Market Analysis
The online travel market will touch USD 2214.70 billion at a favorable 11.8% CAGR by 2030, states the latest Market Research Future (MRFR) report. Online travel refers to the purchasing of travel services and products, such as flights, hotel accommodations, car hire, and package holidays, through the internet. Online travel agents offer customers a wide range of services, such as booking flights, hotels, and car rentals, as well as providing information on destinations and attractions. In recent years, online travel has become increasingly popular due to the convenience, affordability, and wide range of services offered. Additionally, many online travel agents offer exclusive discounts on their services, making them even more attractive to customers.
Drivers
Increase in Mobile Usage to Boost Market Growth
Technology has transformed the manner in which people travel and communicate across the globe. With an increase in the usage of mobiles and evolving technology, efficient and easy methods are being created for making traveling comfortable and easy thus boosting the online travel market growth. Various mobile travel apps are gaining pace gradually in the market and travellers prefer the same for making their travelling arrangements. Hassle-free maneuvering and easy accessibility through online travel sites are key reasons behind the market growth.
Opportunities
Demand for Travel from Solo Travelers to offer Robust Opportunities
Solo traveling has turned increasingly popular because of changing lifestyles and the majority partnering and settling down much later in life. Besides, the young population is taking gap years for travelling independently, the growing acceptance of solo travel, and increase in divorce rates in many countries will offer robust opportunities for the market in the forecast period.
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Restraints and Challenges
Government Regulations to act as Market Restraint
Restrictions imposed owing to the COVID-19 pandemic that resulted in significant downfall in sales, government regulations, and geopolitical tensions may act as market restraints and challenges over the forecast period.
COVID-19 Analysis
Lack of consumer spending and financial crisis during the COVID-19 pandemic has created a significant threat for the travel intermediaries. Besides, the negative effect on lodging and airline bookings has compelled travel companies in stopping their operations completely and also lay off employees. All these took a toll on the online travel market growth which is slowly returning to normalcy with the relaxation of the lockdown.
Market Segmentation
The global online travel market is bifurcated based on service type, mode of booking, and platform type.
By platform type, the mobile/tablets segment will lead the market over the forecast period.
By mode of booking, online travel agencies will dominate the market over the forecast period.
By service type, the accommodation segment will spearhead the market over the forecast period.
Regional Analysis
North America to Remain Domineer in Online Travel Market
North America will remain domineer in the online travel market and will grow at an 11.8% CAGR by 2023. Increasing demand for CRM solutions across different industries coupled with the growing adoption of travel apps and mobile booking technology are adding to the global online travel market growth in the region.
The APAC region will have admirable growth in the market over the forecast period for advancements in technology in the travel sector. China has the second-biggest online travel market followed by the United States. India too is a lucrative market.
Key Players
Eminent industry players profiled in the online travel market report include Expedia Inc. (US), Booking Holdings Inc. (US), TripAdvisor Inc. (US), Ctrip.com International Ltd (China), FlixMobility GmbH (Germany), Ryanair DAC (Ireland), Thomas Cook Group PLC (UK), MakeMyTrip (India) Pvt. Ltd (India), Alibaba Group Holding Limited (China), Airbnb Inc. (US) and eDreams ODIGEO SA (Luxembourg). Besides, other companies include Hostelworld Group (Ireland), Hotel Urbano Travel and Tourism SA (Brazil), CheapOair.Com (US), AirGorilla, LLC (California), Hays Travel limited (UK), Yatra Online Private Limited (India), and Tuniu Corporation (China).
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Industry Updates
Travel + Leisure has recently launched online trip booking functionality as well as subscription memberships. Through this platform club members can reap premium perks such as preferred pricing and benefits and exclusive itineraries.
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