Phocuswright: Indonesia to surpass Thailand as Southeast Asia's largest travel market in 2026

Phocuswright forecasts that Indonesia will surpass Thailand in 2026 to become Southeast Asia's largest travel market. In 2025, Thailand ranked first with $17.9 billion in gross bookings, followed closely by Indonesia with $17.7 billion; total travel bookings in Southeast Asia that year grew 6% to $63 billion.