Market Research Blog – Page 3441 – New Product Development

Workflow Management Software (WMS) Market Set to Soar to US$ 97.3 Billion by 2033 with a 27.0% CAGR Growth

The global workflow management software (WMS) market revenue totaled US$ 8.2 Billion in 2023. The workflow management software (WMS) market is expected to reach US$ 97.3 Billion by 2033, growing at a CAGR of 27.0% during the forecast period (2023 to 2033).

Rising need for upgraded technologies with virtual capabilities and with the proliferation of work from home, the demand for WMS is expected to surge. Several organizations are automating the processes and are gaining advantages from the system through lesser lead times, reduction in errors, enhanced collaboration and coordination among the teams, and improved efficiency.

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The demand for workflow management software in the USA is expected to account for nearly 71% of North America’s market share by 2033. Increasing adoption of cloud-based software products in the USA will promote growth in the market.

The BFSI industry dominated the market with the highest market share of around 24.2% in 2022 due to the rising adoption of workflow systems to optimize the business process. Workforce management software helps the BFSI sector meet compliance and regulatory concerns and helps to improve productivity, enhance customer engagement, and cost savings.

Competitive Landscape:

Prominent companies in the workflow management software market are focusing on a variety of strategies, including R&D investments to support future technologies. In addition, some companies are pursuing inorganic growth strategies such as acquisitions and partnerships with other companies to develop their own WMS to reduce churn.

In January 2022, Salesforce announced new innovations that would enable the companies to modernize and automate their system by developing flexible digital strategies and increasing customer connections.
In February 2022, IBM acquired Neudesic which is a USA cloud services consultancy. This acquisition provides a portfolio of hybrid multi-cloud services expanding its cloud services to improve operational agility.

Leading Key Players:

IBM
Salesforce
Zoho
Atlassian
Nintex
Zapier
Wrike
Mavenlink
ProWorkflow
Dapulse
Comindware Tracker
TRACKVIA
Asana
Kissflow
Integrify
CANEA Workflow
Process Street
Flokz
Cflow
Intellimas

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Workflow Management Software Market Segmentation:

By Type:

Integrated WMS Software
Standalone WMS Software
- Production Workflow Systems
- Messaging-based Workflow Systems
- Web-based Workflow Systems
- Suite-based Workflow Systems
- Others

By Deployment Mode:

On-premise WMS
Cloud-based WMS

By Enterprise Size:

Large Enterprises
Small and Medium-sized Enterprises (SMEs)

By Industry:

IT & Telecom
BFSI
Healthcare
Manufacturing
Retail
Government
Others

By Region:

North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East and Africa (MEA)

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Portable Fridges Market Set to Surge: Anticipated 6.4% CAGR Growth by 2033

The projected value of the portable fridges market is estimated to reach US$ 1,813.6 million by 2023 and is anticipated to increase to US$ 3,385.9 million by 2033, with sales expected to experience substantial growth at a compound annual growth rate (CAGR) of 6.4% throughout the forecast period.

The rising demand for cold storage systems in high end vehicles around the world is one of the key factors driving the market’s expansion. Furthermore, changing consumer preferences for mobile homes as an affordable alternative for first-time homeowners and frequent travelers are propelling market growth.

Portable mini fridges are used for energy-efficient cooling and keeping food fresh while on the go. In line with this, rising demand for high-capacity mini-fridges for storing temperature-sensitive pharmaceuticals with specific storage requirements is fueling market growth.

Various product innovations, such as the introduction of variants with adjustable automatic battery protection systems to prevent vehicle battery rundown, are helping to drive market growth.

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Other factors expected to drive market growth include an increasing preference for outdoor reactionary activities such as outings, picnics, camping, trekking, and adventurous road trips, as well as the widespread adoption of mini fridges in premium and luxury hotels for improved customer experience.

