Market Research Blog – Page 3155 – New Product Development

On Track for Growth: Ethno Tourism Community Based Eco Tourism Market to Hit US$ 88,003 Million by 2033 | FMI

The global ethno tourism community based eco tourism market is expected to accrue a valuation of US$ 88,003 million by 2033, scaling up from US$ 12,201 million in 2023. The target market is set to grow at an astounding CAGR of 21.8% from 2023 to 2033. This market is primarily driven by a surge in the per capita income at individual levels. The rising awareness of the positive influence of ethno-tourism on society and the environment also supplements the growth of the ethno-tourism community-based eco-tourism market in this period of observation.

Ethno-tourism provides a platform where people can discover ethnic populations and learn more about unique cultures and customs by visiting and interacting with locals. Ethno-tourists travel all over the world to experience native culture and enhance their understanding of native people. This subset of tourism is particularly prevalent in geographies with diverse populations, rich histories, and legacies such as Africa, India, Japan, and others.

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Ethno-tourism community-based eco-tourism includes native performances, presentations, and acts put on by a region’s indigenous population. This type of tourism also provides a broader perspective on village-based tourism, cultural anthropology, and tribal heritage. Since it is difficult to distinguish ethnic tourism from the landscape it occurs in, ethno-tourism is intertwined with ecotourism. However, ecotourism is another segment under travel and tourism where travelers visit different locations with the purpose of enjoying nature. Initiatives from different tourist boards and favorable government policies with variations in tour types will facilitate the growth of the ethno-tourism community-based eco-tourism market during the forecast period.

Increasing per capita income and the experience that travelers get from engaging with different cultures act as growth drivers for the ethno-tourism community-based eco-tourism market. As the younger generation and urban population of various countries grow more open towards other cultures, and there continues to be a rise in per capita income, the demand for ethno-tourism community-based eco-tourism market will also rise over the projection period.

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Key Takeaways:

With the expanding tourism sector in India, the ethno-tourism and eco-tourism sectors will also undergo strong growth as travelers seek out ethnic experiences at popular and attractive locations.
South African region is expected to dominate the global ethno-tourism community-based eco-tourism market during the assessment period.
By tour type, the group category will generate greater demand for the market during this period.
Based on age group, the 21-35 segment has been observed to prefer ethno- and eco-tourism as compared to other age groups.

Competitive Landscape

As a labor-intensive market, ethno-tourism community-based eco-tourism has immense economical benefits. Significant market players are keen on offering various tour programs including guided tours and ethnic cuisine experiences. Engagement with the local environment and culture offered by this type of tourism has more advantages than disadvantages for a nation.

More Insights into Ethno Tourism Community Based Eco Tourism Market

FMI offers the latest, detailed, and unbiased analysis of the global ethno-tourism community-based eco-tourism market, providing historical data from 2018 to 2022 and forecast statistics for 2023 to 2033. To understand the global market potential, growth, and scope, the market is segmented on the basis of age, demographic, nationality, tour type, and region.

According to the reports, based on segmentation, online booking channels are the most popular as it offers more options and convenience. In terms of age group, the 21 to 35 category is the most common age group to opt for ethno-tourism. The group tour type also opens growth avenues for the market.

Based on region, the ethno-tourism community-based eco-tourism market in South African terrains will dominate the global marketplace. The target market in this region is shaped by rich cultural, linguistic, and natural backgrounds. The ethno-tourism market has also been beneficial to the regional economy by creating more jobs and earning opportunities. In addition to the southern African subregion, India also presents notable growth in the ethno- and eco-tourism market. Many travelers are attracted to popular and pleasing locations within India where they can garner a better knowledge of native people, life, and culture. All of these considerations propel the ethno-tourism community-based eco-tourism market forward in the upcoming years.

Ethno-Tourism Community Based Eco Tourism Market by Category

By Age:

Under 18
18-25
26-35
36-45
46-55
Over 55

By Demographic:

Male
Female
Kids

By Nationality:

Domestic
International

By Tour Type:

Group
Solo

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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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Congress Tourism Market, a Pivotal Sector in Global Tourism, Forecasts a Remarkable Milestone with an Anticipated US$ 2,311.5 Billion Valuation by 2033 | FMI

The global congress tourism market is anticipated to increase at a strong CAGR of 8.2% from 2023 to 2033. The target market is slated to amass a revenue of US$ 2,311.5 billion in 2033, rising from a calculated US$ 1,055.3 billion in 2023. Historically, the congress market witnessed a steady growth rate and reached US$ 918.9 billion in 2022. Factors such as the growing number of conferences and business meetings are responsible for the growth of the congress tourism market during the projection period.

Congress tourism, a subset of the tourism industry, has gained immense popularity in recent years and will continue to do so for the given period. Business or congress tourism includes meetings, conferences, delegates attending congresses, exhibitions, events, and incentive travels. Congress tourism accounts for about 30% of the overall tourism income. This subset of the tourism sector helps nations build their image by bringing in large elite brands and people with fame who can help popularize the country.

