Market Research Blog – Page 9257 – New Product Development

Philippines Tourism Market is Projected to Expand at a Prolific CAGR of 10.9% from 2022 to 2032

The global Philippines Tourism Market is set to reach a valuation of US$ 10.8 Bn in 2022. Sales are projected to grow at 10.9% CAGR, with the market size reaching US $30.4 Bn by 2032.

There are some spectacular volcano climbs in Bicol (Mount Mayon and Mount Isarog, for example), and dozens of national parks, heritage sites, wildlife reserves, and volcanoes in Mindoro, Palawan, and the Visayas. Mount Kanlaon, an active volcano in Negros, is one of the country’s most challenging climbs, while the neighboring Northern Negros Forest Reserve is a raw, mesmerizing scene of peaks, waterfalls, and fumaroles typical of the archipelago’s wilderness locations.

There are several opportunities to explore natural wilderness in the Philippines. The Sierra Madre in Luzon and the Balbalasang-Balbalan National Park in Kalinga, for instance, are both rarely visited by tourists but provide thrilling trekking through dense rainforests and across dizzying peaks.

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The conversion of airport terminals into global gateways has aided in the international tourism development of the country, with about 95–99% of visitors arriving by air. In recent years, the airports in Davao City and Iloilo City have been modernised, allowing direct charter flights from Singapore.

Meanwhile, Mactan-Cebu Airport, which has long handled both scheduled and charter flights from throughout East Asia, was set to begin long-haul flights in 2016, when three Philippine airlines were operating between Cebu and Los Angeles, California. Started walking. In the near future, there will be more direct international flights to Cebu, Boracay and Davao.

In addition, the country’s hospitality sector is increasingly focusing on the contactless payment trend. When contactless payments are allowed, customers save time by not having to sort through cash or try to enter their PIN.

The introduction of mobile payments has also made a wallet obsolete. The coronavirus outbreak has fueled the demand for contactless payments that reduce friction and improve customer experience. Offering contactless payment methods by many customers and employees may be perceived as a necessity rather than a luxury. As a result of the outbreak of COVID-19, many in the Philippine hospitality business have begun to employ contactless payment systems.

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key takeaways:

On the basis of tourism type, the eco/sustainable tourism segment is estimated to account for 42% of the total market share in 2022.
From channel booking, the online booking segment is estimated to account for 51% of the total market share.
On the basis of tourist type, the domestic tourism segment will remain attractive till 2032.
In terms of age group, the 26-35 segment will continue to witness an uptick in sales.

Competition Scenario

The major players in Philippines tourism are focusing on promotional strategies and advertising of popular tourist destinations in the Philippines to improve sales in the market.

The major players present in the Philippines tourism market are Scorpio Travel & Tours Inc., Baron Travels, AsiaVenture Tours & Travels, Vansol Travel & Tours, Kapva Travel, Marksman Drysdale Travel Inc., Raja Tours Philippines, Atlas Tours & Travels Inc., Bridgeway. Travel & Tours, Harana Tours Corporation, Travel Related Incentive Programs & Services, Inc., TravelBest Travel & Tours, Ruxo Air Travel & Tours Inc., Goldensky Travel & Tours, Grandhope Travel Tours, Kesari Tours Pvt Ltd, Turismo-Filipino Inc. among others.

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Philippines Tourism Market by Category

By Tourism Type:

Cultural & Heritage Tourism
Medical Tourism
Eco/Sustainable Tourism
Sports Tourism
Wellness Tourism
Others

By Booking Channel:

Phone Booking
Online Booking
In Person Booking

By Tourist Type:

Domestic
International

By Age Group:

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

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Bleisure Tourism Market is Reaching US$ 497.5 Bn in 2022 at a Gracious Rate of 19.5% by the year 2032

The bleisure tourism market is expected to reach a valuation of US$ 497.5 Bn in 2022, with sales growing at an impressive 19.5% CAGR over the assessment period.

Employee engagement is a critical aspect in various organizations and leaders are looking for new ways to keep their employees happy and loyal to their company. One way to improve employee satisfaction is to improve corporate travel policies by including bleisure trips.

Furthermore, employees who use their vacation time to rest and recharge are more productive. According to a Forbes article, if employees took just one more day of paid leave each year, the U.S. economy would gain $73 billion in output, which will be beneficial for both employees and businesses. A bleisure trip can have a significant impact on employee morale and health, which in turn is encouraging companies to invest bleisure tourism.

Increased digitization of the tourism and corporate sectors, as well as increased adoption of the internet of things (IoT), which allows both travellers and travel operators to manage operations remotely, are predicted to boost market sales.

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Besides this, the benefits offered by virtual reality (VR) technology, such as efficient and personalised customer experiences in the tourism sector will create opportunities for growth in the market.

Further, bleisure tourism market players are investing in various promotional activities such as direct marketing, sales, and discounts, offering free giveaways, hosting an event, and many other activities to promote their services.

