Online Travel Market:
Growth Opportunities in the Online Travel Market look promising over the next six years. This is mainly due to the increasing penetration of internet use and smartphone users across numerous economies, the rising tourism sector, rising per capita income, increasing urbanization, economic growth, and shifting lifestyle of the customers shifting towards more improved services and comfort.
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Online Travel Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The increasing penetration of internet use and smartphone users across numerous economies, followed by the rising tourism sector, are the significant factors propelling the growth of the online travel market size. As per the online travel market report, the introduction of technological advancements in the online travel sector and the increasing usage of mobile applications have made booking for travel easier and more flexible. This will drive the growth of the online travel market. Furthermore, the rising per capita income, increasing urbanization, economic growth, and shifting lifestyle of the customers shifting towards more improved services and comfort will surge the growth of the online travel market share in terms of revenue.
Different services provided by online travel, such as secure & easy payment modes, free & easy cancellation, online reviews checking of the hotels, and transportation ability, will further propel the demand for the market globally. The growing trust of the consumers in online payment and the introduction of several advanced versions of mobile applications having enhanced deals will further pay the way for the growth of the market. On the other hand, the factors hindering the growth of the market include growing concerns regarding security and safety during online payment and booking. As per the online travel market statistics, with the outbreak of the COVID-19 pandemic, the online travel sector has witnessed a downfall in demand, especially in 2020. The widespread outbreak of the COVID-19 worldwide has caused lockdown in various economies and sealing the borders. In addition to this, the shutdown of the airline sector and the rising fear of catching coronavirus while traveling has forced individuals to stay at their homes. These factors will hinder the growth of the market. However, the market is predicted to bounce back in 2011 while increasing at a significant rate from 2022.
Mode of Booking Segment Drivers
Based on the mode of booking, the Online Travel Agencies (OTAs) is projected to rise at a higher CAGR due to the strong adoption of this mode of booking by the consumers driven by the exceptional benefits regarding the usage of this booking mode, including it aids to save time & money as they don’t charge any consultancy fees, provides expert insights & a safety net to the trip, followed by making the multi-destination travel seamless and allows to check the reviews.
Online Travel Market’s leading Manufacturers:
- Booking Holdings Inc.
- Expedia Group
- com Group Limited
- TripAdvisor LLC
- Hurb
- Hostelworld Group
- Com
- Thomas Cook Group plc
- Trivago
- MakeMyTrip Pvt. Ltd.
Online Travel Market Segmentation:
Segmentation by Mode of Booking:
- Direct Travel Suppliers
- Online Travel Agencies (OTAs)
Segmentation by Types of Platform:
- Desktop
- Mobile
Segmentation by Services Type:
- Travel Accommodation
- Transportation
- Vacation Packages
Segmentation by Age Group:
- 22-31
- 32-43
- 44-56
- >56
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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