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As a result of the integration of political, scientific, and economic principles into a single system, congress tourism is able to act as an economic driver for different countries. Thus, congress or business tourism plays an essential role in government programs that are aimed at developing the nation’s tourism and is a popular tourism in countries like the US, Switzerland, France, the U.K, and many others.

With increasing topics coming up for debates, conferences, and discussions, the prospects for congress tourism are looking bright in the upcoming years. Again, the destination where these conferences are held also benefits from them as they rise up in popularity. Moreover, countries across the globe are realizing the importance of congress tourism as it has an impact on the country’s positive and economic prospects. Since congress tourism requires proper infrastructure and equipment, the development of infrastructure and technological advancements facilitate the growth of the overall market.

Key Takeaways:

A lack of geographical accessibility such as good transportation and convenience, affordability, and other economical aspects are certain considerations that may restrict the growth of the congress tourism market.
The United States of America is leading the market as the country is a host of numerous meetings and conferences.
Europe will also witness rapid growth in the market with Spain making considerable contributions to the regional market growth.
By age group, the 25 to 45 category contributes substantially to the overall market growth.
Based on the booking channel, the online channels will dominate the segment due to the convenience and availability of a wide range of options.

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Key companies:

ICMS Australasia
American Meetings Inc.
Congress Company
DIS Congress Service A/S
Event Dynamics
Ana Juan Congresos
GP Destination Management
Meeting Planners International Pte Ltd
MP Internation
Agentura Carolina
and Meeting Makers

Competitive Landscape

Event Dynamics, American Meetings Inc., Congress Company, and MP International, among others, are a few of the leading players in the congress tourism market profiled in the full version of the report.

Key market players are concentrating on forming strategic partnerships and collaborations with players in the hospitality industry. These firms also adopt strong marketing and other growth-related strategies to strengthen their market presence.

More Insights into Congress Tourism Market

In its latest report, FMI offers an unbiased analysis of the global congress tourism market, providing historical data from 2018 to 2022 and forecast statistics for 2023 to 2033. For a better understanding of the global market potential, growth, and scope, the market is segmented on the basis of direct suppliers, indirect suppliers, number of bookings, and region.

According to the same reports, based on segmentation, the 25 to 45 age group will contribute substantially to the market as this age group is the most likely to travel for work. In terms of tour type, the package traveler segment will observe an upsurge in demand as most organizations seek out hospitality players that offer the best discount for a large group of people. Based on the booking channel, the online segment will lead the market as it speeds up the process and offers more variety.

Based on region, the congress tourism market will thrive in the United States of America. As the country plays a host to numerous meetings, debates, and conferences, it’s expected that the congress tourism market in the US will dominate the global marketplace. The US is closely followed by other countries like the U.K, Spain, Germany, Austria, and many others. In brief, the increasing number of business gatherings, conferences, and other intellectual meetings, as well as the growth of the market in the US, are certain factors that fuel the growth of the congress tourism market.

Congress 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 Booking Channel:

Phone Booking
Online Booking
In Person Booking

By Tour Type:

Independent traveler
Package traveler
Tour Group

By Age:

15-25 Years
26-35 Years
36-45 Years
46-55 Years
56-65 Years
66-75 Years

By Nationality:

Domestic
International

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China Culinary Tourism Market: Navigating the US$ 24.65 Billion Gastronomic Landscape by 2033 | FMI

The China culinary tourism market was appreciated at US$ 5.4 billion in 2022, and it is expected that it will expand at a CAGR of 14.8% to reach US$ 24.65 billion by 2033. The growing popularity of these China culinary tourist markets among travelers and food bloggers may be contributing to the growth of the tourism industry.

The value of China’s food industry has grown. When traveling for gastronomic reasons, travelers pause at various locations to taste a variety of local fare and beverages. It is anticipated that as more food lovers travel to sample different food cuisines, cultures, and beverages, the culinary tourism industry in China will expand.

Chinese food is renowned for its deliciousness, diversity of dishes, and unique flavors. Chinese food has undergone countless years of growth and nurturing to create its own culture. Given that Chinese philosophy is the foundation of Chinese culinary culture, Chinese food is a representation of the harmony and balance of nature. In addition to sating gourmet tastes, modern Chinese food, which takes its cues from Chinese philosophy, aims to keep people’s health as much as possible. Consumers from around the world have been drawn to the China culinary tourism business by the authenticity of Chinese food, thus bolstering the growth in this market.

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The stunning natural surroundings of China contribute to the country’s thriving tourism sector. Today, tourists choose their holiday destinations depending on the local food. Visitors may choose from a wide variety of cuisines in China. Visitors may now freely discover China’s food thanks to the country’s tourism business. The tourist sector may be able to assist several locals who are jobless in finding employment as well as promote global knowledge of Chinese culinary traditions by boosting culinary tourism in China.

Key Takeaways from the Market Study

The scope of culinary tourism industry in China increased significantly between 2018 and 2022, experiencing a CAGR of 9.1%.
The sector for culinary lessons increased its market share to 43.8% in 2022.
Online bookings recorded a global market share of more than 32% in 2022.
With a market share of 27% in 2022, the group of visitors from other countries started to gain traction.
In 2022, 35.5% of the global market share was held by the Chinese culinary tourism industry.

