Tour Operators in Canada - Industry Market Research Report

Tour Operators in Canada - Industry Market Research Report

Tour Operators in Canada

Canadian tour operators have been extremely volatile in recent years. With the domestic economy's expansions prior to the COVID-19 pandemic, international trips taken by Canadians increased. Greater international exposure for the Canadian tourism industry, coupled with overall global economic growth, motivated more foreigners to visit and book tours in Canada, leading to increased inbound international travel. The COVID-19 pandemic shocked the global tourism sector, with countries closing borders, government authorities keeping only essential businesses open and strict travel restrictions being put in place. Many travellers cancelled their trips while people that were planning trips ended up delaying them indefinitely, decimating demand for tour operators as revenue fell nearly 90.0% between 2019 and 2021. Revenue is forecast to decline at a CAGR of 7.3% to $7.3 billion over the five years to 2023. This includes an increase of 26.3% in 2023 as the tourism industry continues to normalize and COVID-19 restrictions are fully removed. Tour operators are also expected to return to profitability in 2023.

Companies in the Tour Operators industry in Canada primarily arrange, market and conduct tours, including wholesale tours, of cities, museums, natural attractions and other places of interest. The industry excludes companies that primarily provide travel information on an area’s attractions (IBISWorld report 56159CA), as well as travel agencies (IBISWorld report 56151CA).

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares."