Online travel market has significant growth scope and is expected to reach USD 825 billion by 2025. The reports forecast the online travel market by mode of booking, platform, service type, and region. It highlights COVID-19 impact on the online travel industry.
Description
Online Travel Market: By Mode of Booking (Online Travel Agencies, and Direct Travel Suppliers), By Platform (Desktop, Smartphone, and Tablet), Service Type (Vacation Packages, Transportation, and Travel Accommodation), and by Region – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2020–2025)
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The online travel market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating in the global market. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region wise and segment-wise market share/growth analysis. The study of the report will outlook one of the most exhaustive analyses of the market, capturing all the aspects of the online travel industry.
Online Travel Market Introduction
Online travel operates through an online platform that allows customers to book various travel related services directly through the internet. They are third party reselling trips, vacation packages, hotels, cars, and flights, among others. Online travel has become popular nowadays due to the high usage of smartphones. Currently, customers are on-the-go, and the benefit of a booking engine and reservation solutions provided by the online travel company is that it allows for instant payment and booking confirmation. Online travel is becoming popular. Travelers use online travel 50% more than hotel websites to compare leisure travel options.
Online Travel Market Dynamics
Technological advances and changing preferences for online travel primarily drive the online travel market. Besides, the high penetration of smartphones and internet users in the global market is expected to play an essential role in the global online travel booking platform market. As internet connectivity has become a basic necessity at office, house, or even in public places, government authorities of various countries such as the US, Japan, India, China, and the UK are offering free Wi-Fi networks to some extent. With the potential growth in the internet and mobile phone industry, online travel companies such as MakeMyTrip and Expedia Group are introducing the user-friendly and innovative mobile application, which is escalating the demand for the global online travel market over the forecast period.
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However, there are no centralized systems that can streamline data between private travel agencies and government agencies, that resulted in difference. Thus, expected to create challenges in the growth of the online travel market in the upcoming years.
COVID-19 Impact on the Online Travel Market
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the online travel and tourism sectors. As per the UNWTO predicted, the global international tourist arrivals in 2020 is estimated to decrease by 20% to 30% compared to the previous year, which translates into a loss of $30-50 billion in travel expenses by the international visitors. Thus, possibilities of natural calamities are likely anticipated to hamper the growth of the tourism sector, including the online travel market, over the upcoming years.
Online Travel Market: Scope of the Report
The report outlines the study of the online travel market on the basis of mode of booking, platform, and service type.
Based on the mode of booking, the online travel market is segmented into-
- Online Travel Agencies
- Direct Travel Suppliers
Based on the platform, the online travel market is segmented into-
- Desktop
- Mobile
Based on service type, the online travel market is segmented into-
- Vacation Packages
- Transportation
- Travel Accommodation
Online Travel Market: Regional Outlook
The global online travel market is regionally divided into North America, Europe, Asia Pacific, and Middle East & Africa. In 2019, North America was expected to dominate the global online travel market and expected to dominate the market throughout the forecast period, i.e., from 2020 to 2025. The growth of the region is primarily driven by the high adoption of mobile booking technology and travel applications, along with the well-established IT infrastructure and easy availability of online services.
Considering the current market trend, Asia Pacific is estimated to grow at the highest CAGR growth rate in the online travel market during the forecast period owing to the presence of a large number of emerging economies and growth in average individual disposable income. Also, the rising penetration of internet and mobile users in the region due to the rapid development in the IT infrastructure and intense focus on tourism through government initiatives are further expected to lead the demand for online travel services in the domestic market in the coming years. Yatra, Cleartrip, and MakeMyTrip are the key players in India’s online travel market, whereas Ctrip is the leading online travel agency operating in China. Online travel is becoming the most preferred medium for booking in the region.
Competitive Landscape
The leading online travel service provider in the global market include Expedia, TripAdvisor LLC, Ctrip.Com International, Ltd., Priceline Group Inc., and Hostelworld Group.
Other online travel service provider includes Cheapoair.Com, Thomas Cook Group PLC, Alibaba Group, MakeMytrip, Trivago Gmbh, TUI Group, Airbnb, Inc., Hays Travel Limited, Elong Inc., and Yatra Online Pvt. Ltd.
- In September 2018, TUI Group acquired Musement; this acquisition aimed to assist TUI to diversify its travel experience services and make its customer-friendly.
- In June 2018, the company Cleartrip acquired Flyin, to help the company to gain a broader client base, improving its competencies in the Middle East & Africa.
- In February 2018, ATPCO acquired Routehappy, a company that gives merchandising tools, flight scores, and cabin amenity data.
The online travel market report provides a thorough analysis of macro-economic factors along with the market attractiveness of every segment. The report will include an in-depth qualitative and quantitative assessment of segmental/regional outlook with the presence of the market players in the respective segment and region/country. The information concluded in the report includes the inputs from industry participants and industry experts across the value chain.
The online travel market report covers comprehensive analysis on:
- Market Dynamics
- Market Segmentation
- Regional Analysis
- Market Size in Value and Volume
- Pricing Analysis
- Supply & Demand Analysis
- Supply Chain/Value Chain
- Trade Analysis
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