Competitive Landscape

Leading companies in the China culinary tourism industry focus on improving their services by providing discounts, new destinations for excursions, and applications to provide foreign visitors an unforgettable experience. Travel firms are collaborating with regional pubs, restaurants, and chefs to create distinctive experiences since the food industry in China is seeing a lot of competition. They are providing taxi services, online booking tools, and destination-specific activities that let visitors have a complete gastronomic experience even in the most isolated places.

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Prominent players in the China culinary tourism market are:

Hello Hong Kong: Private & Small Group Tours
Lost Plate Beijing Food Tours
UnTour Shanghai Food Tours
Lost Plate Xian Food Tours
UnTour Beijing Food Tours
UnTour Shanghai Food Tours
Lost Plate Shanghai Food Tour
Discover Beijing Tours
Sunny Tours Shanghai
Withlocals
Dong Dong Tour
Catherine Lu Tours
Janvi Tours – Guangzhou Off the Beaten Path
Catherine Lu Tours Xi’an
Amazing Shanghai Trip
Lily’s Private Tours

Some key developments of the leading companies in this market are:

Beijing saw the debut of UnTour’s Shanghai food tours, which provide culinary excursions. They greatly contributed to a rise in the number of travelers, notably domestic tourists, and were praised by Travel Leisure, The New York Times, and Monocle.
A US$ 12 million investment headed by Tencent in China and investments from Prometheus Capital were made in the online travel operator Zanadu, which specialized in luxury travel. In Shanghai, the business opened a new facility where tourists may utilize virtual reality equipment to enjoy safaris, luxurious adventure trips, and resort destinations.

More Valuable Insights Available

Future Market Insights offers an unbiased analysis of the China culinary tourism market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.

To understand opportunities in the China culinary tourism market, the market is segmented on the basis of activity type, booking channel, tourist type, tour type, age group, and consumer orientation.

Key Segments Profiled in the China Culinary Tourism Market

By Activity Type

Culinary Trials
Cooking Classes
Restaurants
Food Festivals
Others

By Booking Channel

Phone Booking
Online Booking
In-Person Booking

By Tourist Type

Domestic
International

By Tour Type

Independent Traveler
Package Traveler
Tour Group

By Consumer Orientation

Men
Women

By Age Group

15-25 Years
26-35 Years
36-45 Years
46-55 Years
66-75 Years

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Cultural Tourism Market: Forecasting a US$ 22,772.0 Million Surge by 2033 | FMI

As per Future Market Insights, the global cultural tourism market is set to surpass US$ 5,931.2 million in 2023. Over the next ten years, sales in the market will rise at 14.4% CAGR. This will take the global cultural tourism market size to US$ 22,772.0 million by 2033.

The growing interest in exploring different cultures is driving the global market forward. Besides this, increasing affordability due to rising disposable income will boost the market through 2033.

Cultural tourism is emerging as one of the most lucrative tourism markets globally. Cultural tourism and interest in culture among travelers is on the rise. This type of tourism allows tourists to learn and cherish different cultures of the world. The increasing interest of visitors in cultural experiences will elevate demand in the market.

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Growing awareness about various cultural and heritage sites through social media platforms is likely to boost sales. Besides this, integration of advanced technologies and availability of attractive packages will create growth prospects.

Visitors are now offered audio tours to various cultural heritage places, podcasts for cultural sites, and many other experiences. This is bringing diversity to cultural tourism sector.

For instance, Kerala (India) Tourism launched Street Project to enhance experiential tourism market. Its agenda is to take tourism deep into the state’s urban and rural development.

In the first phase, the project would be implemented in the city of Kadalundi which is located in Kozhikode. Then it will be introduced in other cities of the states. With such experiential development toward cultural tourism infrastructure, countries such as India, Germany, France, and Italy, are experiencing a huge number of travelers’ spike from different parts of the world.

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Key Takeaways from Cultural Tourism Market:

Cultural tourism market is forecast to reach US$ 5,931.2 million in 2023.
Global demand for cultural tourism is likely to rise at 14.4 % between 2023 and 2033.
By age group, 16 to 25 category will generate the most revenue in the market.
By tourism type, edutainment segment is likely to hold a prominent share by 2033.
Online booking channels segment will witness most cultural tourism bookings.
Thailand cultural tourism market is set to exhibit a robust CAGR over the next ten years.
Cultural tourism demand across Italy is forecast to surge at a healthy pace through 2033.

Who is Winning?

Leading players in cultural tourism market are Intrepid, Explore, Exodus Travel, G Adventures, On The Go Tours, and many more. These companies are introducing new attractive tour packages to woo more and more customers.

Key Companies Profiled

Intrepid
Explore
Exodus Travel
G Adventures
On The Go Tours
Others

Get More Valuable Insights

Future Market Insights, in its new offering, provides an unbiased analysis of cultural tourism market, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.