Growth Drivers:
- Increasing Demand for Outdoor Activities: The rising popularity of outdoor activities such as camping, road trips, and recreational boating is driving the demand for portable fridges. Consumers seek convenient solutions for storing perishable goods while on the move.
- Technological Advancements: Advancements in portable fridge technology, including energy efficiency, better insulation, and compact designs, are enhancing product appeal. Features such as dual-zone cooling, smartphone connectivity, and solar power compatibility attract consumers looking for versatile options.
- Expanding Automotive Industry: The growth of the automotive industry, especially in the recreational vehicle (RV) and off-road vehicle segments, is fueling demand for portable fridges. Manufacturers are increasingly integrating fridges into vehicle designs or offering them as optional accessories, boosting market growth.
- Rising Disposable Income: Increasing disposable income levels, especially in emerging economies, are enabling more consumers to afford portable fridges for their leisure activities. As discretionary spending power grows, so does the demand for convenience-oriented products like portable fridges.
- Growing Awareness of Food Safety: Heightened awareness regarding food safety and hygiene, particularly during outdoor excursions, is prompting consumers to invest in portable fridges to ensure the freshness and quality of perishable items. This awareness drives market expansion, especially among health-conscious consumers.
Industry Restraints:
- High Initial Cost: The initial cost of portable fridges is relatively high compared to traditional coolers, which may deter price-sensitive consumers from purchasing them. Despite long-term savings in terms of food preservation and convenience, the upfront investment can be a barrier for some segments of the market.
- Limited Accessibility to Power Sources: Portable fridges rely on power sources such as batteries, vehicle DC outlets, or solar panels. However, limited access to reliable power sources in remote areas or during extended trips can restrict the usability of these fridges, affecting their market penetration.
- Weight and Size Constraints: While portable fridges are designed for mobility, their weight and size can still be cumbersome, especially for consumers with limited storage space or those traveling in compact vehicles. This limitation may restrict their adoption among certain demographics or for specific types of outdoor activities.
- Competitive Landscape: The portable fridge market is becoming increasingly competitive, with numerous manufacturers offering a wide range of products at various price points. Intense competition can lead to pricing pressures and margin erosion, posing challenges for both established players and new entrants.
- Environmental Concerns: Some portable fridge models rely on refrigerants that have a high global warming potential (GWP), contributing to environmental concerns. Manufacturers face pressure to develop more eco-friendly refrigeration technologies or face regulatory scrutiny, which may impact product development timelines and costs.

Key Takeaways from the Portable Fridges market

United States dominated the portable fridge market in 2020, accounting for 80.1% of market share. Increased millennial participation in outdoor recreational activities, combined with the hospitality sector’s strong foothold, including hotels, is expected to remain a key factor driving the portable mini fridge market.
The online segment is expected to grow at a CAGR of 7.0% over the forecast period of 2023-2033. Consumers are increasingly turning to e-commerce websites for the purchase of electronics, including mini-fridges, as they can offer a wide range of products at special pricing and great discounts.
In 2022, the offline distribution channel was the most significant, accounting for more than 71.5% of global revenue. To cater to the vast customer base, major manufacturers in the United States and Canada are opening brand stores in various states across the country.
The booming hotel industry is expected to drive the market for a portable fridge in India, which is expected to capture a market share of 25.9% in 2022. For example, in November 2018, Radisson Hotel Group opened the ‘Radisson Ningbo Beilun,’ a luxurious 230-room hotel in Ningbo’s Beilun district, China. Similarly, Hyatt Hotels Corporation opened 348 rooms in the ‘Hyatt Regency Wangjing’ in Beijing in June 2018.

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Competitive Landscape

Some of the market’s leading players are developing technologically advanced products with high energy star certified products to meet growing consumer demands while also maintaining a competitive edge. Furthermore, collaboration with domestic distributors, strategic partnerships, seeking certifications, and entering into an e-commerce platform remain popular strategies among market leaders. Companies intend to broaden their geographic reach through mergers and acquisitions.

Godrej Appliances, a division of the Godrej & Boyce Group, announced the launch of ultra-low temperature refrigerators, portable mobile freezers for storing highly temperature-sensitive vaccines, in August 2021.
Engel Australia Pty Ltd. launched two new limited edition Retro Series portable fridges in April 2019 under the brand names ‘Engel MT45F-G4FT’ and ‘Engel MT60F-G4FT’. These portable mini fridges are ideal for camping trips and other outdoor recreational activities. These product launches are expected to play a critical role in ensuring consumer access to the products.

Key Manufacturers:

Whirlpool Corporation
ARB Corporation
Danby
Dometic Group AB
EdgeStar (Living Direct Inc.)
Engel Australia Pty Ltd.
Haier Inc.
Koolatron
Whynter
AB Electrolux
Samsung Electronics Co. Ltd.
Others

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Portable Fridges Market by Category

Size:

Mini Portable Fridge
Standard Portable Fridge

Price Range:

Economic
Mid-Range
Premium

Functionality:

Conventional
Semi-Automatic
Automatic

End User:

Household
Commercial

Sales Channel:

Online
Offline

Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
MEA

Author

Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.

Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.

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Japan Tourism Market on the Rise: Envisioning US$ 559,470 Million by 2033 | FMI

It is projected that the Japan tourist industry will participate in remarkable growth, with a double-digit compound annual growth rate of 7.6 between 2023 and 2033. By the end of 2023, it is expected that tourism to Japan will bring in US$ 208,926 million worldwide. Long-term tourism to Japan is projected to reach around US$ 559,470 million by 2033.

Japan is also known as the land of the rising sun. Being a country synonymous with ancient cultural heritage, Buddhist religious traditions, and a fast-paced lifestyle, Japan is replete with world-class airports, top-notch infrastructure, and modern technology co-existing side by side.