As most potential customers have an online presence, hotels and resorts are promoting their services on social media platforms to improve sales. For instance, Bermuda launched “Work from Bermuda,” a certificate programme that invites visitors to work remotely from a scenic location.

Moreover, business travellers take their families with them on business trips. Taking cues from this trend, a world-famous hotel in Scotland has launched a children’s programme that includes a playroom, a country club, and participation in sporting activities. Such development will create a conducive environment for the market.

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“A combination of work and leisure or personal activities contributes to a better work/life balance. Bleisure trips are offering opportunities for travellers to learn more about the location and its culture. This, in turn, is helping to improve the quality of work done while also allowing for the formation of more meaningful business relationships. ” says an FMI analyst.

Key Takeaways:

Based on application, the corporate segment will account for a dominant share in the market over the forecast period.
By trip type, demand in the domestic trip segment will remain high through 2032.
In terms of tour type, the independent travelers segment will expand at a considerable pace over the assessment period.
Based on consumer orientation, sales in the male segment will continue gaining momentum.
By occupation, bleisure tourism among technology/IT/software professionals will gain traction.
Based on trip length, the 2 nights segment will emerge as the most lucrative segment.
By travel frequency, demand in the once in every 2-3 months segment will continue rising.
In terms of booking channel, the online booking segment will lead the market in terms of market share.
The U.S. will continue dominating the north America bleisure tourism market owing to growing focus on employee retention across various organizations.
China will continue witnessing high demand, accounting for a dominant share in the East Asia bleisure tourism market.
Sales in India will gain momentum on the back of increasing investments in the travel and tourism sector.

Impact of COVID-19 on the Market

The COVID-19 outbreak has negatively impacted the bleisure tourism market. Almost all major business tours and MICE events around the world were cancelled because of the pandemic. Furthermore, due to travel restrictions, the widespread adoption of online video conferencing platforms such as Zoom and Google Meet is expected to compete with players operating in the global bleisure tourism market in the future.

Many firms are using video conferencing systems to satisfy their meeting and conference demands, and it is also being used as a cost-cutting technique to avoid pricey business trip expenses. COVID-19 has thereby changed the competitive landscape of the global leisure tourism business, with long-term implications.

Who is winning?

The players operating in the global business travel industry have adopted various developmental strategies to expand their market share, exploit the business travel market opportunities, and increase profitability in the market.

Major players present in the bleisure tourism market are Airbnb. Inc, American Express Travel, Expedia Inc., BCD Travel, Carlson Wagonlit Travel, Flight Centre Travel Group, The Priceline Group, Fareportal, Inc. (travelong inc.), Wexas Travel, Travel Leaders, The Global Work & Travel Co., JTB Business Travel, Prime Travels USA, GUNA Travel Germany, DER Touristik, CITS (China Business Travel & Fairs), China Tour Guide, Tuniu Corporation, FROSCH Travel and CT Business Travel

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Global Bleisure Tourism Market by Category

By Application:

Corporate
Government

By Booking Channel:

Phone Booking
Online Booking
In Person Booking

By Trip Type:

Domestic Trip
International Trip

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Diving Tourism Market is Projected to Expand at a Prolific CAGR of 6.0% from 2022 to 2032

The global diving tourism market is expected to reach a valuation of US$ 2,940 Mn in 2022. Overall sales are projected to increase at a 6.0% CAGR, surpassing US$ 5,281 Mn by 2032.

The water adventure tourism industry has been able to reach out to individuals all around the world thanks to increased social media and advertising. Around 10-15% of international and 6-8 percent of domestic recreational dive & snorkelling visitors participate in dive training courses. One of the primary factors driving the industry is the availability of courses ranging from a basic introductory course to highly specialised advanced courses.

Water adventure tourism, often known as water-based tourism, is becoming increasingly popular across the globe. Technological developments and advancements in water sports equipment have a greater impact on individual safety, resulting in increasing involvement in water sports, broadening the scope of water adventure sports, and so benefiting the water adventure tourist sector.

Skilled professionals and instructors are on hand to assist and guide tourists, as well as teach knowledge and technical know-how on how to safely utilize underwater equipment (scuba diving and deep-sea diving).

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Consumers are increasingly interested in unique experiences such as wreck dives, cod holes, and minke whales, hence the feature dive sub-sector of the business is gaining traction. Smaller operators are more likely to provide these specialty dives, which are often only available for a limited time.

In addition, the companies are focusing on forming relationships with domestic tour operators in order to develop their business and obtain a competitive advantage.

