Name: Singapore Travel and Tourism Market Size, Share, Growth and Industry Report
Creator: IMARC Group
License: https://www.imarcgroup.com/privacy-policy
Keywords: Singapore Travel and Tourism Market

Singapore Travel and Tourism Market Report by Type (Domestic, Inbound, Outbound), Service Offering (Ticket Reservation, Hotel Booking, Holiday/Tour Packages, and Others), Purpose of Visit (Business, Leisure and Recreation, Education, Medical, Social Activity, and Others), Booking Type (Travel Companies, Travel Agencies, Online, and Others), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112025A23754

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Singapore Travel and Tourism Market Overview:

The Singapore travel and tourism market size reached US$ 4.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 6.6 Billion by 2032, exhibiting a growth rate (CAGR) of 4.80% during 2024-2032. There are various factors that are driving the market, which include the rising number of international cruise passengers, improving airport infrastructure, favorable visa policies, and increasing adoption of digital technologies.

Report Attribute	Key Statistics
Base Year	2023
Forecast Years	2024-2032
Historical Years	2018-2023
Market Size in 2023	US$ 4.3 Billion
Market Forecast in 2032	US$ 6.6 Billion
Market Growth Rate (2024-2032)	4.80%

Singapore Travel and Tourism Market Trends:

Rising Number of International Cruise Passenger

According to the Budget Direct Insurance, Singapore's cruise industry saw a strong comeback, with the number of foreign cruise passengers increasing by 91.1% to 1.04 Million between January and October 2023. Modern cruise terminals including the Singapore Cruise Centre at HarbourFront and the Marina Bay Cruise Centre are a perfect example of world-class cruise infrastructure in the country. These terminals have large cruise ships and modern facilities for passengers. Singapore has well-developed cruise infrastructure because of its advantageous location in Southeast Asia. Furthermore, travelers can easily explore the city before or after their cruise experience because of the smooth connectivity between the airport, cruise terminals, and tourist attractions. Moreover, for cruise guests, the country has an impressive selection of shore excursions and activities.

Improving Airport Infrastructure

Singapore Changi Airport saw 5.12 Million passenger movements in June 2023, surpassing five Million for the first time since January 2020, according to the Changi Airport Group. Furthermore, as of July 1, 2023, Changi Airport hosted over 6,300 weekly scheduled flights from 9 airlines, linking Singapore with 148 destinations across 49 countries and territories. The airport integrates smart technologies to improve both passenger experience and operational efficiency. It has self-service immigration and security clearance, automated check-in and bag drop facilities, and real time flight information systems. These kinds of technologies expedite procedures and shorten passenger wait times, thereby enhancing their satisfaction. Additionally, Changi Airport's terminals include contemporary amenities and services to meet the needs of travelers. They have food establishments, duty-free shops, lounges, relaxation places, and kid-friendly activities. Accessibility features and services for travelers with reduced mobility are also available. Apart from this, the airport prioritizes sustainability efforts in its development projects and operations, which include waste management systems, green spaces, water conservation efforts, and energy-efficient structures.

Singapore Travel and Tourism Market News:

26 March 2024: With a US$ 570 million agreement, American Express Global Business Travel (Amex GBT) acquired Singapore-based CWT, signaling a major consolidation in the travel management sector. Revenue is expected to rise significantly as a result of the merger; by 2024, CWT is predicted to bring in about US$ 850 million in revenue and US$ 70–80 million in adjusted profitability.
6 June 2024: Singapore Airlines (SIA) and Riyadh Air signed a Memorandum of Understanding (MoU) to begin a new airline collaboration. Through this collaboration with Riyadh Air, SIA will be able to provide individuals with even more choices, improved connection, and more advantages. Together, they can facilitate the growth of passenger travel between Saudi Arabia and Singapore, and beyond, via their respective networks, supporting both tourism and business links.

Singapore Travel and Tourism Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on type, service offering, purpose of visit, and booking type.

Type Insights:

Domestic
Inbound
Outbound

The report has provided a detailed breakup and analysis of the market based on the type. This includes domestic, inbound, and outbound.

Service Offering Insights:

Ticket Reservation
Hotel Booking
Holiday/Tour Packages
Others

A detailed breakup and analysis of the market based on the service offering have also been provided in the report. This includes ticket reservation, hotel booking, holiday/tour packages, and others.

Purpose of Visit Insights:

Business
Leisure and Recreation
Education
Medical
Social Activity
Others

The report has provided a detailed breakup and analysis of the market based on the purpose of visit. This includes business, leisure and recreation, education, medical, social activity, and others.

Booking Type Insights:

Travel Companies
Travel Agencies
Online
Others

A detailed breakup and analysis of the market based on the booking type have also been provided in the report. This includes travel companies, travel agencies, online, and others.

Regional Insights:

North-East
Central
West
East
North

The report has also provided a comprehensive analysis of all the major regional markets, which include North-East, Central, West, East, and North.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Singapore Travel and Tourism Market Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Scope of the Report	Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment: Type Service Offering Purpose of Visit Booking Type Region
Types Covered	Domestic, Inbound, Outbound
Service Offerings Covered	Ticket Reservation, Hotel Booking, Holiday/Tour Packages, Others
Purpose of Visits Covered	Business, Leisure and Recreation, Education, Medical, Social Activity, Others
Booking Types Covered	Travel Companies, Travel Agencies, Online, Others
Regions Covered	North-East, Central, West, East, North
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report:

How has the Singapore travel and tourism market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the Singapore travel and tourism market?
What is the breakup of the Singapore travel and tourism market on the basis of type?
What is the breakup of the Singapore travel and tourism market on the basis of service offering?
What is the breakup of the Singapore travel and tourism market on the basis of purpose of visit?
What is the breakup of the Singapore travel and tourism market on the basis of booking type?
What are the various stages in the value chain of the Singapore travel and tourism market?
What are the key driving factors and challenges in the Singapore travel and tourism?
What is the structure of the Singapore travel and tourism market and who are the key players?
What is the degree of competition in the Singapore travel and tourism market?

Key Benefits for Stakeholders:

IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Singapore travel and tourism market from 2018-2032.
The research report provides the latest information on the market drivers, challenges, and opportunities in the Singapore travel and tourism market.
Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Singapore travel and tourism industry and its attractiveness.
Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

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