Industries in the Scenic and Sightseeing Transportation subsector utilize transportation equipment to provide recreation and entertainment. These activities have a production process distinct from passenger transportation carried out for the purpose of other types of for-hire transportation. This process does not emphasize efficient transportation; in fact, such activities often use obsolete vehicles,such as steam trains, to provide some extra ambience. The activity is local in nature, usually involving a same-day return to the point of departure.
The Scenic and Sightseeing Transportation subsector is separated into three industries based on the mode: land, water, and other.
Activities that are recreational in nature and involve participation by the customer,such as white-water rafting, are generally excluded from this subsector, unless they impose an impact on part of the transportation system. Charter boat fishing, for example, is included in the Scenic and Sightseeing Transportation, Water industry.
The Scenic and Sightseeing Transportation industry (NAICS 487) is experiencing notable trends shaped by various factors including technological advancements, sustainability, and changing consumer preferences. A significant qualitative trend is the increasing demand for eco-friendly and sustainable tourism options. Companies in this sector are investing in electric or hybrid boats and vehicles to appeal to environmentally-conscious travelers and to comply with stricter environmental regulations.
Another trend is the integration of technology to enhance customer experience. Augmented reality (AR) and virtual reality (VR) are becoming popular to provide immersive and interactive tours. This not only enhances the customer experience but also provides a competitive edge.
The rise of personalized and customized travel experiences is another trend. Consumers are looking for unique and individualized experiences rather than generic tours. Companies are responding by offering customizable tour packages, private tours, and exclusive experiences.
For the near future, the industry is expected to see a gradual recovery as travel restrictions ease and consumer confidence returns post-pandemic. There will be a focus on health and safety protocols to reassure travelers. Additionally, domestic tourism is likely to play a more significant role as people may prefer local or short-distance destinations over international travel.
Overall, companies that can successfully incorporate sustainability, technology, personalization, and safety into their services are expected to thrive in the evolving landscape of the Scenic and Sightseeing Transportation industry.
A review and comparison of financial performance of privately-help companies in specified SIC/NAICS industry segment, using industry standard benchmarks.
Answers come easily with iCFO. Review ROI, sales per employee, profit margins of the top 10%, top 25% and more, to identify areas of concern and opportunity. Examine what if scenarios and P&L impact of reducing costs or adding revenue.
It takes only five minutes to enter your data and produce a concise profile of your company’s fiscal state, including critical business ratios focusing on liquidity, profitability, asset efficiency, and growth.