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(I-TravelNewswire.Com, May 03, 2018 ) The tourism industry in Saudi Arabia witnessed strong growth during 2016. Inbound tourism increased due to an increase in the religious visitors, despite the expansion projects in the Holy Mosque of Makkah. In addition, domestic tourism witnessed a substantial increase from the variety of programs organized by the Saudi Commission for Tourism and National Heritage (SCTH).
In the Passenger Airlines segment, number of seats available and sold increased at 7.2% and 7.9% CAGR respectively over 2012-16. The growth is attributed to the increase in air travel demand. In addition, the passenger revenue increased at 6.1% CAGR over 2012-16 primarily due to the increase in inbound and domestic tourism.
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Total passenger airlines revenue to increase
In Saudi Arabia, the total passenger revenue increased at 6.1% CAGR from US$17.2 billion in 2012 to US$21.6 billion in 2016. The growth was primarily due to an increase in the volume of tourists and rising business opportunities in the region. The revenue is further forecast to increase at 10.1% CAGR from US$23.9 billion in 2017 to US$35.1 billion in 2021. The launch of new carriers such as Al Maha and SaudiGulf Airlines, as well as an increase in tourist volumes, will contribute significantly to the growth of the country's aviation industry.
Increasing religious, business travel and use of internet and e-commerce to drive travel intermediaries revenue growth
The total revenue from travel intermediaries increased at 7.2% CAGR from US$6,732.1 million in 2012 to US$8,886.0 million in 2016. This revenue is further expected to increase at 6.1% CAGR from US$ 9,818.1 million in 2017 to US$11,741.0 million by 2021. This growth will be driven by an increase in religious and business travel, increasing the usage of internet and e-commerce.
Luxury and upscale hotels to drive total revenue
Saudi Arabian total hotel market revenue increased at 16.3% CAGR from US$2,934.0 million in 2012 to US$5,364.9 million in 2016. Revenue is further forecast to increase at 12.3% CAGR from US$6,064.9 million in 2017 to US$9,662.1 million in 2021. In 2016, the luxury hotel category accounted for 53.6% share of total revenue followed by the upscale hotel with 26.4%, midscale hotels with 11.8% and budget hotels with 8.2%.
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-Risk & Reward Index-The Risk & Reward index compares the position of the Saudi Arabian travel and tourism industry vis-à-vis other countries in the region in terms of specific risk and reward parameters.
-Industry Snapshot and Industry View-Key travel and tourism industry statistics including total revenue and expenditure for key industry segments and the trends driving market performance in the Saudi Arabian travel and tourism market.
-Industry SWOT Analysis-Discover the Strengths, Weaknesses, Opportunities and Threats impacting market performance and investment in the Saudi Arabian travel and tourism market.
-Industry Benchmarking-Benchmark how the Saudi Arabian travel and tourism market is performing compared to regional and global markets in terms of car rental fleet size, car rental revenue, number of hotels, hotel revenue, passenger airline revenue, seats available and seats sold, revenue of travel intermediaries and tourism expenditure growth.
-Competitive Landscape-Overview of relevant players in the Saudi Arabian travel and tourism industry such as airlines, hotels and car rental companies, with each player in the relevant category compared with its peers in terms of relevant industry indicators.
Reasons to buy
-How is the market performing in terms of indicators such as total tourist visits, passenger airline seats sold, seats sold by purpose of visit such as leisure, revenue, room nights available, room nights occupied, hotel revenue, car rental days among others.
-How risky is it to invest in the Saudi Arabian travel and tourism industry compared to other countries in Middle East & Africa-
-What is driving the performance of key industry segments such as passenger airlines, accommodation and car rentals-
-Who are the leading players in the Saudi Arabian travel and tourism industry and their overview and product portfolio-
-What trends are being witnessed within the Saudi Arabian travel and tourism industry-
-What are the Saudi Arabian travel and tourism industry's Strengths and Weaknesses and what Opportunities and Threats does it face-
-What are the recent developments and innovations in the Saudi Arabian travel and tourism industry-
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