The study divulges compelling insights on cultural tourism by direct suppliers (airlines, hotel campaigns, car rental, trains, tour operators), indirect suppliers (online travel agency, traditional travel agencies, travel management companies, corporate buyers, aggregators), and number of bookings (by age, by demographic, by nationality, by booking channel, by visitors type, by tour type, by tourism type), across several countries.

Global Cultural 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:

By Age:

Under 15
16 to 25
26 to 35
36 to 45
46 to 55
Over 55

By Demographic:

Male
Female

By Nationality:

Domestic
International

By Booking Channel:

Phone Booking
Online Booking
In Person Booking

By Tour Type:

Individual Travel
Professional Groups
Group Travels

By Tourism Type:

Edutainment Tourism
Cultural heritage Tourism
Educational Tourism
Marine Life Exploration Tourism
Eco-conscious Cultural tourism
Others

By Visitors Type:

Purposeful
Incidental
Serendipitous
Casual
Sightseeing

By Country:

United States
Canada
Brazil
Mexico
Germany
Other

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Rural Tourism Market Soars: Projections Reveal 6.8% CAGR Growth to US$ 198.3 Billion by 2033 | FMI

According to a recent report by Future Market Insights (FMI), the rural tourism market is anticipated to surpass a valuation of US$ 102.7 billion by 2023. Sales are expected to grow at a strong 6.8% CAGR, putting the company’s market value at US$ 198.3 billion in 2033.

Activities conducted in locations with lower population densities are essentially referred to as rural tourism. These regions are mostly close to farms and other agricultural land and have stunning natural beauty. Rural tourism is significantly influenced by the seasons and local cultural activities.

It is expected that the highly participative rural tourist market would enhance people’s social and economic well-being. A number of local companies have recently opened as a result of rural tourism’s growing popularity.

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However, rural tourism development is facing several challenges. For instance, waste is increasing across rural regions in the world where tourism is escalating. These regions do not have the infrastructure to manage waste. As a result, most of the waste is being dumped in the open.

Players in the market for rural tourism need to find ways of reducing the burden of waste. Governments should also get involved to make people aware of the damage to the environment being done through poor waste disposal practices. Green tourism, a particular sub-segment of rural travel, is picking up pace as a result.

Local players responsible for accommodation, food, and activities for tourists should step up to ensure that visitors follow sustainable practices. They should also maintain a fine balance between profitability and sustainability.

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Key Takeaways:

The global market for rural tourism reached a valuation of US$ 96.9 billion in 2022.
In 2023, the global market is likely to reach a US$ 102.7 billion
Between 2023 and 2033, the global market is poised to register a healthy 8% CAGR.
From 2018 to 2022, the global market recorded a slow CAGR of 9%.
By booking channel, the online segment is anticipated to hold a noteworthy share of 70% in the rural tourism industry.
The online segment is set to accelerate at an impressive 4% CAGR in the coming years.
Elderly people between the age group of 55 to 59 should reflect a CAGR of 5% and drive market expansion.

Key Players:

Village Ways
Himalayan Ark
Butterfield & Robinson
World Expeditions
Yatra.com
Condor Airlines
Lufthansa
Singapore Airlines
Martin Randall Exodus Travel
Beaches of Normandy Tours

Rural 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 Age:

Below 15 years
16 to 25
26 to 35
36 to 45
46 to 55
Over 55

By Tourism Type:

Agro Tourism
Farm Tourism
Wilderness and Forest Tourism
Green Tourism
Eco-Tourism

By Demographic:

Male
Female
Kid

By Nationality:

Domestic
International

By Booking Channel:

Offline Booking
Online Booking

By Tour Type:

Individual Travel
Professional Groups
Group Travels

By Country:

The United States
Canada
Brazil
Mexico
Germany
The United Kingdom
France
Spain
Russia
India
China
Japan
Malaysia
Singapore
Australia
UAE
KSA
Italy
Qatar
Oman
Rest of World

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Travelers Identity Protection Services Market: Demonstrating resilient growth, it anticipates reaching US$ 23,056.4 Million by 2033 | FMI

The global travelers identity protection services market is anticipated to create an absolute dollar opportunity over the forecast period from 2023 to 3033 by registering a CAGR of 8.7%. The global market is estimated to garner a revenue of US$ 10,011.4 Million in 2023 and is expected to be around US$ 23,056.4 Million by 2033. Millions of travelers globally have suffered as a result of the growing identity cloning trend. According to a recent study presented by the Federal Trade Commission, more than 8 million Americans become victims of identity theft each year.

According to the latest updates, the travelers’ identity protection services market has witnessed staggering and unparalleled growth rates in the past few years and has been experiencing an upward trend ever since.

Identity theft is a growing social ill that has a debilitating impact on the world economy and is a problem for the tourism sector. The travel industry depends heavily on expensive and innovative technologies, which are primarily employed to enhance service levels. A lot of third-party online sites for travel purposes have emerged. Numerous financial and commercial organizations located all over the world have been destroyed by this new crime trend.