Japan was known as the first country to modernize in Asia. Although it suffered enormous destruction in World War II, nonetheless rose from the ashes within two decades to become Asia’s most powerful economy once again. The country took its place among global heavyweights that the boom was rightfully called the ‘Japanese economic, miracle’! While access to Japan was tightly controlled by the Shogun in the Renaissance period, the Meiji Restoration of 1867 and the building of a national rail network made tourism affordable for domestic tourists and possible for international tourists.

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The Japanese government recognized the need for organized tourism in order to cater to foreign tourists as early as 1887 and established the Kihinkai with then Prime Minister Hirobumi’s blessings. Another major development was passing the Hotel Development Law in 1907, which enabled the Railways Ministry to construct publicly owned hotels across the breadth of Japan.

Key Takeaways

The sports tour is known to be an important component of the Japanese government’s efforts to achieve economic GDP development. Over recent years, Japan has had great success attracting and hosting mega-events, particularly spectator events. It held the Summer Olympics in 1964 and again in 2021. Japan has also been the host of the Asian Games, FIFA World Cup, and various other championships.
Japan comprises immense natural resources and offers countless opportunities throughout the four seasons. Trail running, river rafting, and marine sports, as well as skiing and snowboarding, attract a lot of tourists. In addition to participating in numerous sports, participants have the option to explore and enjoy cultural heritage places or rich fauna in the surrounding area.
The four distinct categories of natural tourism resources in Japan consist of marine resources, mountain resources, suburban resources, and snow and ice resources. Municipalities and local governments can use these resources to develop and provide sporting activities. This is likely to increase the demand for sports tourism in Japan.
Over recent years, the fast-paced increase in global tourism has coincided with increased concern in many countries about its consequences to the environment and the lives of those who work in famous tourist sites.
The United Nations’ World Tourism Organization has advocated for ‘sustainable tourism’. Recognizing its obligations as the world’s third-largest economy, Japan is taking tangible actions to promote these global goals.
JNTO has developed policies to promote sustainable tourism in Japan, which will contribute to the accomplishment of the SDGs. This will be done by preserving and enhancing local habitats and biodiversity while also respecting the culture of local communities.

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Competitive Landscape

There are numerous suppliers who are assuring a safe and affordable travel experience which has made travel and tourism possible and at ease. Instances of key players and collaborations in the marketplace are commonly witnessed and they help in catering to the tourist’s needs more effectively.

JTB is the largest travel agency in Japan and has contributed to the Japanese travel industry for 110 years. It has made the globe aware of the attractiveness of Japanese tourism.

More Insights into the Japan Tourism Market

According to a Japan Tourism Agency Poll in 2019, it was estimated that 47% of visitors stopped in Tokyo and 39% in Osaka. However, for over half of the country’s 47 regions, the figure was 1% or less. As per Joseph Cheer, a professor at Wakayama University’s Center for Tourism Research, the government should go beyond prominent sites and prepare other destinations to deal with tourism.

China solely contributed 30% of total visits in 2019. South Korea came in second with 17%. Consequently, 70% of total tourists in Japan were from four regions, namely China, South Korea, Taiwan, and Hong Kong. There is an over-reliance on specific economies which makes it vital to break free from this dependency in terms of risk mitigation.

Japan Tourism Market by Category

By Age Group:

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

By Visit Purpose:

Vacation
Business
Visiting Family & Friends
Others

By Consumer Orientation:

Male
Female

By Nationality:

Domestic
International

By Tour Type:

Independent Traveler
Tour Group
Package Traveler

By Length of Stay:

1-3 Nights
4-7 Nights
8-14 Nights
15+ Nights

By Tourism Type:

Wildlife
Spiritual & Religious
Recreational
Heritage
Others

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China Medical Tourism Market Eyes US$ 45.98 Billion by 2033, Propelled by 16.1% CAGR | FMI

The China medical tourism market was worth US$ 8.9 billion in 2022, and it is expected that it will increase at a CAGR of 16.1% to surpass US$ 45.98 billion by 2033.

Factors such as decreased treatment costs in developing countries, accessibility to the most up-to-date medical technology, boosting compliance with international and local requirements for quality and service, along promotion and marketing of medical tourism are expected to fuel market growth throughout the projected period.

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Throughout the forecast time, it is anticipated that there will be a large rise in demand for medical tourism to China. China’s reputation as a country having a state-of-the-art medical infrastructure has increased as a result of its economy’s quick rise to one of the most prosperous in the world. This has directly contributed to the growth of China’s medical tourism industry. The growth of medical tourism in China also has a lot to do with government backing. There are significant trends that are favorable to the sector’s expansion and a bright forecast for the China medical tourism market.

Chinese people’s standards of beauty have slightly increased as a result of the success of Korean pop culture along with additional factors. The nation’s need for cosmetic procedures has surged due to the youthful population’s desire to improve their looks. China has been renowned for its traditional and spiritual culture for a very long time. Chinese herbal remedies are used over the world as complementary medicinal choices.