Key Takeaways:

Based on diver type, the active diver segment is predicted to account for a dominant share of 45% in the market through 2032.
In terms of consumer orientation, the men segment held 60% of the total market share in 2021, and the trend is expected to continue over the forecast period.
By booking channel, the online booking segment is anticipated to hold a noteworthy share of 48%.
In terms of age group, demand in the 26-35 segment will continue gaining traction through 2032.
Demand in the South Asia diving tourism market will grow at 8.3% CAGR owing to increasing influx of diving tourists in Philippines.
Based on tour type, sales in the group tour segment will remain high over the forecast period.
The U.S. will emerge as a lucrative market in North America diving tourism market, registering 5.6% CAGR during the forecast period.

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Impact of COVID-19 on the Diving Tourism Market

The desire for diving tourism has been decreased as a result of global shutdown restrictions. According to the United Nations World Tourism Organization, international tourist visits (overnight visitors) decreased by 70% from January to August 2020, compared to the previous year (UNWTO).

Dive facilities in cities witnessed a drop in retail sales as well as earnings from dive trips and classes for divers. Dive shops on the islands have lost over half of their trading season, which spans from March to October.

However, with resumption of diving and training programmes, the number of divers and dive students are predicted to increase. This is expected to propel the growth in the market over the forecast period.

Who is winning?

Leading manufacturers of diving tourism are focusing on smart promotional strategies, advertisements, and new diving destinations to improve sales in the market.

Major players present in the diving tourism market are The Natural Travel Collection Ltd, PADI Travel, Dive The World, Fly & Sea Dive Adventures, World Dive and Sail International, Ultimate Dive Travel, Hidden Depths Dive Tours, Project Expedition, Scuba Travel, Bluewater Travel, Entrada Travel Group, Island Expeditions Company Limited, Pro Dive Cairns, Dive Adventures, Liveaboard Adventures, National Geographic Expeditions, Deep Blue Adventures, Caradonna Adventures, Advanced Diver Mexico, Asia Diving Vacation among others.

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Global Diving Tourism Market by Category

By Diving Type:

Drift Diving
Deep Diving
Wreck Diving
Others

By Diver Type:

New Diver
Casual Diver
Active Diver
Professional Diver

By Booking Channel:

Phone Booking
Online Booking
In Person Booking

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Pre-Book Airport Transfer Market is Anticipated to Touch a Value of Nearly US$ 52.42 Bn in 2031

The global pre-book airport transfer market is expected to surpass US$ 6.3 Bn in 2021. Between 2021 and 2031, the market is expected to exhibit compound annual growth rate (CAGR) of 23.6%. Spurred by this, the global market valuation is expected to total US$ 52.42 Bn by 2031.

Integration of artificial intelligence (AI), chat-bot, digital payment and other advanced technology in airport transfer services is gaining immense popularity in the pre-book airport transfer market. Against this backdrop, key players are consistently focusing on introducing innovative technologies for better services.

Adoption of AI in airport transfer services has improved the efficiency encouraging the consumers to opt for convenient and leisure services. This in turn is accelerating the sales in the market.

Due to easy internet availability, consumers no longer have to wait in a queue or browse through websites for endless time to book the best airport transfer option. There has been tremendous growth in passenger traffic with the steady decline in the cost of air travel, a reduction of over 70% since 1970.

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The decrease in the cost has led to an increase in accessibility of air travel democratization. Further, air travel is becoming increasingly accessible in the developing countries, with various low-cost travel options, it is no longer a privilege and luxury commodity.

Moreover, chat-bot integrated into the airport transfer booking application or website enables online chat and offers information on nearby vehicle details. Customers can book cars, schedule pickup times, find out car fares, driver details and more easily via text-to-voice or regular text chat.

With these technologies, information about the flight arrival and landing time becomes really convenient and easy. Alongside this, guidance towards the shortest path with the minimum congestion in an airport, assistance for accurately scheduling a pickup time, the vehicle list and booking a ride at just a single touch are some of the factors aiding market growth.

For instance, in 2019, Avis Budget Group, partnered with Verizon and Edison Interactive, and launched an all-in-one digital travel assistant exclusively available to Avis, Budget, and Payless Car Rental customers.

Key Takeaways from the Pre-Book Airport Transfer Market Study

In terms of transportation, the public transportation is expected to dominate, accounting for a notable share in the pre-book airport transfer market.In terms of purpose, leisure travel is expected to hold a noteworthy revenue share.
More than 40% of travellers prefer to travel for leisure purpose for enjoyment, amusement, and pleasure.In terms of booking channel, the in-person booking segment will account for lion’s share during the forecast periodIn terms of travel type, solo traveller is anticipated to garner significant market growth during the upcoming years.
Russia is expected to witness highest growth, registering 6.8% CAGR during the forecast period. Germany is expected to be one of the most lucrative market across Europe, contributing revenues at 2.3%“Competition in the market is expected to be fierce with increasing adoption of innovative technologies. Key players are focusing on acquisition & collaboration strategies to expand their global presence.
Also, expansion of airport infrastructure, rising air traffic and availability low cost airlines are expected to bolster the growth of the global pre-book airport transfer industry” says an FMI analyst.

