The travel and tourism sector has been largely impacted by the spread of coronavirus across the region. The spread of the COVID-19 has forced domestic carriers to cancel and temporarily suspend flights operating within the Asia Pacific region, especially in China, South Korea, Japan, and India. Most of the companies have halted their operations to China since the outbreak. Thus, the suspension and postponements of flights within the region lead to air carriers missing out on gross revenue targets.

Asia Pacific travel and tourism industry report is segmented on the basis of destinations and modes of travel. Based on the destinations, the travel and tourism sector is sectioned as domestic and international. Whereas, based on the mode of travel, it is segmented into roadways, airways, railways, and marine. Amongst the destination, the international segment has been largely impacted by the pandemic. This is due to the cancellations of the flights by the users as well as the shutdowns and lockdowns in the cities across the region. At the end of January and February, the domestic traveling in the region has raised, as the peoples prefer to reach homes safely before the conditions get worsen. In March, there has been a sharp fall in the industry as the government across the region has lockdown the cities as well as banned almost all ways of transports, which further exacerbated the industry condition. 

Amongst the mode of travel, each and every segment has been affected somehow. For instance, there were approximately 700 people on board the Diamond Princess Cruise ship and when the ship comes under examination; infections more than 156 people were infected to the virus. Due to such, all the modes of traveling have been stopped or canceled across Japan.

The prominent players operating in the Asia Pacific travel and tourism industry include Cox and Kings Ltd., Thomas Cook Ltd., SOTC Travel Ltd., Royal Caribbean Cruises, Asia Expedition Cruise, Princess Cruises, American Airlines Group, United Airlines Inc., Deutsche Lufthansa AG, Air China Ltd., Eastern Air Lines among others. Due to the outbreak of the pandemic coronavirus, these companies are largely affected. Several airline companies are affected due to the outbreak due to which traveling from all the countries is strictly banned. Since the outbreak, the travel and tourism sector entirely mandated to shut down entirely. As per the estimations, it could take up 10 months or more to for the travel and tourism sector to return to its normal levels.

Research Methodology

The study on the travel and tourism industry is incorporated by extensive primary and secondary research conducted by the research team. In secondary research, different approaches have been adopted to derive the market value, market growth rate and analyze trends in the industry due to the COVID-19 pandemic. In the report, the analysis of the country is provided by analyzing various regional players, laws & policies, consumer behavior, macro-economic factors and impact of the pandemic. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures. Besides, an expected recovery timeline of the industry will also be provided with the best- and worst-case scenario which will aid the companies to take their future steps in the Asia Pacific travel and tourism industry.

Sources Include

• Financial reports of companies involved in the market
• Whitepapers, research-papers, and news blogs
• Company websites and their product catalog
• Government Organizations Reports

The report provides an in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.

The Report Covers

• Comprehensive research methodology of Asia Pacific travel and tourism Industry.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting Asia Pacific travel and tourism industry.
• Insights about market determinants which are stimulating Asia Pacific travel and tourism industry.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of the market players.