Acupuncture is a popular Chinese medical technique with Western patients who travel there for care. The demand for wellness services among foreign visitors to China is increased by medical tourists, together with the desire for real alternative treatments and procedures, opening up new opportunities for the Chinese medical tourism industry.

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Key Takeaways from the Market Study

The scope of the China medical tourism market increased significantly between 2018 and 2022, with a CAGR of 12.4%.
In China, the cosmetics treatment market share will be greater than 45% in 2022.
The wellness services segment of the China medical tourism market will hold a 34.8% market share in 2022.
Independent travelers were predicted to hold a 26.5% market share by travel type in 2022.
Male medical tourists accounted for a sizeable market share of over 40% in 2022.
The internet booking channel is the most popular one in the China medical tourism sector.

Key Players:

Beijing Saint Lucia Consulting Ltd.
Prem Community
Asia Pacific Medical Group
China Medical Tourism Inc.
Clifford Hospital
Continuum Healthcare Co. Ltd
com International
Dennis Consulting Yunnan Ltd.
Formera
Inner Mongolia Tourism Administration
Inter Partner Assistance Group
Elizabeth Hospital
BoaoYiling Life Care Center
Beijing Tongshantang Hospital of TCM
Easy Tour China Travel Co. Ltd.

Key Segments Profiled in the China Medical Tourism Market

By Treatment Type:

Dental Treatment
Cosmetic Treatment
Cardiovascular Treatment
Orthopedic Treatment
Neurological Treatment
Cancer Treatment
Fertility Treatment
Others

By Services:

Wellness Services
Therapeutic Services

By Tour Type:

Independent Traveler
Tour Group
Package Traveler

By Consumer Orientation:

Men
Women
Children

By Age Group:

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

By Booking Channel:

Phone Booking
Online Booking
In-Person Booking

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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Underwater Hotels Market Sees a Striking 13.60% CAGR, Eyeing US$ 11.6 Billion in 2032 | FMI

The market for underwater hotels is anticipated to increase from US$ 3.5 billion in 2022 to US$ 11.6 billion by 2032, with a significant compound annual growth rate (CAGR) of 13.60% from 2022 to 2032.

The growth of the Underwater Hotels market was mainly driven by the increasing R&D spending across the world.

The demand for underwater hotels is surging as besides the captivating ambiance they offer tourists a broad range of intense water sports activities which include non-motorized and motorized.

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Water tourism development around the world is focusing on underwater hotels. The hotel’s main construction is a plexiglass dome reinforced with concrete and steel to withstand underwater pressures. Companies that own underwater hotels are embarking on ambitious projects. For hotels all throughout the world, they’re becoming a new passion.

Underwater hotels are becoming increasingly popular in Dubai and Sweden. The cost of staying in an underwater hotel is high, but it is well worth it. Underwater hotels offer tourists a variety of intense water sports activities, both motorized and non-motorized, in addition to the captivating ambiance. Tourists can drive a submarine through the lagoons themselves.

Underwater hotels offer water tourism activities such as canoeing, diving, fishing, and snorkelling.

Market Leaders and their expansionary development strategies

In March 2022 – AD Ports Group continues its diversification with the acquisition of Divetech Marine Engineering Services, a UAE-based topside-subsea solutions provider that offers a range of services including installation, inspection, repair, and maintenance for ports and other underwater organizations.

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Some of the key players profiled in the study are:

The Apeiron Island Hotel
Water Discus Hotel
The Lifeboat Hotel
The Shimao Wonderland
Jules’ Undersea Lodge
Huvafen Fushi Maldives
Utter Inn
The Manta Resort
Hydropolis
Conrad Hilton
The Poseidon Underwater Resort

Key Segments in the Underwater Hotels Market

By Type:

Luxury Type Underwater Hotel
General Type Underwater Hotel

By Application:

Business class
Economic class

By Booking Type:

Online booking
Offline booking

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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UK Outbound Tourism Market Grand Vision of US$ 175.2 Billion by 2032 and 8.60% CAGR | FMI

The UK outbound travel market is anticipated to surpass US$ 175.2 Billion by 2032, up from US$ 76.7 Billion in 2022, growing at a substantial CAGR of 8.60% during the projection period.

Despite the slowdown in economic growth, European outbound travel has grown by 3%. Globally, the United Kingdom is one of the top five spenders on outbound tourism. Outbound travel is increasing steadily in the United Kingdom along with domestic and inbound tourism. According to the Office for National Statistics of the UK, residents of the United Kingdom made 70.4 million outbound trips in 2016, which is a 7% increase compared to 2015.

Trips taken as holidays remained the main purpose of the trip for UK outbound tourists in 2016 followed by visiting friends and relatives and business trips. According to the World Travel and Tourism Council, the outbound tourism expenditure of UK travellers crossed US$ 70 billion and is projected to reach US$ 102 billion by the end of 2024.

