more and more tourists every year. This is the precise reason for the growth in the Malaysia market. Another factor that is driving the growth of tourism is the Malaysian government’s unending effort in targeting global elites who are from the high-income group. An emerging project of developing 15 elements including Malaysia Eye, International Fashion Street, Sunset Beach, and Cruse Shopping Gallery is creating curiosity among tourists and is therefore leading to a robust development in the growth of Malaysian tourism. Medical tourism is one of the important factors that is boosting the tourism industry in Malaysia.
Drastic liberalization of some government-controlled sectors, development of more tourism destinations, and increased involvement of the private sector are some of the key measures that will improve Malaysia tourism performance in the future. The Malaysian government is making its tourism industry more attractive. More skilled personnel will be required to manage government functions in the future. The National Tourism Policy 2020-2030 was launched by the government to ensure the continuity of the country’s tourism industry while also targeting to make Malaysia one of the top 10 global tourist destinations. This long-term strategy is divided into 6 main strategic thrusts such as strengthening governance capacity, creating special tourist investment zones to encourage technology-oriented tourism investment, practicing sustainable & responsible tourism, and embracing smart tourism.
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Key Takeaways
- Malaysia Healthcare Travel Council, a prominent government agency, is actively working on revamping Malaysia as a medical tourism destination. Positive growth has only been possible by boosting the healthcare quality, focusing on patient experience, and ensuring affordable services while following proper protocols.
- Good governance consists of a balance between the development, protection, and preservation of the country’s treasures comprising the environment, culture, and heritage. Furthermore, the National Tourism Policy is therefore trying to incorporate elements of the sustainable development goals and enhance tourism by promoting inclusive development along with responsible consumption practices. This will consequently make Malaysia a more preferred destination amongst an environmentally conscious generation.
- Recently, Malaysia opened its international borders and lifted all travel restrictions to enter. Despite the increasing number of travellers, Malaysia continues to struggle due to a lack of airline tickets and hotel rooms since a lot of sub-sectors of the tourism industry had to downsize.
- A large proportion of people who lost their jobs are believed to have found alternate sources of employment thereby making the industry understaffed. This poses a direct threat to the resurgence of the tourism sector.
Competitive Landscape
Key suppliers in the Malaysian tourism market are assuring a safe and affordable travel experience, which has made travel and tourism possible and at ease. Top tour operators offer fascinating and distinctive travel packages around Europe, America, Asia, and the Middle East, providing smooth and simplified travel experiences for both straightforward and difficult excursions.
More Insights into the Malaysia Tourism Market
According to studies, people between the age group of 25-39 comprise the largest percentage of international tourism in Malaysia. These travelers belong to the working population who are situated across the globe and have the spending capacity as well as good health to take overseas tours. Tourists from this age group are mostly independent travelers who plan their trips on their own to various new destinations. Additionally, the vast number of beautiful islands makes Malaysia a favorable destination for young couples who also belong to the same age group. The various promotional activities on social media platforms are attracting tourists across this age group and are forecast to display the same trend over the forecast period.
Malaysia Tourism Market by Category
By Direct Suppliers:
- Airlines
- Hotel Companies
- Car Rental
- Train
- Tour Operators
- Government Bodies
By Indirect Suppliers:
- OTA (Online Travel Agency)
- Traditional Travel Agencies
- TMC’s( Travel Management Companies)
- Corporate Buyers
- Aggregators
By Number of Bookings:
- Age
- Under 15
- 16-25
- 26-35
- 36-45
- 46-55
- Over 55
By Activity Type:
- Cultural & Heritage
- Medical
- Eco/sustainable
- Sports
- Wellness
- Other
By Demographic:
- Male
- Female
- Kid
By Tourism Type:
- Domestic
- International
By Booking Channel:
- Phone Booking
- Online Booking
- In Person Booking
By Tour Type:
- Individual Travel
- Professional Groups
- Group travels
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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