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In order to safeguard travelers from potential identity theft, identity protection services have been devised. Travelers can choose from a variety of reliable identity protection options on the market. Although identity protection services are cutting-edge, they cannot offer a traveler a true sense of security. The market for these services is thus accelerating with time.

Key Takeaways

In today’s tech-savvy world, the service industry has significantly accelerated and the travel industry is a crucial part of it and is highly dependent on the same. These days, majority of the people prefer convenience and speed over all other factors.
This led to a spike in the demand for online facilities, thereby offering opportunities for the agencies to scale up and enabling them to improve customer experiences. Therefore, a great number of online facilities for travel purposes were introduced to improve customer satisfaction.
Gradually, these online transactions became a major source of fraud, data breaches, identity cloning, etc. With this, a dire need for theft protection services was felt. Such risk concerns are among the major contributors to the rapid expansion of this industry.
The travel industry is set to witness a significant increase in the number of international arrivals during the forecast period. As per the recent findings, it is estimated that by 2030 the industry will observe a 50% growth in the number of international arrivals. Hence, the Travelers Identity Protection Services Market is expected to grow tremendously due to the increasing security threats along with limited infrastructure.
The development of the IT sector and the concept of machine learning, biometrics, etc. offer numerous opportunities for this market to flourish during the forecast period. Moreover, this will also contribute to the economy by increasing revenue and generating job opportunities. Additionally, the introduction of facilities such as cryptography, state and non-state entities of electronic passports, etc will also assist in reducing the risk factors.

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Competitive Landscape

With elevating pressure on the travel and tourism industry, the security and safety of visitors continue to be one of the foremost concerns for the authorities. Acquiring information about the customers is crucial for travel agencies but it should be done in compliance with the existing governing rules and regulations.

IT companies are anticipated to create significant advancements in order to minimize the predicted risks. Numerous businesses are developing reliable and efficient techniques to deftly resist the malice of identity theft. Some of the identity protection service companies with operations worldwide are ID Watchdogs. Moreover, the government can also deploy true and fair resources to improve security and enhance the customer experience.

More Insights into the Travelers Identity Protection Services Market

Attributing to a steadily rising trend in the travelers’ identity protection services market, there has been a significant surge in the competition levels as well which further led to the depleting quality of technology and tools available.

The South East Asian market which is currently at the initial stages of development is one of the major contributors that restrain the growth owing to the low level of awareness among the residents.

Travelers Identity Protection Services Market by Category

By Type:

Credit Card Fraud
Bank Fraud
Phone Fraud

By Region:

North America
Europe
Asia Pacific
South America
Middle East
South Africa

By Booking Type:

Online Booking
Direct Booking
Phone Booking

By Consumer Orientation:

Men
Women
Children

By Tourist Type:

Domestic
International

By Age Group:

15-25 years
26-35 years
36-45 years
46-55 years
56-65 years
66-75 years

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Luxury Yacht Market trends indicate a significant uptick, poised to exceed the impressive milestone of US$ 19,924.7 million by 2033 | FMI

The luxury yacht market is expected to expand rapidly on a worldwide scale between 2023 and 2033. The market is predicted to develop US$ 8,812.4 million in sales by the end of 2023. By 2033, the luxury yacht market is anticipated to have grown to a value of around US$ 19,924.7 million. Key participants in the industry include luxury yacht manufacturers, brokerage houses and brokers, designers, harbor management services, the equipment and accessory sectors, journalists, and potential buyers.

The Dutch word “jacht,” which means “hunt,” is where the term “yacht” originates. “Floating Palaces or Floating Real Estates” is another term for opulent boats. They represent the pinnacle of lavish expenditure. Privately owned, well staffed, and exceedingly costly motor boats are considered luxury yachts.

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Luxury yacht manufacturing companies are obsessively focused on quality because it is the prime differentiating factor between luxury yachts and non-luxury yachts. These companies manufacture luxury yachts using fast patrol vessels, frigates, and interceptors, which are used by world navies for high security. Growing awareness of environmental protection has led to the manufacture of solar luxury yachts.

Key Takeaways

Yachting along coastal locations is gradually becoming popular across various countries. The formulation of favorable policies has been effective in promoting coastal and marine tourism which has consequently led to a boost in yachting tourism as well.
The adoption of private boats for leisure, client meetings, and large-scale parties has become quite prevalent. In order to explore new locations with a smaller crowd, regions such as Asia Pacific, Antarctica, and the Middle East are preferred for yachting.

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Another crucial reason for the growth of luxury yachting tourism has been the availability of renting of charter boats. Rentals for yachts are available on a weekly basis which further increases the accessibility of luxury yachting. With increased government participation to create yacht facilities and to invest in yachting, the future looks bright and full of potential.
Over the upcoming years, the number of ultra-wealthy households consisting of assets worth $100 a million or more is projected to increase by 70% in the next five years. Shipyards have therefore started to invest in new facilities and technologies to meet the expected demand which will eventually lead to growth in the market for Luxury Yachts.
The millennials from the new generation ranging from the age group 35 to 45 years have become highly environmentally conscious. This is extremely important to factor in since up to 40% of yacht buyers are now millennials. Therefore, the sector is slowly switching to green yachting by adopting a eco-friendlier approach.
2050, the International Maritime Organization has instructed the maritime industry to reduce greenhouse gas emissions by 50 percent from 2008 levels by the year 2050 and to reduce the carbon footprints of their boats. Electric yachts are also becoming quite popular.