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The outbound travel sector in the United Kingdom provides employment on par with other well-known and recognised industries, such as food and electrical equipment manufacturing and machinery and equipment industries.

UK Outbound Travel: Market Dynamics and Restraints

Relatively high disposable income per capita is expected to drive the United Kingdom’s outbound tourism sector. Baby Boomers, with more free time and money for travel, are the most important segment of the UK outbound travel sector. The baby boomer generation has topped the market share of the UK outbound travel sector mainly attributed to the recent changes in pension annuities. According to the International Passenger Survey, the residents of UK prefer July and August for travel abroad mainly due to the long school holidays.

Other popular months are April, May, June, October and November. January to March is a popular time for single-week ski trips and winter sun breaks to cheap destinations, usually as an extra holiday. Along with the international airports, the United Kingdom has a large number of regional airports offering international services to important destinations which include Manchester, Nottingham, East Midlands, Liverpool and Leeds.

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Medical tourism across the globe also faced difficulties in the last couple of years. Outbound medical tourism from Britain has recovered slowly after the recession. Factors include poor National Health Service delivery, problems with National Health Service dentistry, and objections and delays relating to National Health Service. Reforms have helped boost the outbound tourism sector in the UK.

UK Outbound Travel: Regional Analysis

Europe is most popular region for UK tourists with over 75% of total outbound trips. Spain, France, Italy and Germany are the most visited destinations by UK residents and the United States was the most visited non-European destination with around 6% of total visits. China, India, Iceland and Cuba areother popular destinations for UK travellers among other non-European destinations.

Factors such as cultural and artistic heritage, high reputation related to the charming culture and lifestyle, great climate, excellent and frequent flight connections have influenced UK tourists to travel to Italy. In addition to the trips within Europe, long haul travel is also increasingly becoming popular among UK travellers.

The Middle East was the least visited region for UK holidaymakers and India is one of the top destinations for UK travellers in the Asia Pacific region.

This comprehensive report equips readers with lucid information and analysis on the sector.

Future Market Insights’ experienced travel and tourism analysts bring to you accurate and unbiased information to help you make crucial decisions with confidence.

The report offers a 360° view – bringing to the fore key drivers, restraints, opportunities, and challenges prevailing in the sector. To offer readers actionable insights, detailed information on historical trends, current scenario, and future projections is provided in the report.

The report specifically focusses on the leading companies operating in this sector, highlighting their key developmental strategies. A holistic analysis of the leading players is highlighted to help decision makers understand the overall competitive landscape.

Key Players

Thomas Cook Group Plc
Trailfinders Group Limited
Saga Plc
Hogg Robinson Group Plc
Hays Travel Limited
The Globespan Group Plc
Lotus Group Ltd.

Key Segments in the UK Outbound Travel Market

By Type:

Day Trips & Local Gateways
Museums
Pilgrimages
Religious and Heritage Tours
Others

By Traveler Type:

Independent Traveller
Tour Group
Package Traveller

By Booking Channel:

Online Booking
Offline Booking

By Age Group:

0 to 20 Years
21 to 40 Years
41 to 60 Years
60 Above

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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Nandini Singh Sawlani

South America Tourism Market Projections Signal a 4% CAGR Boost to US$ 473.68 Billion by 2032 | FMI

With a predicted compound annual growth rate (CAGR) of 4%, the South America tourism market, appreciated at US$ 320 billion in 2022, is likely to surpass US$ 473.68 billion in valuation by 2032.

Architectural masterpieces along with cultural diversity and many more factors are expected to increase the demand for South America tourism.

Tourism is one of those sectors which contributes to the GDP of not only a nation but an entire continent. There are countries across the world which are solely dependent on tourism for their economic growth. So, indeed tourism is necessary not only for tourists but for nations as well.

South America is one of the most underrated tourist destinations. It is the land of mesmerising nights and festivals. It is specifically known for its beautiful mountains, exotic landscape, lively beaches, glorious wildlife, waterfalls and plenty of other things.

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South America is composed of 12 independent nations and other dependent nations. Spanish is the most widely spoken language in South America, which is followed by Portuguese. English is the third most spoken language.

Generally, the climate in South America remains hot and humid. The climate tends to be highly volatile going further South.

What are the Current Market Dynamics about the South America Tourism Market?

From rainforests to archaeological sites, South America has it all to offer for all kinds of tourists. However, choosing just one vacation spot becomes a challenging task when the continent has so much to offer.

Argentina is believed to be one of the most attractive tourist destinations in South America. The country has a lot to offer, be it desert, jungles, or beaches. This is the country which keeps the tourists hooked.

Iguazu falls is located in the border of Brazil and Argentina. These are a part of UNESCO world heritage sites, and are one of the most majestic sites in the entire South America region. Visitors have the luxury of going closer to the Iguazu falls through the walkways.