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Impact of COVID-19 on the Market

The outbreak of COVID-19 has devastated economies across the globe and impacting the global pre-book airport transfer market negatively. The market players are facing insurmountable and immense challenges due to the global shutdown.

Demand for airport transfer witnessed sudden decline during the FQ-20, with reduced global air traffic at the airport.

However, post-epidemic, safety and hygiene have become the need of the hour, practices for disinfecting the car are followed meticulously. The need for the social distancing regulations and individual mobility is bound to improve the condition of the industry.

For instance, Uber has partnered with experts to develop new safety protocols. This includes providing drivers with Clorox Disinfecting Wipes to the drivers, so that customers can feel safe on their next ride.

In addition, Alamo Enterprise has become a member of the Clorox Safer Today Alliance, an alliance to help create healthier shared spaces now and in the future.

Who is Winning?

Several companies are adopting strategies such as mergers and acquisitions as an effective way of maintaining or increasing market share.

Major players present in the pre-book airport transfer market are SuperShuttle International Company Lyft, Inc., Uber Technologies, Inc., Keys Shuttle, AAA Conch Limo. LLC, A&M Rentals, Avis Company, The Hertz Corporation Greyhound Lines, Inc., Alamo Enterprise, Avis Budget Group, Charter Vans, Inc., Dayton Express Cab Co., Orlando Black Car Inc., Apollo’s Chariots Inc., Advanced Shuttle Company, Charles River Transportation Management Association, Yellow Radio Service, and Budget Rent a Car System, Inc among others. Aggressive promotional strategies, and advertisements, have driven the market growth of pre-book airport transfer globally.

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Market by Category

By Traveler Type:

Domestic
International

By Transportation Type:

Private Transportation
- Taxes & Shuttles
- Car Rentals
- Ride Shares
- Others
Public Transportation
- Inter-City Shuttles
- Inter-Terminal Shuttles
- Others

By Age Group:

23-25 Years
26-45 Years
45-60 Years
More Than 60 Years

By Purpose/Tourist Type:

Business
Leisure
Visit Friends/Relatives
Education
Conventions
Religious
Health Treatment

By Booking Channel:

Phone Booking
Online Booking
In Person Booking

By Traveler Type:

Independent Traveler
Group Traveler

By Region:

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

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Special Interest Tourism Market is Expected to Increase at a Robust 22.7% CAGR in 2032

The special interest tourism market is anticipated to reach US$ 3,489.7 Bn in 2022. As per the report, sales are forecast to increase at a robust 22.7% CAGR, with the market valuation reaching US$ 26,921.1 Bn by 2032. Total sales in the special interest tourism market represent 10-15% of the global tourism market.

Recreational activities such as pick your own food, cut-your-own Christmas trees, and others are organized under this concept, facilitating special interest tourism growth around the world.

Agritourism is thriving across the world since it offers unique opportunities for combining aspects of agriculture and tourism industry, offer a plethora of educational, financial, and social benefits to tourists and communities, alike.

Surging focus on sustainability will remain chief driver of special interest tourism. An increasing number of rural advocates, government officials, and farmers are enthused about prospects of direct farm marketing. Direct marketing aids in rural development by attracting agricultural tourists.

Expansion of agritourism is presenting lucrative opportunities for special interest tourism growth. Ranch stays across the U.S. and farm stays in India are popular example for this. Besides this, the rising focus on sustainably travelling will enable growth in the market. With an increasing number of travelers showing keen interest on traveling more responsibly, prospects for special interest tourism growth are expected to soar.

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With COVID-19 pandemic exposing vulnerabilities of the tourism industry, focus on sustainable tours and travels is expected to grow. United Nations World Tourism Organization has integrated Sustainable Tourism Goals encouraging adherence to certain standard while promoting tourism. Such initiatives by international organizations will boost special interest tourism market in the coming years.

Some of the key takeaways from FMI’s study on special interest tourism market are:

The expansion of tourism industry in France and U.K. will catapult Europe to fore of special interest tourism marketActivities will remain key purpose motivating travelers to opt for special interest tourismEnvironmental activities will remain highly sought-after, while demand for adventure tourism is forecast to rise steadilyOnline booking will rise even as conventional methods such as in-person booking remain popular

“Governments around the world are adopting various strategies to revive tourism industry as economies return to normalcy following COVID-19 outbreak. Keen focus on special interest tourism is noted, as governments engage in promoting special activities across tourism destinations,” revealed a lead analyst at FMI.

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Surging Demand for Personalizing Tour Packages

According to Think with Google, nearly 57% of travelers are in favor of personalizing their buying experiences based on their personal preferences, behavior, and past choices.

The rising demand for personalization has become a crucial driver of the special interest tourism growth. By offering flexible packages and tailoring them as per traveler’s preferences, travel and tour companies stand a better chance of satisfying them. The rising demand for personalizing travel packages and experiences will aid in the expansion of the market in the coming years.