Competitive Landscape

Dominant players across the global luxury yacht market comprise 60% of the total market share. In addition to that, the semi-custom luxury yacht market has seen a surge in demand in recent years which might be due to these categories of yachts offering a good balance of customization and off-the-shelf predictability and simplicity.

Key Players:

Ferretti Group,
Lurssen,
Feadship,
Princess Yachts,
Sunseeker

Luxury Yatch Market by Category

By Direct Suppliers:

Hotel Companies
Tour Operators
Government Bodies

By Indirect Suppliers:

OTA (Online Travel Agency)
Traditional Travel Agencies
TMC’s (Travel Management Companies)

By Number of Bookings:

By Type:

Motor Yacht
Sailing Yacht

By Visit Purpose:

Business
Personal

By Tour Type:

Independent Traveler
Package Traveler
Tour Group

By Age:

Under 15
16-25
26-35
36-45
46-55
Over 55

By Demographic:

Male
Female
Kid

By Booking Channel:

Phone Booking
Online Booking
In Person Booking

About Future Market Insights (FMI)

Contact Us:

Nandini Singh Sawlani

Global Flame Proof Lighting Market Poised to Surge to US$ 1,292.4 million by 2033, Despite Cost Hurdles and Awareness Challenges

The flame proof lighting industry holds promising opportunities due to the rising investments in infrastructure development, particularly in the oil and gas and chemical sectors. Rapid urbanization and industrialization in emerging economies are expected to boost the demand for flame proof lighting solutions for commercial and industrial applications. Moreover, the increasing focus on enhancing workplace safety and compliance with safety standards will create a favorable environment for market expansion. Manufacturers can capitalize on these opportunities by offering innovative, cost-effective, flame-proof lighting solutions.

In 2023, the global flame proof lighting market is projected to be valued at US$ 521.5 million. Between 2023 and 2033, sales of flame proof lighting products are expected to expand at a healthy CAGR of 9.5%, totaling roughly US$ 1,292.4 million by 2033.

Despite the increasing demand for flame proof lighting, the industry faces challenges such as high initial installation costs and maintenance expenses. The complex engineering and construction required to meet the stringent safety standards drive up the prices of flame proof lighting fixtures, hindering their widespread adoption, especially in price-sensitive markets. Additionally, the market’s growth is somewhat limited by the lack of awareness and knowledge among end-users about the benefits and necessity of using flame proof lighting solutions.

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One of the latest trends in the flame proof lighting industry is the integration of smart and connected technologies in lighting fixtures. IoT-enabled flame proof lighting solutions offer remote monitoring, real-time data analysis, and predictive maintenance capabilities, enhancing efficiency and safety in hazardous environments. Moreover, advancements in LED lighting technologies have led to the development of more compact and lightweight flame proof fixtures, making installation and maintenance easier.

Key Takeaways from the Flame Proof Lighting Market:

United States holds a market share of 21.7% in 2023, showcasing its prominence in the flame proof lighting industry.
Germany captures a market share of 9.4% in 2023, highlighting its strong presence in the global flame proof lighting market.
Japan secured a market share of 6.6% in 2023, playing a notable role in driving the growth of the flame proof lighting industry.
Australia exhibits a CAGR of 5.5% during the forecast period, indicating a steady expansion in the flame proof lighting market.
China showcases a CAGR of 9.7% during the forecast period, reflecting its significant contribution to the growth of the flame proof lighting industry.
India displays a CAGR of 10.2% during the forecast period, presenting lucrative opportunities for growth in the flame proof lighting market.
The United Kingdom reveals a CAGR of 8.8% during the forecast period, indicating a positive outlook for the flame proof lighting industry.
LED Flame Proof Lighting holds a market share of 21.2% in 2023, dominating the flame proof lighting industry with its energy-efficient and durable solutions.
Residential application captures a market share of 11.6% in 2023, indicating the growing adoption of flame proof lighting solutions for safety and illumination in homes.

What are Key Players Doing to Thrive in the Flame Proof Lighting Market?

The flame proof lighting industry features a highly competitive landscape, with numerous players vying for market share in this specialized segment. Key industry participants include established lighting manufacturers, specialized industrial lighting providers, and companies focused on hazardous environment solutions. Some prominent players have a global presence, while others cater to regional markets.

In this competitive environment, innovation and product development play a pivotal role. Companies invest heavily in research and development to create technologically advanced and efficient flame proof lighting solutions. They strive to meet stringent safety standards and certifications, ensuring their products comply with international regulations for hazardous location lighting.

Partnerships and collaborations are common strategies employed by industry players to expand their market reach and enhance their product offerings. Collaborations with end-users in oil and gas, chemicals, and mining sectors facilitate tailored solutions that address specific industry requirements.