Buenos Aires, which is the capital of Argentina, is one of the most lively and beautiful cities. One should make it a point to visit La Boca, where the Caminito Street Museum is located, which is meant for its brightly painted houses, cafes, and the brilliant tango dancers

Recoleta Cemetery is another must visit place in Beunos Aires, which is a mausoleum containing the remains of certain famous Argentinians, along with gardens, museums, and café.

For all those who want to venture into hiking, Tierra del Fuego national park is a must visit place. Apart from hiking, the park has plenty to offer ranging from waterfalls, dense forests, mountains, and elegant glacier fed lakes.

Puerto Madryn is another place in Argentina, which is famous for being a cruise destination. It is mainly meant for its rugged coast line, which is quite popular amongst the water sports enthusiasts.

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What is the Regional Outlook for the South America Tourism Market?

The South America tourism market size is expected to expand in the coming days. The countries that have been analysed are: Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Guyana, Paraguay, Peru, Suriname, Uruguay, and Venezuela.

Argentina is the most visited country in South America. Argentina is followed by Brazil. Chile is the third most visited country in South America.

Who are Some of the Key Players in the South America Tourism Market?

Pentravel
CVC Travel
Thompsons
Suretravel
VIAJANET
Hostelworld Group
Harveyworld
IGO Travel
Computravel
LuxuryAfrica
Despegar.

After, more than two years, the focus for the South America tourism market remains to increase the footfall of the tourists and to revive the tourism sector to its glory, as the past two years have been relatively dry for the region.

South America’s Latam Airlines is working harder to emerge from restructuring during the second half of 2022.

Despegar completes acquisition of VIAJANET in June 2022.
Hostelworld group launches ‘The Solo System’, a set of social features enabling opt-in travellers to connect and meet in real life.

Key Segments Profiled in the South America Tourism Market Survey

By Booking Channel:

Phone booking
Online booking
In person booking

By Consumer Orientation:

Men
Women
Children

By Age group:

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

By Tour type:

Independent traveller
Tour Group
Package Traveller

By Tourist Type:

Domestic
International

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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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Nandini Singh Sawlani

Middle East Tourism Market Targets an Impressive US$ 400.71 Billion by 2032 | FMI

The Middle East tourism market, whose valuation stands at US$ 246 billion as on 2022, is projected to grow at a CAGR of 5%, and the valuation is expected to go up to US$ 400.71 billion in 2032. Being a religious hub and offering tourists an experience of both modern society and ancient spots, the Middle East tourism market is expected to grow.

The Middle East is one of the most popular destinations, especially amongst the people residing in Indian subcontinent. Middle East is known for offering a variety of places where we can go for sightseeing, fun activities, and many other things.

The Middle East is mainly located in Western Asia, but there are a few parts that go up to South East Europe and North Africa. The Middle East is mainly characterised by warm climate. The summers are extremely hot, and the temperature goes up to as high as 710C, while the winters are milder.

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The beauty about Middle East is that despite being largely a desert area, the region also has rivers, seas, and gulfs. So, without a doubt, the Middle East has everything to offer at our disposal.

Key Trends in the Middle East Tourism Market

The Middle East has emerged as a dynamic hub for tourism, captivating travelers with its rich cultural heritage, modern amenities, and diverse landscapes. As we delve into the current trends shaping the Middle East tourism market, several key factors come to the forefront.

Diversification of Offerings: The Middle East is moving beyond its traditional appeal of historical sites and luxury resorts. Destinations are diversifying their offerings, embracing adventure tourism, eco-tourism, and cultural experiences. From desert safaris and hot air balloon rides to immersive culinary tours, the region is expanding its repertoire to cater to a broader spectrum of travelers.
Digital Transformation: The Middle East is at the forefront of digital innovation in the tourism sector. Increased smartphone penetration has led to a surge in online bookings, personalized travel apps, and virtual experiences. Smart destination management systems are being implemented to enhance the overall travel experience, offering real-time information and seamless connectivity.
Sustainable Tourism Initiatives: Sustainability is a growing concern in the Middle East tourism sector. Governments and private stakeholders are investing in eco-friendly infrastructure, promoting responsible tourism practices, and incorporating green technologies. Sustainable initiatives not only contribute to environmental conservation but also attract conscientious travelers seeking eco-conscious destinations.

What is the Regional Outlook for the Middle East Tourism Market?

The Middle East tourism market share is expected to increase in the future. The countries that have been analysed are: Bahrain, Cyprus, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Palestine, Qatar, Saudi Arabia, the Syrian Arab Republic, Turkey, the United Arab Emirates and Yemen.

Turkey is the most visited country in the Middle East, followed by Saudi Arabia and UAE.

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Key Players:

Explorer Tours
I Love Adventures
Bin Dasmal Tourism LLC
Compass International Tours
Al Majid Travel and Tourism
Expedia
Kurban Tours
Sun and Sand Tourism & Travel
Thomas Cook
Saadi Tours and Travels.

