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Malaysia Tourism Market Overview (2023 to 2033)

As per the latest findings of Future Market Insights, Malaysia tourism revenue is expected to be US$ 2,853.9 Million by the end of 2023. In the long-term, the Malaysia tourism is estimated to reach at around US$ 9,350.3 Million in 2033.

Quality accommodation and transport is also better which is attracting more and more tourists every years. This is the precise reason for the growth in Malaysia market. Another factor which is driving growth of tourism is the Malaysian government’s unending effort in targeting global elites who are from the high income group.

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.

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.

Attribute Details
Travel Gross Revenue (2023) US$ 2,853.9 Million
Projected Market Size (2033) US$ 9,350.3 Million
Value CAGR (2023 to 2033) 12.6%
Malaysia Tourism Market Top Players Share in 2022 13% - 15%

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2018 to 2022 Malaysia Tourism Market Outlook Compared to 2023 to 2033 Forecast

As per the latest update by Future Market Insights, the Malaysia tourism market is forecast to increase at a prolific CAGR of 12.6% between 2023 and 2033. Over the last few decades, tourism industry has become a significant contributor to the GDP of Malaysia. Having a rich cultural history, diverse local lifestyle and beautiful natural landmarks, Malaysia has turned into one of the most popular tourist destinations. Today, with the worldwide campaign called ‘Malaysia, Truly Asia’ this small country is generating extra revenue through tourism to contribute towards the development of its economy.

However, being one of the hardest hit sectors due to the covid19 pandemic, this industry has only now started to recover. In response, the National Tourism Policy 2020-2030 was launched by the government to ensure the continuity of the country’s tourism industry while also targeting to make Malaysia one of the top 10 global tourist destinations. This long term strategy is divided into 6 main strategic thrusts such as strengthening governance capacity, creating special tourist investment zones to encourage technology oriented tourism investment, practicing sustainable & responsible tourism and embracing smart tourism.

What are the Key Trends Boosting the Malaysia Tourism Market?

Malaysia is Rapidly Expanding its Base in Medical Tourism

Malaysia Healthcare Travel Council, a government agency, is actively working on revamping Malaysia as a medical tourism destination. A positive growth has only been possible by boosting the healthcare quality, focusing on patient experience and ensuring affordable services while following proper protocols.

Promoting Malaysia as the next ‘Top of the Mind Ecotourism Destination in the World’ under The National Tourism Policy 2020-2030

Good governance requires a balance between development, protection and preservation of the country’s treasures including the environment, culture and heritage. The National Tourism Policy is therefore trying to incorporate elements of the sustainable development goals and enhancing tourism’s role in promoting inclusive development along with responsible consumption practices. This will consequently make Malaysia a more preferred destination amongst an environmentally conscious generation.

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What are the Key Factors Affecting Malaysia Tourism Adversely?

Struggling to Adapt to the Post Pandemic World

Malaysia opened its international borders and lifted all travel restrictions to enter the post pandemic world. Despite the increasing number of travelers, Malaysia continues to struggle due to lack of airline tickets and hotel rooms since a lot of sub sectors of tourism industry had to downsize during nationwide lockdowns. Additionally, a large proportion of people who lost their jobs are believed to have found alternate sources of employment thereby making the industry understaffed. This poses a direct threat to the resurgence of tourism sector.

Facing Intense Competition in Regional Market

Regional markets such as South Korea, Japan, Thailand and Indonesia are few of the destinations that are chosen as an alternative to Malaysia. Even developing Asian countries are slowly becoming tourist hotspots.

Category-wise Insights

Which Age Group Is More Likely to Travel Overseas?

Middle-Aged Travellers are most likely to Travel Overseas

People between the age group of 25-39 make up the largest percentage of international tourists in Malaysia.

These travelers belong to the working population who are situated across the globe and have the spending capacity as well as good health to take overseas tours. Tourists from this age group are mostly independent travelers who plan their trip on their own to various new destinations. Additionally, the vast number of beautiful islands makes Malaysia a favorable destination for young couples who also belong to the same age group. The various promotional activities on social media platforms are attracting tourists across this age group and is forecast to display same trend over the forecast period.

