Travel - China

China

The Travel market in China is expected to achieve a significant milestone in 2022, with projected total revenue reaching €303.60m.
This shows a promising growth trajectory, as the market is estimated to maintain an annual growth rate of 11.39% (CAGR 2022-2027).
By 2027, the market volume is anticipated to expand even further, reaching a staggering €554.60m.
Within the Travel market, various revenue streams contribute to its overall success.
For instance, in-app purchase (IAP) revenue is projected to reach €46.42m in 2022.
Additionally, paid app revenue is estimated to reach €45.85m during the same period.
It is worth noting that advertising revenue is also expected to make a significant impact, projected to reach €211.30m in 2022.
To quantify the market's popularity, the projected number of downloads in the Travel market sector for 2022 is an impressive 1.34bn downloads.
This showcases the high demand for travel-related applications and services.
Furthermore, the average revenue per download is expected to reach €0.23, indicating a favorable monetization potential for businesses operating in this sector.
In a global context, it is interesting to observe that in the United States leads the way in terms of revenue generation within the Travel market.
In 2022, in the United States is projected to generate a substantial revenue of €422.20m, solidifying its position as a dominant player in the industry.

Key regions: Germany, South Korea, United States, Europe, Asia

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Analyst Opinion

Since the start of Apple, Inc.'s App Store in 2008 with around 500 apps, mobile apps have come to dominate the digital economy and have quickly outpaced the demand for desktop applications. As of 2021, the Apple App Store and Google Play Store had more than 5 million apps combined. Because many apps from the West are not available in China, many new app stores have emerged there. Digital lifestyles around the world now depend on adopting mobile apps, especially when it comes to social networking. The games industry has also been thoroughly transformed by the app revolution and is demonstrated by the fact that the games category is the largest and highest-grossing app category.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenue from in-app purchases, revenue from the purchase of apps, and revenue from advertising, as well as the number of downloads for each app category.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use market data from independent databases and third-party sources, current trends, and reported performance indicators of top market players. In addition, we use relevant key market indicators and data from country-specific associations, such as smartphone users and mobile broadband connections. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward apps.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year in case market dynamics change.