Key Segments Profiled in the Middle East Tourism Market Survey

By Booking Channel:

Phone booking
Online booking
In person booking

By Consumer Orientation:

Men
Women
Children

By Age group:

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

By Tour type:

Independent traveller
Tour Group
Package Traveller

By Tourist Type:

Domestic
International

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

River Cruises Market Forecasted for US$ 1.71 Billion Revenue by 2032 | FMI

With a compound annual growth rate of 2%, the worldwide river cruises market is expected to reach a revenue of approximately US$ 1.71 billion by 2032, up from US$ 1.45 billion in 2022. (2022 to 2032).

River cruises as an industry is flourishing in Europe, the United States, Southeast Asia, and Africa. Some popular locations on river cruises include London, Paris, Amsterdam, Budapest, Bangkok, Singapore, Ho Chi Minh City, New York, San Antonio, Luxor, and Cairo.

River cruises is now a major tourist industry in different parts of the world. In a river cruise, the ship is smaller and carriers fewer people than in an ocean liner. Also, since the river cruiser is smaller, these type of ships can travel in a river and in shallow waters and gives the traveller a chance to explore vibrating cities and laid back towns and villages, and also go in unexplored areas where large ships cannot go.

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Key Trends in the River Cruises Market

As the travel industry evolves, river cruises have emerged as a captivating and immersive way to explore destinations. The River Cruises Market is experiencing a paradigm shift, marked by key trends that redefine the industry landscape.

1. Sustainable Cruising: Navigating Eco-Friendly Waters Environmental consciousness is steering the industry towards sustainable practices. River cruise operators are investing in eco-friendly technologies, from energy-efficient vessels to waste reduction initiatives. Cruisers now seek eco-conscious options, fostering a shift towards greener and cleaner river journeys.
2. Personalized Experiences: Tailoring the Voyage Modern travelers crave personalized experiences, and river cruises are answering the call. Operators are introducing customized itineraries, enabling passengers to curate their journeys. From exclusive shore excursions to onboard amenities, the trend is towards tailoring each cruise to the individual preferences of the traveler.
3. Tech Integration: Smart Cruising for Smart Travelers Technology is reshaping the river cruise experience. Advanced navigation systems, onboard connectivity, and immersive augmented reality excursions are enhancing the overall journey. Cruise lines are investing in technology to streamline operations and provide passengers with a seamless and technologically enriched voyage.

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River Cruises: Description

Since river cruise ships tend to be smaller than the ocean cruisers, the travelling experience in river cruisers can be intimate and travelling in some of these cruisers can be really fun.

There is no mad rush to get back to the hotel, as the hotel is always a walk away on the river bank. Also, you have to unpack only once, since you don’t need to change your hotel room always when you are in a different city or a town, the ship is always nearby.

However, the traveller must keep in mind that river cruises are a rather subdued affair as compared to life in an ocean liner where you can dine in different restaurants every night or spend the whole night in a casino. In contrast, since the river cruisers are smaller, the experience on board one is far more intimate and relaxed. Also, unlike an ocean cruise, land is always in sight in a river cruise and the traveller isn’t at a risk of getting motion sickness.

The biggest advantage while on a river cruise is that the traveller doesn’t need to plan each and every step of the travel, since once you book a river cruise, everything is taken care of and the traveller just has to follow the schedule of the river cruiser. Also, since the size of the river cruiser is much smaller, the traveller gets to know each and every one in their group as the number of people travelling together is far lesser.

This leads to a first-hand experience to know different travellers from different walks of life and there is an advantage of getting personalised service from the crew of the river cruiser. Due to all these advantages and the lure of an intimate and a laid back holiday, many travellers are getting attracted to river cruises and such cruises are getting more and more popular.

This comprehensive report equips readers with lucid information and analysis on the sector. Future Market Insights’ experienced travel and tourism analysts bring to you accurate and unbiased information to help you make crucial decisions with confidence.

Key Companies Profiled:

Viking River Cruises
Uniworld River Cruises
American Cruise Lines
AmaWaterways
Avalon Waterways
American Queen Voyages

Key Segments Profiled in the River Cruises Market Survey

By Type:

Onboard facilities
Passenger tickets

By Age Group:

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

By Customer Orientation:

Male
Female
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

Europe Automotive Tire Market Poised for 4.8% CAGR Growth, Projected to Exceed US$108.7 Billion by 2033

As per Future Market Insights (FMI), the Europe automotive tire market value is projected to rise from US$ 68.4 billion in 2023 to US$ 108.7 billion by 2033. Sales of automotive tires across Europe are likely to soar at 4.8% CAGR throughout the forecast period.

Rapid growth of automotive sector, adoption of electric vehicles, and innovations in tires are key factors driving the Europe market forward.

Automotive tires significantly impact vehicle safety and performance. Europe automotive tire manufacturers are continuously innovating to improve tire technologies, materials, and tread patterns to enhance grip, handling, and braking capabilities. These advancements contribute to increased vehicle safety, reducing the risk of accidents and improving overall driving experience.

