Doha, Qatar: Qatar’s travel and tourism industry is expected to project a compound annual growth rate (CAGR) of 8.31 percent from 2024 until 2028, according to a recent report by Statista.
This year, the revenue in the tourism sector is expected to amount to $1,356m (QR4937.20m), while the project market volume is reported to reach $1,856m (QR6757.70m) by 2028.
The industry is well-known for diversifying the economy and tourists are seen flocking to the country for numerous business and investment opportunities.
However, the report states that “The largest Travel & Tourism market is the Hotels market with a projected market volume of $635.10m (QR2312.40m) in 2024.”
“In the Vacation Rentals market, the number of users is expected to amount to $1,645K (QR5989.44K) users by 2028,” it says. In 2023, Qatar witnessed over 4 million visitors, with simplified visa procedures welcoming individuals across the globe.
The successfully hosted FIFA World Cup in 2022 by Qatar was a turning point of travel to the country as close to 1.5 million fans arrived in Doha. The mega sporting event resulted in massive infrastructure enhancement in Qatar, which is poised to continue benefiting in years ahead.
Several travel experts across the country stated that bookings the year are increasing significantly, driven by factors including reducing travel restrictions, various cultural offerings, and offering opportunities for new and unique travel experiences.
However, the industry officials outline that the leisure market continues to witness a boom, supported by global events like the ongoing Expo 2023 Doha, which will persist until March this year, and the AFC Asian Cup, which kicked off yesterday at the Lusail Stadium.
The user penetration, however, is 77.4 percent in 2024 and is expected to surge by 90.7% in the next 4 years, the report says. The average revenue per user (ARPU) is also expected to amount to $640.40 (QR2331.70).
Meanwhile, 87 percent of total revenue will be generated through online sales by 2028 in the leisure sector, the report added.
A recent report by Fitch Solutions remarks that sporting tournaments such as the AFC Asian Football Cup and the World Aquatics Championships, which will be held between January and February of 2024, will drive double-digit year on year growth in non-oil activity during Q1. These global events are expected to attract many fans to the country while boosting services exports.
Compared on a global scale, the highest revenue in the tourism and travel market in 2024 will be generated in the United States with a whopping $199bn (QR724.56bn).