Which Tour Type will have the Maximum Number of Travelers during the Forecast Period?

There will be a Surge in the Number of Independent Travellers

In the last few years there have been rapid technological advancements due to which a large number of people have become quite comfortable with emerging technologies and are well equipped to adapt to change. Consequently, this has led to an increase in the number of independent travellers and is forecast to only increase further.

Which Booking Channel is preferred by Tourists in the Market?

Online Booking Channels Lead the Booking Channel Segmentation

Tourists enjoy taking holidays, but for many, planning the trip is also a big part of that enjoyment. It usually takes a lot of time and effort to research and make a decision before purchasing travel tickets, accommodations, tours, or any other supplementary services or modes of transportation. However, the existence of online travel agencies has unquestionably both sped up the procedure and offered clients access to more choices.

People who book their vacations online prefer to compare travel on booking portals and hotel websites. Offline, however, arranging a trip is carried out with the aid of a travel company or a tour operator. The "Hashtag Generation," which includes Millennials and Generation Z, is more likely to try new things and seek out new experiences.

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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

Scope of Report

Attribute Details
Forecast Period 2023 to 2033
Historical Data Available for 2018 to 2022
Market Analysis USD Million for Value
Key Segments Covered
  • By Direct Suppliers
  • By Indirect Suppliers
  • By Number of Bookings
    • Demographic
    • Nationality
    • Booking Channel
    • Activity Type
    • Tourism Type
    • Tour Type
    • Age
Report Coverage Market Forecast, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives, Spending,
Customization & Pricing Available upon Request

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

Frequently Asked Questions

What is the Projected CAGR of the Malaysia Tourism Market?

The market is projected to record a CAGR of the 12.6% through 2033.

How Big Will the Projected Malaysia Tourism Market by 2033?

The market is expected to reach US$ 9,350.3 million by 2033.

What is the Current Market Valuation of the Malaysia Tourism Market?

The market is estimated to secure a valuation of US$ 2,853.9 million in 2023.

Which Region Holds a Significant Share of the Malaysia Tourism Market?

Asia Pacific holds a significant share of the Malaysia tourism market.

What Key Trends are Boosting the Market in Malaysia?

Expanding medical tourism is the key trend in the market.

Table of Content

1. Executive Summary | Malaysia Tourism Market

    1.1. Tourism Market Outlook

        1.1.1. Who Is Travelling?

        1.1.2. Travel Gross Bookings

        1.1.3. Travel Gross Revenue

        1.1.4. How Much Do They Spend?

    1.2. Tourism Evolution Analysis

    1.3. FMI Analysis and Recommendations

2. Growth Parameters in Tourism

    2.1. Expansion of low-cost airlines and the growth of budget travel options have made air travel more accessible and affordable

    2.2. Pandemic has increased interest in health and wellness tourism, as people look for ways to improve their physical and mental well-being through travel and tourism

    2.3. The popularity of food and drink tourism continues to grow, as more and more tourists seek out local and authentic culinary experiences

    2.4. Increasing popularity of experimental travel and adventure tourism will lead to increase in the proportion of younger tourists

    2.5. Online Booking Channel rise the Tourism

3. Direct Suppliers in Tourism

    3.1. Total Supplier Market, Share by Segment (%), 2022

        3.1.1. Airlines

        3.1.2. Hotel Companies

        3.1.3. Car Rental

        3.1.4. Train

        3.1.5. Tour Operators

        3.1.6. Government Bodies

4. Indirect Suppliers in Tourism

    4.1. OTA (Online Travel Agency)

    4.2. Traditional Travel Agencies

    4.3. TMC's ( Travel Management Companies)

    4.4. Corporate Buyers

    4.5. Aggregators

5. Tourism Number of Bookings, 2022

    5.1. By Age

        5.1.1. Under 15

        5.1.2. 16-25

        5.1.3. 26-35

        5.1.4. 36-45

        5.1.5. 46-55

        5.1.6. Over 55

    5.2. By Activity Type

        5.2.1. Cultural & Heritage

        5.2.2. Medical

        5.2.3. Eco/sustainable

        5.2.4. Sports

        5.2.5. Wellness

        5.2.6. Other

    5.3. By Tourism Type

        5.3.1. Domestic

        5.3.2. International

    5.4. By Demographic

        5.4.1. Male

        5.4.2. Female

        5.4.3. Kids

    5.5. By Booking Channel

        5.5.1. Phone Booking

        5.5.2. Online Booking

        5.5.3. In Person Booking

    5.6. By Tour Type

        5.6.1. Individual travel

        5.6.2. Professional Groups

        5.6.3. Group travels

6. Tourism Gross Revenue

    6.1. Tourism Gross Revenue (US$ Million) and Forecast (2023 to 2033)

    6.2. Number of Bookings (Million) and Forecast (2023 to 2033)

    6.3. Total Spending Y-o-Y Growth Projections (2023 to 2033)

    6.4. Number of Tourists Y-o-Y Growth Projections

7. Challenges & Looking Forward

    7.1. Success Stories: Case Studies

    7.2. FMI Recommendations

8. Market Stakeholders Landscape – Key Direct Suppliers

    8.1. Airlines

        8.1.1. Top Players

        8.1.2. Market Concentration

        8.1.3. Market Share

    8.2. Hotel Companies

        8.2.1. Top Players

        8.2.2. Market Concentration

        8.2.3. Market Share

    8.3. Car Rental

        8.3.1. Top Players

        8.3.2. Market Concentration

        8.3.3. Market Share

    8.4. Trains

        8.4.1. Top Players

        8.4.2. Market Concentration

        8.4.3. Market Share

    8.5. Tour Operators

        8.5.1. Top Players

        8.5.2. Market Concentration

        8.5.3. Market Share

9. Social Media Sentimental Analysis

    9.1. Travel Influencers: A new Phenomenon in the world of Tourism

    9.2. Social Media Platforms Preferred

    9.3. Trending #Hashtags

    9.4. Social Media Platform Mentions (% of Total Mentions)

    9.5. Trending Subject Titles

10. Assumptions and Acronyms Used

11. Research Methodolog

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List of Tables

Table 01: Capital Investment in Tourism (US$ Million)

Table 02: Total Tourist Arrivals (Million), 2022

Table 03: Total Spending (US$ Million) and Forecast (2018 to 2033)

Table 04: Number of Tourists (Million) and Forecast (2018 to 2033)

Table 05: Spending per Traveller (US$ Million) and Forecast (2018 to 2033)
Ronak Shah
Ronak Shah

Principal Consultant

Talk to Analyst

Find your sweet spots for generating winning opportunities in this market.

List of Charts

Figure 01: Total Spending (US$ Million) and Forecast (2023 to 2033)

Figure 02: Total Spending Y-o-Y Growth Projections (2018 to 2033)

Figure 03: Number of Tourists (Million) and Forecast (2023 to 2033)

Figure 04: Number of Tourists Y-o-Y Growth Projections (2018 to 2033)

Figure 05: Spending per Traveller (US$ Million) and Forecast (2023 to 2033)

Figure 06: Spending per Traveller Y-o-Y Growth Projections (2018 to 2033)

Figure 07: Current Market Analysis (% of demand), By Age Group, 2022

Figure 08: Current Market Analysis (% of demand), By Demographics, 2022

Figure 09: Current Market Analysis (% of demand), By Nationality, 2022

Figure 10: Current Market Analysis (% of demand), By Tour Type, 2022

Figure 11: Current Market Analysis (% of demand), By Tourism Type, 2022

Figure 12: Current Market Analysis (% of demand), By Booking Channel, 2022

Figure 13: Current Market Analysis (% of demand), By Activity Type, 2022

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