According to the Astute Analytica study on the globalonline travel market, the size of the market will increase from $354.2 billion in 2020 to $1,835.6 billion by 2031, registering a remarkable compound annual growth rate (CAGR) of 13.1% from 2021 to 2027.
The segmentation section of the report focuses on every segment, along with highlighting the ones having a strong impact on the global Online Travel Agency Market. The segmentation served as the foundation for finding businesses and examining their financial standings, product portfolios, and future growth potential. The second step entailed evaluating the core competencies and market shares of top firms in order to predict the degree of competition. A bottom-up method was used to assess the markets overall size.
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Online travel services have gained popularity among travelers as it enables them to avail a number of services such as booking flight tickets, hotels, holiday packages, and car rentals using their phone or computer anytime and anywhere. Online travel services can be availed either through online travel agencies (OTAs) or direct travel suppliers.
Online travel services offer convenient usage of debit credit cards and a platform to compare prices, features, and services of online travel products, which has led to the escalation in adoption of these services. Moreover, customers tend to rely on websites review to avail the best online travel deals. Hectic lifestyle, rise in disposable income, and increase in spending power has encouraged people to plan holiday trips at frequent intervals, thus, driving the online travel market growth. Furthermore, the introduction of established e-commerce businesses such as Alibaba (online travel site Alitrip) into the online travel sector is increasing market competition.
Outbreak of COVID-19 has negatively impacted the overall growth of the online travel market. This is majorly attributed to implementation of lockdown and social distancing norms in almost every country of the world, flights were grounded, trains stopped running, and almost all public transport services were halted. Thus, the growth rate of online travel market decreased in 2020.
The online travel market is segmented into service types, platforms, mode of booking, age group, and region. On the basis of service types, the market is categorized into transportation, travel accommodation and vacation packages. By platforms, it is segmented into mobile and desktop. On the basis of mode of booking, it is segregated into online travel agencies (OTAs) and direct travel suppliers. On the basis of age group, market is segmented into 22-31 Years32-43 years 44-56 years and 56 years. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, UAE, Saudi Arabia, South Africa, and rest of LAMEA).
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Asia-Pacific have gained considerable traction in the global online travel market, and is expected to sustain its traction during the forecast period. The growth is attributed to increase in disposable income, rise in middle-class segment, and greater adoption of internet. Proliferation of social media and adoption of artificial intelligence tools by travel tourism service providers are the majorly attributed to the growth of Asia-Pacific online travel market.
The major players operating in the market are Expedia Group, Inc., Ebury Partners UK Ltd, Fareportal Inc. , Hostelworld.com Limited, Hurb Co S/A, HRS, MakeMyTrip Ltd., Oracle Corporation, Priceline (Booking Holdings Inc.), SABS Travel Technologies, Tavisca Solutions Pvt. Ltd., Thomas Cook India Ltd., travelomatix.com, Trip.com Group, Tripadvisor, Inc., and WEX Inc.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the global online travel market with current trends and future estimations to elucidate the imminent investment pockets in the market
- The report provides information regarding drivers, restraints, and opportunities with impact analysis
- A quantitative analysis from 2020 to 2031 is provided to showcase the financial competency of the market
- Porters five forces model of the industry illustrates competitiveness of the market by analyzing various parameters such as threat of new entrants, threat of substitutes, bargaining power of the buyers, and bargaining power of the suppliers operating in the market
- Value chain analysis in the report provides a clear understanding of the roles of stakeholders involved in the value chain
- Competitive intelligence highlights business practices followed by leading market players across various regions
KEY MARKET SEGMENTS
By Service types
- Travel Accommodation
- Vacation Packages
By Mode of booking
- Online Travel Agencies (OTAs)
- Direct Travel Suppliers
By Age Group
- 22-31 Years
- 32-43 Years
- 44-56 Years
- 56 Years
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
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