Price competitiveness is another factor that impacts the market dynamics. Companies often engage in competitive pricing strategies to attract customers, particularly in price-sensitive regions. Additionally, after-sales services and customer support become crucial differentiators for businesses looking to maintain a loyal customer base.

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As the demand for energy-efficient lighting solutions rises globally, companies focus on developing LED-based flame proof lighting systems. LEDs offer higher energy efficiency, longer operational life, and reduced maintenance costs, making them an attractive choice for end-users seeking sustainable solutions.

Key companies profiled

Hubbell Ltd
Larson Electronics
Nordland Lighting
Zhejiang Tormin Electrical Co., Ltd.
R. STAHL, Inc.
PETRO MIDDLE EAST
Eaton, Brite Strike Technologies SA
Habbel
Larson Electronics
GE

Key Segments of Flame Proof Lighting Industry Survey

By Product Type:

Flame Proof Fluorescent Lighting
LED Flame Proof Lightning
Flame Proof Lightning Bulbs
Flame Proof Lightning Hand Lamps
Flame Proof Lightning Flashlights
Others

By Application Type:

Commercial
Industrial
Entertainment
Emergency
Consumer portable
Residential
Others

By Distribution Channels:

Internet Retailing
Mass Retailers
Direct Selling
Others

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.

Contact Us:

Nandini Singh Sawlani

Ferro Vanadium Market Fueled by Increased Demand in Architecture, Design Steel, and Heat-Resistant Tools, Forecasts Signal a Promising US$ 6,175.2 million by 2033

With a projected CAGR of 4.7%, the forecast period from 2023 to 2033 promises excellent potential for the ferro vanadium manufacturing industries. Furthermore, the report also predicts the market is anticipated to reach an amazing value of US$ 6,175.2 million by the end of 2033. In the current year, 2023, the overall market share is projected to reach a value of US$ 3,901.1 million, demonstrating the growing need for this adaptable alloy.

The leading reason that has contributed to the market’s strong growth and expansion worldwide may be the steel industry’s considerable use of ferro vanadium. It is a crucial alloying component used to produce high-strength steel, along with improving steel’s mechanical characteristics and performance. Additionally, improvements in technology and manufacturing methods have made it possible to produce ferro vanadium efficiently and incorporate it into a variety of end-use products.

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The value of ferrovanadium has also increased with a greater understanding of its value as a component of energy storage systems like vanadium redox flow batteries. Vanadium-based batteries have gained popularity as the globe moves toward renewable energy sources and effective energy storage options, fueling the demand for ferro vanadium.

Key Takeaways from the Global Ferro Vanadium Market Study Report by FMI

Europe region holds a greater global market share and contributed almost 24.2% of the revenue generated in 2022. Germany was figured out to be the leading market supporting this dominance with a global market share of 13.9% that year
North America followed Europe in sales of ferro vanadium products and held a global market share of 13.5% in 2022. The United States market share was a mere 9.2% that year.
China and India are growing faster in demand for ferro vanadium alloys and could exhibit 5.1% and 5.7% CAGRs, respectively, through 2033.

Competitive Landscape for the Ferro Vanadium Market Players

Recent market forecasts indicate that ferro vanadium product sales have grown significantly, supporting the operations of market participants involved in the production of this alloy. The growing popularity of ferro vanadium and end-use goods derived from this alloy globally has encouraged the emergence of regional layers, further intensifying the competition.

Key Companies Profiled

Atlantic Ltd.
AMG Advanced Metallurgical Group
Tremond Metals Corp.
Core Metals Group
Gulf Chemical and Metallurgical Corporation
Bear Metallurgical Company
Hickman, Williams, and Companies
JFE Material
Pangang
HBIS Chengsteel

These leading market participants have concentrated on enhancing the consistency and quality of ferro vanadium for developing specialized alloy solutions to fulfill industrial needs.

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Recent Developments by the Ferro Vanadium Manufacturing Industries

To build a ferro vanadium manufacturing plant in China, Shougang Group and VanadiumCorp Resources announced their joint venture in February 2023. The company plans to build a ferro vanadium manufacturing facility in China with a capacity of 10,000 tons annually.
A legally binding offtake deal for Vital Metals’ ferro vanadium product with Glencore was announced in December 2022. Vital Metals, a prominent ferro vanadium dealer, may sell Glencore all of its ferro vanadium output for a five-year term to guarantee the product’s commercialization.
Key Segments Profiled in the Ferro Vanadium Industry Survey

By Commercial Grade:

FeV 40
FeV 50
FeV 60
FeV 80

By Production:

Aluminothermic Reduction Technique
Silicon Reduction Technique
Others

By Region:

North America
Latin America
Europe
Asia Pacific
The Middle East & Africa

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.