Driven by changing consumer preferences, prominent trip advisors and planners such as Travel Triangle and others are offering facilities for personalizing travel experiences. This is expected to bode well for the global market.

Who is winning?

The report identifies some of the leading companies operating in the market. To gain edge amid surging competition, market players are focusing on designing unique packages. For instance, Martin Randall Travel Ltd. offers competitively-priced trips across U.K. and Europe. Meanwhile, Audley Travel Group Ltd., supports several social and environmental charities and projects across the world. In January 2020, it was also granted the Travelife Partner aware as a recognition of its efforts towards improving corporate social responsibility and sustainability.

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Some of the other leading players in the market are Wild frontier, Carlson Holdings, Inc., Cox & Kings Ltd., Flight centre Travel Group, National Geographic Partners, LLC., EF Educational Tours, and Booking Holdings, Inc., among others.

Global Special Interest Tourism Market by Categor

By Purpose:

Activity
Educational
Discovery
Hobbies
Challenge
Relaxation
Health & Therapy
Day Tours

By Activity:

Environmental
- Ecotourism
- Nature-Based Tourism
- Wildlife Tourism
- Others
Adventure
- Backpacking
- Mountaineering
- Whitewater Rafting
- Cycling
- Others
Sport
- Golf
- Tennis
- Sailing
- Soccer
- Cycling
- Kayaking
- Scuba Diving
- Others

By Tourist Type:

Domestic
International

By Traveler Type:

Individual
Couple
Group
Professional

By Age Group:

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

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
MEA

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Agritourism Market is Projected to Rise at a CAGR of ~11.3% in 2029 | FMI

The global agritourism market is estimated to register new growth opportunities during the forecast period. The market is projected to rise at a CAGR of ~11.3% between 2019 and 2029 and to reach US$ 622.1 Bn in 2029.

A significant percentage of the general population across the globe may have little or no contact with agriculture. Thus, agritourism plays a key role in making such a demographic aware of the agricultural methods and crop cultivation at farms.

On-farm tourism also is one mechanism which enables non-farmers to learn about agriculture and, in turn, support farm products through purchases made directly or indirectly from family farms. For example, in California, agricultural and on-farm nature tourism has increased in popularity among suppliers (farmers & ranchers) and end users (tourists & consumers of agricultural products and services).

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Key Takeaways from the Agritourism Market Study

According to the report, Key market players are likely to focus on the product service innovation and penetration in untapped market in Latin America, and MEA. Companies in agritourism market are focused on advertising their tour packages through social media networks and through marketing campaigns.
Millennials are expected to further drive growth of the global agritourism market during the forecast period due to their active participation in the agritourism activities for recreation purpose and participation in off the farm buying activities.
Individual travellers are expected to increase during the forecast period due to increasing number of farm study tour and increasing awareness pertaining to the agritourism in the developing countries.

“Companies are recommended to focus on adoption of innovative & attractive services pertaining to various agritourism farm activities for increasing sales of agritourism market. The low awareness among consumers about agritourism when compared with other tourism in some of the developing countries such as India, Thailand, Mexico, and others is major barrier to the market growth. Consequently, effective advertising is essential for the rapid growth of Agritourism market.” says an FMI analyst.

Farm Stays Gaining Popularity

The trend of farms and ranches stay is gaining traction globally at a significant rate, especially in North America. Moreover, promotional activities and campaigns undertaken by various agritourism companies are attracting customers towards farm stay vacations. This is supported by the increasing stress and pollution in the daily life of the urban population, which improves their inclination to spend long-time vacations at farms. This trend is expected to be a major factor fueling the growth of the agritourism market during the forecast period.

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Who is winning?

Some of the key players operating in the agritourism market are as Missao, Field Farm Tours, Bay Farm Tours, AGRILYS Voyages, Agriturismo France, Bay Farm Tours, AL VERNETO, A.C.T. Tours, Kansas Agritourism, Farm To Farm Tours, Trump Tours, Star Destinations, Select Holidays, Quadrant Australia, Domiruth PeruTravel, Expedia Group and others.

Several leading market players are engaged in acquisition, partnership with other companies to increase their product offering across the world. Moreover, companies are engaged in service innovation, launches and advertisement on social networks to promote their products.

In the 2019, Field Farm Tours organized Red Poll World Conference, World Charolais Congress, the 14th World Guernsey Conference, Devon World Conference, and IFMA Pre & Post Tours and others. This helps the company to significantly increase its revenue.
In the year 2015, Expedia acquired ‘HomeAway’ for approximately US$ 3.9 Bn. This acquisition helped the company to significantly expandits business by increasing its service offerings through various new websites.