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The automotive sector is increasingly focusing on fuel efficiency and environmental sustainability. This is encouraging automotive tire manufacturers in Europe to introduce novel solutions with enhanced features.

New automotive tires are designed to minimize rolling resistance, which helps reduce fuel consumption and lower carbon emissions. The development of low rolling resistance tires and eco-friendly tire materials supports the industry’s sustainability goals and aligns with stricter environmental regulations.

The rise of electric vehicles presents new challenges and opportunities for automotive tire manufacturers. Europe-based tire manufacturers are developing specialized tires for electric vehicles to optimize performance and range. These tires are designed to reduce rolling resistance, enhance energy efficiency, and maintain suitable load-carrying capacity for the weight distribution of EVs.

The automotive sector is witnessing the integration of digital technologies into tires, enabling advanced functionalities and features.

Automotive tire manufacturers are incorporating sensor technologies, tire pressure monitoring systems (TPMS), and tire data analytics to provide real-time tire condition monitoring, improve safety, and optimize tire performance. These advancements contribute to the digital transformation of the automotive market and will boost the Europe tire industry.

Key Takeaways from the Europe Automotive Tire Market:

The Europe automotive tire industry is expected to surpass a valuation of US$ 108.7 billion by 2033.
Germany automotive tire market is projected to reach US$ 11.4 billion by 2033.
The United Kingdom automotive tire industry is forecast to expand at a CAGR of 4% through 2033.
Spain market size is expected to reach US$ 8.7 billion by 2033.
Automotive tire demand in France is forecast to rise at 7% CAGR during the assessment period.

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Who is Winning?

The Europe automotive tire market is highly competitive due to presence of several tire manufacturers operating in the region. The competition is characterized by factors such as brand reputation, product quality, technological innovation, distribution networks, and pricing strategies.

Leading global tire manufacturers have a significant presence in the European market. Companies such as Michelin, Bridgestone, Continental, Goodyear, Pirelli, and Dunlop are well-established and have strong brand reputations. These manufacturers offer a wide range of tire options for various vehicle segments and have a robust distribution network across Europe.

There are also regional tire manufacturers that compete in the European market. These companies may have a strong presence in specific countries or regions within Europe and focus on catering to the local market demands. Some notable regional players include Nokian Tyres, Hankook Tire, and Giti Tire.

Tire manufacturers compete in terms of technological advancements and innovations. This includes the development of new tire materials, tread patterns, and manufacturing processes that enhance tire performance, durability, fuel efficiency, and safety. Innovations such as run-flat tires, self-sealing tires, and intelligent tire systems provide a competitive edge to manufacturers.

The ability to offer a diverse product range and cater to various vehicle segments is crucial for competition in the European market. Manufacturers differentiate their tire offerings based on factors such as tire size, performance characteristics (e.g., summer tires, winter tires, all-season tires), and specific vehicle requirements (e.g., high-performance tires, SUV tires, eco-friendly tires).

Pricing is a significant factor in the competitive landscape of the automotive tire industry. Manufacturers employ various pricing strategies to attract customers, including competitive pricing, promotional offers, discounts, and bundling with other automotive services. Balancing competitive pricing with maintaining profitability is crucial for manufacturers.

Overall, the Europe automotive tire industry is highly competitive, with a mix of global and regional players vying for market share. Factors such as brand reputation, product quality, innovation, distribution networks, pricing, and sustainability initiatives are key determinants of success in this competitive landscape.

Recent developments:

In 2023, Continental Tires signed a Memorandum of Understanding with Indag Rubber to facilitate the second life of tires.

Europe Automotive Tire Market Segmentation

By Vehicle:

Passenger Cars
LCV
HCV
2/3 wheelers
Specialty Vehicle

By Aspect Ratio:

35 to 55
65 to 70
75 to 85
Granite
Wood
Others

By Material Type:

Natural Rubber
Synthetic Rubber

By Tire Type:

All season Tire
Winter Tire
Touring Tire
Special Tire

By Ply Type:

Radial
Bias

By Sales Channel:

OEM
After Market

By Tube Category:

Tube Tire
Tubeless Tire

By Country:

Germany
Italy
France
United Kingdom
Spain
Netherlands
Luxembourg Countries
Belgium
Russia
Rest of Europe

About FMI – Automotive

The Automotive division of Future Market Insights (FMI) Research offers a novel approach and innovative perspective in analyzing the automotive tire market. Comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the manufacturing sector and distinctive analysis of installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry.

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Explore FMI’s Extensive Ongoing Coverage on Automotive Domain

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https://www.futuremarketinsights.com/reports/automotive-timing-chain-belt-market

Automotive Wiring Harness Market:

https://www.futuremarketinsights.com/reports/global-automotive-wiring-harness-market

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 5000 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