Contact Us:

Nandini Singh Sawlani

Ethylene Glycol Market Set to Surge: Textile and Automotive Sectors Propel Growth, Forecasting a Staggering US$ 29.77 Billion Valuation by 2033

In 2023, the ethylene glycol industry is projected to be worth US$17.76 billion worldwide. The ethylene glycol industry is projected to grow at a CAGR of 5.3% from 2023 to 2033 and reach a projected value of US$ 29.77 billion.

During the anticipated period, there are likely to be several opportunities for expanding the ethylene glycol market due to the rising demand for non-ionic surfactants and the expanding textile and fiber sectors.

Demand is projected to be driven by the widespread use of polyester fabrics in garments, home furnishings, yarns, ropes, and other industrial services, including conveyor belts and insulating tapes.

Exploring the Crucial Factors Catalyzing the Ethylene Glycol Market Expansion

The ethylene glycol business is anticipated to grow as ethylene glycol usage increases as an intermediate in various chemical processes. Glycols’ hydroxyl groups go through the typical alcohol chemistry, producing a wide range of potential derivatives. Because of this chemistry, ethylene glycol can function as an intermediate in various processes, particularly resin production.

Ethylene glycol usage is expected to increase due to the industries’ rapid expansion in the textile and PET resin goods sectors. Many techniques used in the production of textiles employ ethylene glycol as a feedstock. It is primarily engaged in the production of polyester fiber, films, and resins for PET bottles. Ethylene glycol also functions as a dewatering agent, antifreeze, coolant, and heat transfer agent, inhibits the formation of hydrates, and serves as a precursor to polymers.

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Addressing the Bottlenecks: Constraints in the Ethylene Glycol Market

The ethylene glycol industry is predicted to be hampered by fluctuating raw material prices. The production of ethylene glycol starts with natural materials like ethylene oxide, ethylene, and other compounds. Due to the pandemic’s disruption of the supply chain, the pricing of these basic commodities is unstable. The demand for these basic resources fluctuates from time to time as well. This considerably impacts their prices.

The lack of global regulations governing ethylene glycol applications is also anticipated to harm the ethylene glycol business soon. The laws and regulations governing the usage of ethylene glycol differ in every nation. Companies need help to comply with these national mandates and laws. This could deter investment in the ethylene glycol sector, which would be detrimental to the market.

Asia Pacific Emerging as a Key Market for Plastics and Resins: Growth Opportunities in End-User Sectors

In terms of consumption, Asia Pacific is expected to hold a sizable portion of the ethylene glycol business. End-user sectors like plastic production, chemicals, and textiles are growing quickly.

The use of plastics and resins is rising due to rising disposable income and living standards in several Asia-Pacific nations. The demand is increasing as a result. Components for automobiles are made using ethylene glycol. The need for ethylene glycol in automotive applications will increase due to increased passenger vehicle production and sales in China, India, Japan, and South Korea.

North America will hold a significant portion of the ethylene glycol industry due to substantial automotive companies and the thriving PET resin sector in the United States and Canada.

Key Takeaways

The monoethylene glycol segment in the derivative type category to grab a share of 24.6% from 2023 to 2033.
In the end-use industry category, the textiles segment to acquire a market share of 18.7% between 2023 and 2033.
The United States ethylene glycol business to acquire a share of 14.6% by 2023.
The Germany ethylene glycol industry is to grab a share of 9.3% by 2023.
Japanese ethylene glycol market to hold a share of 8.8% by 2023.
Australia ethylene glycol industry to acquire a share of 7.6% by 2023.
Chinese ethylene glycol business to expand at a CAGR of 5.4% through 2033.
India’s ethylene glycol industry is to develop at a CAGR of 5.8% from 2023 to 2033.
The United Kingdom ethylene glycol business to evolve at a CAGR of 4.90% through 2033.

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Competitive Landscape

To strengthen their position in the ethylene glycol market, vendors are applying various tactics by assessing aspects such as strategic alliances, partnerships, mergers and acquisitions, regional expansion, and product or service launches.

Some of the leading ethylene glycol manufacturers and suppliers include

Exxon Mobil Corp.
Dow Chemical
SABIC
Sinopec
Shell Chemical
Reliance Industries Ltd.
Huntsman Chemical Corporation
LOTTE Chemical Corp.
Kuwait Petroleum Corporation
LyondellBasell Industries
Formosa Plastics Corporation

Novel Advancements

Expansion

An executive from Shell Chemical revealed intentions to expand the facility’s capacity at its Norco, Louisiana, location for the use of bio-based feedstocks to generate alcohol and alcohol ethoxylates in May 2022. To create renewable diesel from soybean oil, which would then be put into a cracker to create ethylene, EO, alcohols, and ethoxylates, soybean oil would be processed at the Norco refinery.

Key Segments

By Derivative Type:

Monoethylene Glycol (MEG)
Diethylene Glycol (DEG)
Triethylene Glycol (TEG)

By Application:

Polyester Fibres
PET
Antifreeze and Coolants
Films
Others

By End Use Industry:

Textiles
- Apparel
- Non-Apparel
Automotive
Packaging
Others

By Region:

North America
Latin America
Europe
Asia Pacific
Middle East and Africa

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.

Contact Us:

Nandini Singh Sawlani