Thailand’s tourism market is currently valued at USD 57 billion in 2022 and is projected to grow at a CAGR of 3% to reach USD 76.60 billion in 2032. These insights are based on the Thailand Tourism Market Report by Future Market Insights.
Rich history, wildlife, food, and many other factors should increase the number of tourists and increase the demand for tourism in Thailand. Thailand is located in Southeast Asia. In fact, Thailand is the only country in Southeast Asia that has never been settled by a European nation. The name “Thailand” itself means “land of the free.”
Thailand “Venice of East”
Thailand was once known to its people as the “Venice of the East.” The reason is that waterways were a means of transportation. Although Thailand has no official religion, more than 90% of Thais are Buddhists. Thai is the most spoken language in Thailand. In addition, Thailand is also known as the world’s largest exporter of orchids. The smallest mammal in the world, the bumblebee, also lives in Thailand.
What are the current market dynamics of the Thai tourism market?
Thailand open for tourism
Thailand is probably one of the most popular destinations for rock climbers. Tourists from all over the world visit Railay Beach for rock climbing. This is something that tourists look forward to when they visit Thailand. Thailand is also home to some of the most beautiful beaches. Whether it’s spending time relaxing, partying, or learning to dive, beaches are all or nothing.
Both Phuket and Krabi in southern Thailand have tourists from all over the world. They are incredibly famous for their well-developed services and abundant activities. Similarly, islands in eastern Thailand such as Ko Pha-Ngan and Ko Samui have great beaches and are especially for those who want to get away from the hustle and bustle of the city and enjoy some quiet time.
Who are the main players in Thailand’s tourism market?
Thailand travel at a scale
Some of the main players in the Thailand travel market are: Bangkok Travel Agency Thailand, NS Travels and Tours, Elite Holiday and Agency, Sun Leisure World, Holiday Tours and Travel, Bike Tours Thailand, Thailand Holiday Group, Thai Travel Plus Co. Ltd., TIC Holidays Company Limited, Thrilling Thai Tours Ltd., Discover Thailand Co. Ltd., Exodus Travels, and Thailand Elite Travel Agency.
Thailand’s tourism market is facing a major overhaul as all COVID travel restrictions end in July 2022. The reform is expected to be difficult due to strict regulations and the lack of tourists visiting Thailand. Thailand’s new tourism campaign, “Amazing Thailand: A New Chapter,” is an attempt to revive the country’s economy.
Buddhist temples and shrines are another reason for Thailand’s fame. Some of the most famous Buddhist shrines in Thailand are Wat Doi Suthep, Wat Phra Kew, and Wat Ratburana. These temples were visited by Buddhists from all over the world.
Temples and buildings are expected to expand Thailand’s tourism market during the forecast years. Pra Buddha Maha Nawamin is one of the tallest statues in the world and is also known as the “Great Buddha of Thailand.” The gigantic statue, painted in gold, is 92 meters long. This statue is often visited by tourists.
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