Get Valuable Insights into Agritourism Market

Future Market Insights, in its new offering, provides an unbiased analysis of the global agritourism market, presenting historical demand data (2014-2018) and forecast statistics for the period from 2019-2029. The study divulges compelling insights on the agritourism market based on activity (overnight stays, special events and festivals, off the farm, and recreation activities and events), tour type (independent traveller), consumer demography (men, women, and children), age group (15-25 years, 26-35 years, 36-45 years, 46-55 years, and 56 years and above), booking channel (online booking and offline booking) across six major regions.

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Electronic Equipment Repair Service Market to Reach US$ 228.2 Bn by 2032: FMI

According to the market analysis report by Future Market Insights (FMI), the electronic equipment repair service market is forecasted to reach a net worth of US$ 228.2 Bn in 2032 growing up from US$ 110.9 Bn in 2021. It is estimated to witness an impressive CAGR of 6.5% through these years.

With the improving economic conditions and development of worldwide electricity network systems there has been a significant increase in the volume of electronic devices and appliances. The amount of electronic device repair services has also surged along with it, making it an attractive business around the world.

Industrial automation in various sectors has also increased the demand for electronic equipment that is prone to frequent malfunctions and breakdowns. Industrial electronic equipment repair service is anticipated to augment the market size further along with the introduction of the fourth industrial revolution or IR 4.0 during the forecast years.

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Portable smart devices with an internet connection have become an essential part of any modern-day individual. So many electronic device repair facilities have emerged in local markets. In this regard, the market for electronic equipment repair services is expected to experience huge growth with the institutionalization of such facilities.

The report also analyses the market survey obtained during the Covid-19 pandemic, which had a severe impact on the growth of the market system providing services for fixing electronic devices. It has been observed that the growth rate dipped down from 7.8% recorded during the years 2015 to 2021.

“In recent, there has been a rise in the volume of refurbished electronic devices and gadgets over the e-commerce platforms. Opening up of such new business opportunities is expected to further boost the demand for electronic equipment repair service market in the coming days.”

With the growth in electronic manufacturing companies in South East Asian countries, the availability of cheap electronic devices has increased in the local markets all across the Middle-income countries. This factor is anticipated to have some negative impacts on the electronic equipment repair warranty services as per the market analysis report.

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Key Takeaways

Over the forecast period of 2022 to 2032, the global electronic equipment repair service market share is expected to observe an absolute dollar growth of US$ 107 Bn and reach a valuation of US$ 228.2 Bn.
As per the market analysis report, consumer electronics is the most attractive segment for the electronic equipment repair service market that is predicted to witness a growth rate of 7.1% over the forecast years.
Among the different geographical regions, Europe is the leading market for fixing electronic devices with an expected to be valued at around US$ 68.6 Bn, recording a CAGR of 6.5% during the forecast time period.
Asia Pacific countries are emerging as new leaders in the residential electronic equipment market owing to the highest growth rate of China, which is expected to reach a valuation of nearly US$ 25.2 Bn by the end of the year 2032.
The American electronic equipment repair service market was estimated to be valued at US$ 13.9 Bn in the year 2021 and is expected to grow at a CAGR of 6.5% through the forecast years.

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Competitive Landscape

The major players operating in the global glaucoma treatment market include Encompass Supply Chain Solutions, uBreakFix, iCracked, Inc., Moduslink Global Solutions, Medtronix Inc., the Cableshope Inc., Redington services, B2X Care Solutions GMBH. Electronic appliances manufacturing companies are enthusiastically providing repair service warranty services for their customers these days. The adoption of such business models has made the American electronic equipment repair service market highly competitive.

Long-term agreements of industrial electronic equipment repair service companies with various established industries are the major strategy adopted by top companies. Collaboration with hospitals for providing healthcare medical devices repair services is also turning out to be a remunerative option for some market players these days.

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China Telescopic Masts Market Is Expected To Increase At A 4.4% CAGR Over The Assessment Period In Terms Of Value By 2032

Global sales in the telescopic masts market are projected to be valued at over US$ 374.0.8 Mn in 2022, expanding at a 4.9% CAGR over the forecast period. North America is anticipated to hold a dominant share in the market due to increasing investments in the military sector, followed by Europe. North America and Europe are projected to hold a collective market share of 45% by 2032.

Demand in the China telescopic masts market is forecast to grow at a 4.4% CAGR over the assessment period. Increasing product developments by local manufacturers which can withstand heavy load and large sail area are expected to drive the market.

According to Future Market Insights (FMI), increasing usage of telescopic masts in the military sector is driving the market. Military vehicles are equipped with small portable telescopic or pneumatic masts for effective surveillance, which is expected to augment the growth in the market. Increasing development of innovative technologies by the manufacturers is boosting sales of pneumatic telescopic masts, thereby fueling sales in the global telescopic masts.

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Pneumatic telescopic masts are used with the help of air pressure and erect faster than conventional or mechanical telescopic masts, which makes them more popular among end users.

