According to Future Market Insights’ most recent research, Malaysia’s tourism market would generate US$ 2,853.9 million by the end of 2023. In the long run, it is expected that tourism in Malaysia will generate about US$ 9,350.3 million in 2033.
Tourism is growing every year as a result of greater lodging and transportation options. This is the specific cause of the market expansion in Malaysia. The Malaysian government’s persistent efforts to court international elites from the high-income group are another element promoting tourism growth.
The project of developing 15 projects including Malaysia Eye, International Fashion Street, Sunset Beach, and Cruse Shopping Gallery is creating curiosity among tourists and is therefore leading to a robust development in the growth of Malaysian tourism. Medical tourism is one of the important factors that is boosting the tourism industry in Malaysia.
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Liberalization of some government controlled sectors, development of more tourism destinations, and increased involvement of the private sector are some of the key measure that will improve Malaysia tourism performance in the future. The Malaysian government is making its tourism industry more attractive. More skilled personnel will be required to manage government function in future.
Competitive Landscape
There are many suppliers who are assuring a safe and affordable travel experience, which has made travel and tourism possible and at ease. Top tour operators offer fascinating and distinctive travel packages around Europe, America, Asia, and the Middle East, providing smooth and simplified travel experience for both straightforward and difficult excursions.
Leading travel agencies like Agoda and booking.com have also managed to gain a major market share by making it convenient for the travelers to safely book at the best prices
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Malaysia Tourism Market by Category
By Direct Suppliers:
- Airlines
- Hotel Companies
- Car Rental
- Train
- Tour Operators
- Government Bodies
By Indirect Suppliers:
- OTA (Online Travel Agency)
- Traditional Travel Agencies
- TMC’s( Travel Management Companies)
- Corporate Buyers
- Aggregators
By Number of Bookings:
- Age
- Under 15
- 16-25
- 26-35
- 36-45
- 46-55
- Over 55
By Activity Type:
- Cultural & Heritage
- Medical
- Eco/sustainable
- Sports
- Wellness
- Other
By Demographic:
- Male
- Female
- Kid
By Tourism Type:
- Domestic
- International
By Booking Channel:
- Phone Booking
- Online Booking
- In Person Booking
By Tour Type:
- Individual Travel
- Professional Groups
- Group travels
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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