DUBLIN–(BUSINESS WIRE)–The “Online Travel Market, Size, Global Forecast 2022-2027, Industry Trends, Share, Growth, Impact of COVID-19, Opportunity Company Analysis” report has been added to ResearchAndMarkets.com’s offering.
Global Online Travel Market Size is projected to be US$ 1,463.98 Billion by 2027, from US$ 800.72 Billion in 2021
Most industries have become fully digitized over the last decade. In particular, the travel industry has maintained to great lengths to cultivate its online presence.
The online travel industry primarily reviews sites and travel e-commerce sites. It offers the comfort of booking from home and often entices consumers with package deals and price-saving options. As a result, many travelers have shifted away from traditional brick-and-mortar travel agencies favoring online options to book their trips.
Furthermore, the increased spending power of the people, a governmental initiative to spread tourism, growing internet and credit card penetration, the emergence of new online segments are driving the primary global online travel market. Most of the global online travel market growth would come from the increasing penetration of international flight and hotel bookings offered by online portals such as Booking.com, TripAdvisor.com, Skyscanner.com, etc.
Worldwide online travel industry will grow with a CAGR of 10.58% from 2021-2027
Based on type, the global online travel industry is segmented into Package travel and Direct travel. The direct travel agencies enable customers to engage while researching, booking, or planning their travels. The online direct travel agency can be on a mobile app or website via which the booking can be made instantly with the online travel agency.
On the basis of Booking Type, the market is segmented into Online Travel Agencies and Direct Travel Suppliers. Online travel agencies are evolving as the most preferred medium for bookings in the world. Over the last 25 years, the advancement of online travel agencies has been one of the most melodramatic examples of the digital transformation of business and society.
OTAs have evolved into digital marketplaces that directly connect B2B and B2C customers with a full range of online travel outcomes. In fact, OTAs can be considered as a hybrid of an e-commerce platform and a travel agency. OTAs from giants such as Expedia, Booking.com, and Trip.com have captured the global online travel market (hotels, airlines, packaged tours, rail and cruises).
Furthermore, the Travel Accommodation segment is projected to maintain its lead in the online travel services market. As the world has integrated, businesses are expanding their business worldwide, and thus travel accommodation has become the most significant contributor to the Online Travel Market. Travelers can choose online from among the various travel accommodations available, including hotels, resorts, vacation rentals, and others.
The global online travel market was US$ 800.72 Billion in 2021
Based on the devices type, the market is bifurcated into mobile/ tablet and desktop. Online travel booking through mobile/tablet and desktop is the most favored booking vehicle for most youthful explorers because of usability, comfort, and every minute of everyday openness. Digital consumer trends continue to change.
Desktop use is continuously dropping, and mobile is continually growing vice versa. However, even these trends continue to move rapidly, so the online travel industry must adapt accordingly. 82% of all travel bookings around the world took place without human interaction in 2018, according to STRATOS.
In the past several years, online payment modes such as UPI, E-Wallets, Debit/Credit Card, and others have gained popularity in the online travel industry. UPI and E-Wallets are the most preferred method of payment. Across the globe, countries are moving towards cashless economies. Paypal, Alipay, Google pay, and Amazon pay make it easy to pay for travel on airlines, hotels, car rentals, and more.
Age group Baby Boomers drives the development of the online travel market
By age group, the online travel market includes Millennial, Generation X, Baby Boomers, and Silver Hair. The baby boomer travelers predominantly male and female occupy a significant portion of the market. Baby boomers have more money, time and the urge to travel.
During their travels, they seek new experiences; participate in active holidays, including sightseeing and discovering new cultures. Notwithstanding, the Millennial age group of 25-40 years comprises business travel and early starters in their professional careers. These corporate travelers are more inclined to spend on the trip and explore new destinations than travelers in the higher age-group category.
Asia-Pacific: Most Lucrative Online Travel Market
On the basis of geography, Asia-Pacific possesses the highest growth potential in the online travel market, with China and India being the most lucrative markets.
The growth is associated with the middle-class segment’s rise, disposable income, and greater penetration of Internet facilities. While Ctrip online travel agency is the leading player in China’s online travel market, Yatra and Cleartrip MakeMyTrip are India’s foremost online travel agencies (OTA). Online travel agencies are becoming the most preferred tool for bookings in the region.
COVID-19 Impact on the Global Online Travel Industry:
With the emergence of the COVID-19, the global online travel industry has experienced a sharp decline in demand, especially in 2020. The widespread coronavirus outbreak worldwide has resulted in complete lockdown in numerous countries and the sealing of the borders.
Moreover, the shutdown of the airline industry and the increasing fear of catching coronavirus while travelling have encouraged people to stay at their homes. All these determinants have negatively impacted the global online travel market.
This report’s key players profiled are
- Booking Holding
- Trip Advisor Inc.
- Trip.com Group Ltd.
- MakeMyTrip Limited
- Hostelworld Group PLC (HSW)
- Trivago N.V
- Despegar.com, Corp
- Lastminute.com Group
Key Topics Covered:
2. Research & Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
5. Global Online Travel Market
6. Market Share – Global Online Travel
6.1 By Type
6.2 By Booking Type
6.3 By Service Type
6.4 By Payment Mode
6.5 By Age Group
6.6 By Gender
6.7 By Device
6.8 By Region
7. Type – Global Online Travel Market
8. Booking Type – Global Online Travel Market
8.1 Online Travel Agencies
8.2 Direct Travel Suppliers
9. Service Type – Global Online Travel Market
9.2 Vacation Packages
9.3 Travel Accommodation
10. Payment Mode – Global Online Travel Market
10.3 Debit/Credit Card
11. Age Group – Global Online Travel Market
11.2 Generation X
11.3 Baby Boomers
11.4 Silver Hair
12. Gender – Global Online Travel Market
13. Devices Type – Global Online Travel Market
14. Region – Global Online Travel Market
14.1 North America
14.2 Western Europe
14.3 Asia Pacific
14.4 Latin America
14.5 Middle East and Africa
14.6 Central and Eastern Europe
15. Porters Five Forces
15.2 Bargaining Power of Buyers
15.3 Bargaining Power of Suppliers
15.4 Degree of Competition
15.5 Threat of New Entrants
15.6 Threat of Substitutes
16. Company Analysis
16.2 Recent Development
For more information about this report visit https://www.researchandmarkets.com/r/8i65mm