The growing requirement for telescopic masts from commercial, military, security, municipal and others sector is anticipated to bolster demand in the telescopic masts market over the forecast period.

“Increasing investments in the military sector across the globe, along with increasing adoption of pneumatic and motorized telescopic masts will continue driving sales in the market over the forecast period,” says the FMI analyst.

Key Takeaways:

- By end-use, the military sector is forecast to hold over 39% of the total market share in terms of volume in 2022.
- Based on product type, sales in the push-up telescopic masts segment are expected to hold over 28% of the total market share.
- By load, demand in the medium duty segment is set to surge at a 4.3% CAGR over the forecast period.
- In terms of height, demand in the >15 to 34m segment is expected to reach US$ 267.3 Mn by 2032.
- Sales in the U.S. telescopic masts market are projected to grow year-over-year by 3.9% in 2022.
- The Germany telescopic masts market is forecast to grow at a 3.3% CAGR through 2032.
- China will emerge as a lucrative market, with sales growing at a 4.4% CAGR over the forecast period.

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Competition Landscape

The global telescopic masts market is moderately consolidated with key players accounting for around more than 40% of the market share. Key players are investing in product developments and the expansion of their distibution channels to improve their presence in the market.

Some of the key players in this industry include the RATT, Willburt, Mast System (Transdigim Inc.), Rohn Products Inc, Comrod Communication Group Marine, SERAPID Inc., and others

Find More Valuable Insights

The research report analyzes demand for telescopic masts. The global telescopic masts market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends and market background. As per Future Market Insights, the market has been analyzed on the basis of product types (push-up masts, hitched masts, integrated mast trailer, push button masts and cable/belt driven masts), load (light duty, medium duty, and heavy duty), height (up to 15m, 15-34m, and 34 to 50m), end use (commercial, military, security, and municipal) and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand factors.

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

Sales Of Loading Spout Market Are Likely To Expand At 5.25% CAGR Through 2032- Says Future Market Insights

The global loading spout market is currently valued at US$ 3,495 Million and is anticipated to expand at a CAGR of 5.25%. Owing to the growing support from various governmental organizations, the market is likely to propel to US$ 5,830 Million by 2032. Heavy-duty loading spouts and standard-duty loading spouts are witnessing high demand in the loading spouts industry.

This is attributed to the functions of loading spouts used to fill different types of material in different end-use industries such as the food & beverage industry, mining, oil & gas, etc. Rising concern about health issues due to excess pollution is projected to bolster the sales of the loading spout market over the coming years. Further, rising demand from end-use industries, including food and beverage, chemicals, and others, for heavy-duty loading spouts is expected to drive sales of loading spouts over the forecast period.

The rising concerns over product contamination, which has led to an increase in the use of loading spouts that help reduce spillage during transport, and the rapid growth of the e-commerce sector, especially in developing countries, is expected to boost the demand for loading spout market over the forecast period.

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Key Takeaways from the Market Study

As of 2022, the loading spout market was valued at US$ 3,490 Million
From 2022 to 2032, the wastewater treatment chemicals industry is poised to grow at a 5.25% CAGR
By 2032, loading spout market is slated to reach a valuation of US$ 5,830 Million
By end-use, the food & beverage segment accounted for the largest share of 4.9% and is expected to continue this trend over the forecast period.
China is poised to yield a CAGR of 4.9% with respect to loading spout in 2032

“Stringent government regulation and increased application in end-use industries like chemical, mining, oil & gas are expected to radically transform the loading spout market in the coming years,” comments an analyst at FMI.

Competitive Landscape

Beumer Group, DCL, Inc., Erhard Muhr GmbH, HENNLICH s.r.o., Midwest International, PEBCO, Salina Vortex Corporation, SLY INC., Wamgroup S.p.A., and Polimak are some of the key companies in the loading spout market.

Manufacturers across the globe use CAD (Computer Aided Design) and CAM (Computer Aided Manufacturing) to develop highly efficient loading spouts. These advanced manufacturing technologies ensure high durability, speed and accuracy, strongly focused on providing cost efficient equipment. This innovative manufacturing approach is likely to boost the loading spout market growth.

These players are continuously adopting various strategies such as new product launches, facility expansions, mergers, collaborations, partnerships, and acquisitions to increase their revenue share and gain a competitive edge in the market. for instance,

In June 2022 – The FAM Group of Magdeburgy is owned by the BEUMER Group, Beckum. BEUMER is an international leader in the manufacture of intralogistics systems for conveying, loading, palletizing, packaging, sorting and distribution.
In July 2021- Vortex Asia-Pacific, a solids and bulk handling components company, announced it has reopened a physical office location in Shanghai, China.
In July 2020 – WAM Spain is pleased to announce that it has recently opened a branch in Portugal near the country’s capital, Lisbon.

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More Valuable Insights Available

FMI, in its new offering, presents an unbiased analysis of the loading spout market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.

The study divulges essential insights on the Loading Spout Market Analysis Report by Loading System (Closed Loading, Open Loading, Combined Loading), by Type (Heavy Duty Loading Spout, Standard Duty Loading Spout) by End-User (Mining, Shipping, Food and Beverage, Chemical, Construction, Oil and Gas, Others) By Region – Global Forecast 2022-2032

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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Germany Softgel Encapsulation Machine Market Is Estimated To Grow At A CAGR Of 2.8% In The Forecast Period By 2032 | FMI

The market for softgel encapsulation machines is anticipated to reach US$ 104.5 million in 2022 and expand at a CAGR of 4.3% from 2022 to 2032. By 2032, the market is projected to be worth US$ 159.6 Mn. Germany’s projected CAGR during the forecast period is 2.8%. During the forecast period of 2022–2032, the nation is anticipated to hold a significant share in the Europe softgel encapsulation machine market. Because of improvements in technology, production methods, and integration, it is anticipated that the production of softgel capsules will rise, driving growth in the market for softgel encapsulation machines.

The ongoing advancements in capsule-making techniques have increased the demand for new softgel encapsulation equipment. The market for these machines is expected to grow as a result of the urgent need for more automatic softgel encapsulation machines for large-scale softgel manufacturing. Rising demand for health supplements in both emerging and developed economies is another factor driving the market for softgel encapsulation equipment.

The most lucrative softgel encapsulation machine market, Europe, is anticipated to account for more than one-third of global sales by 2022. The recent acceleration in the pharmaceutical industry’s growth directly affects the demand for softgel encapsulation machines.

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The manufacturing of personal care and cosmetics products is thought to benefit from the growth of the global softgel encapsulation machine market. About 18% to 20% of the world’s encapsulation machine market is made up of softgel encapsulation machines.

Machines for making softgel capsules are primarily used for high-volume, quick production, demonstrating the dynamism of the pharmaceutical industry. The softgel encapsulation machine, which also enables the filling of various products, offers high production.

When creating softgel liquid capsules, a softgel encapsulation machine works effectively and adheres to sanitation standards. There are a few opportunities for cross-contamination as a result. Softgel encapsulation machines can significantly lower labour costs due to their ease of use.

Some of the key benefits of softgel capsules include high atmospheric stability, enhanced bioavailability, improved absorption, taste and odour masking, and ease of swallowing. These benefits will drive the demand for softgel encapsulation machines over the next ten years.

The addition of new materials and improvements in manufacturing technology are anticipated to give conventional capsules more features, such as the option of a potent active pharmaceutical ingredient (APIS), tamper-evident packaging, and controlled drug release because of their longer shelf life, appealing looks, and decreased stomach pH degradation.

Demand for Softgel Encapsulation Machines Growing in Germany

“Demand for Drugs for Cancer Treatment to Push Sales of Soft Gelatin Capsule Machines in Germany”

One of the leading European nations with the greatest number of patent applications for novel drug production systems is Germany. The European Patent Office (EPO) 2019 Patent Index data shows that the number of pharmaceutical patent applications increased by 4.4% in 2018.

In Europe, Germany is also the best country for cancer treatment. Chitosan-alginate BSA-gel capsules, which are used after local chemotherapy, are created using softgel encapsulation machines.

New drugs for various medical treatments against various types of viruses are expected to be introduced as a result of pharmaceutical industry research initiatives in the nation. In Germany, the softgel encapsulation machine market will expand profitably during the evaluation period as a result of the healthcare sector’s quick expansion.

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Softgel Encapsulation Machine Manufacturers Progressing in China

“High Demand for Good Quality Medicines in China to Propel Sales of Soft Gelatin Encapsulation Machines”

China’s share of the East Asian softgel encapsulation machine market is projected to grow at a rate of 4.8% CAGR. The most populous country in the world, China, is experiencing an increase in demand for medical supplies. After the United States, China is regarded as having the second-largest pharmaceutical market worldwide.

Additionally, the rapidly ageing population and resulting increase in the demand for medical products would present a wide range of opportunities for key players in the Chinese pharmaceutical industry. This would lead to an increase in softgel encapsulation machine sales throughout the nation, which would be advantageous for the market’s expansion.

U.S. Considered to be a Lucrative Hub for Softgel Encapsulation Machine Manufacturers

“Export of Advanced Medicines from the U.S. to Drive Demand for Softgel Machines”

Over the forecast period, the softgel encapsulation machine market in the U.S. is projected to create an incremental opportunity of nearly US$ 9.4 Mn. The country has some of the biggest pharma companies in the world, and majority of the advanced pharmaceutical products in the world are manufactured & exported by the country’s pharmaceutical sector. The country is already witnessing high demand for softgel encapsulation machines from other parts of the world, which is likely to push the U.S. market.

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