Global Online Travel Market Size is projected to be US$ 1,463.98 Billion by 2027. 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.
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.
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.
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.
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.
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 Airbnb, Expedia, Booking Holding, Trip Advisor Inc., Trip.com Group Ltd., MakeMyTrip Limited, Hostelworld Group PLC (HSW), Trivago N.V, Despegar.com, Corp, Lastminute.com Group.
This latest Report "Online Travel Market Global Forecast by Type (Package, Direct) Booking Type (Online Travel Agencies, Direct Travel Suppliers), Service Type (Transportation, Vacation Packages, Travel Accommodation), Payment Mode (UPI, E-Wallets, Debit/Credit Card, Other), Age Group (Millennial, Generation X, Baby Boomers, Silver Hair), Gender (Male, Female) Devices Type (Mobile/Tablet, Desktop), Region (North America, Western Europe, Asia Pacific , Latin America, Middle East and Africa, Central and Eastern Europe), Company Analysis (Airbnb, Expedia, Booking Holding, Trip Advisor Inc., Trip.com Group Ltd., MakeMyTrip Limited, Hostelworld Group PLC (HSW), Trivago N.V, Despegar.com, Corp, Lastminute.com Group)" Provides complete details on Global Online Travel Market.
1. Package
2. Direct
1. Online Travel Agencies
2. Direct Travel Suppliers
1. Transportation
2. Vacation Packages
3. Travel Accommodation
1. UPI
2. E-Wallets
3. Debit/Credit Card
4. Other
1. Millennial
2. Generation X
3. Baby Boomers
4. Silver Hair
1. Male
2. Female
1. Mobile/Tablet
2. Desktop
1. North America
2. Western Europe
3. Asia Pacific
4. Latin America
5. Middle East and Africa
6. Central and Eastern Europe
1. Airbnb
2. Expedia
3. Booking Holding
4. Trip Advisor Inc.
5. Trip.com Group Ltd.
6. MakeMyTrip Limited
7. Hostelworld Group PLC (HSW)
8. Trivago N.V
9. Despegar.com, Corp
10. Lastminute.com Group
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 Airbnb, Expedia, Booking Holding, Trip Advisor Inc., Trip.com Group Ltd., MakeMyTrip Limited, Hostelworld Group PLC (HSW), Trivago N.V, Despegar.com, Corp, Lastminute.com Group.
This latest Report "Online Travel Market Global Forecast by Type (Package, Direct) Booking Type (Online Travel Agencies, Direct Travel Suppliers), Service Type (Transportation, Vacation Packages, Travel Accommodation), Payment Mode (UPI, E-Wallets, Debit/Credit Card, Other), Age Group (Millennial, Generation X, Baby Boomers, Silver Hair), Gender (Male, Female) Devices Type (Mobile/Tablet, Desktop), Region (North America, Western Europe, Asia Pacific , Latin America, Middle East and Africa, Central and Eastern Europe), Company Analysis (Airbnb, Expedia, Booking Holding, Trip Advisor Inc., Trip.com Group Ltd., MakeMyTrip Limited, Hostelworld Group PLC (HSW), Trivago N.V, Despegar.com, Corp, Lastminute.com Group)" Provides complete details on Global Online Travel Market.
Global Online Travel Market - Type breakup by 2 viewpoints
1. Package
2. Direct
Global Online Travel Market - Booking Type breakup by 2 viewpoints
1. Online Travel Agencies
2. Direct Travel Suppliers
Global Online Travel Market - Service Type breakup by 3 viewpoints
1. Transportation
2. Vacation Packages
3. Travel Accommodation
Global Online Travel Market - Payment Mode breakup by 4 viewpoints
1. UPI
2. E-Wallets
3. Debit/Credit Card
4. Other
Global Online Travel Market - Age Group breakup by 4 viewpoints
1. Millennial
2. Generation X
3. Baby Boomers
4. Silver Hair
Global Online Travel Market - Gender breakup by 2 viewpoints
1. Male
2. Female
Global Online Travel Market - Devices Type breakup by 2 viewpoints
1. Mobile/Tablet
2. Desktop
Global Online Travel Market - Region breakup by 6 viewpoints
1. North America
2. Western Europe
3. Asia Pacific
4. Latin America
5. Middle East and Africa
6. Central and Eastern Europe
All key players have been covered from 3 viewpoints
- Overview
- Recent Developments
- Revenue Analysis
Company Analysis
1. Airbnb
2. Expedia
3. Booking Holding
4. Trip Advisor Inc.
5. Trip.com Group Ltd.
6. MakeMyTrip Limited
7. Hostelworld Group PLC (HSW)
8. Trivago N.V
9. Despegar.com, Corp
10. Lastminute.com Group
Frequently Asked Questions about the Global Online Travel Market
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| Report Attribute | Details |
|---|---|
| No. of Pages | 175 |
| Published | January 2022 |
| Forecast Period | 2021 - 2027 |
| Estimated Market Value ( USD
| USD 800.72 Billion |
| Forecasted Market Value ( USD
| USD 1463.98 Billion |
| Compound Annual Growth Rate | 10.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
Table of Contents
1. Introduction2. Research & Methodology3. Executive Summary5. Global Online Travel Market
4. Market Dynamics
6. Market Share - Global Online Travel
7. Type - Global Online Travel Market
8. Booking Type - Global Online Travel Market
9. Service Type - Global Online Travel Market
10. Payment Mode - Global Online Travel Market
11. Age Group - Global Online Travel Market
12. Gender - Global Online Travel Market
13. Devices Type - Global Online Travel Market
14. Region - Global Online Travel Market
15. Porters Five Forces
16. Company Analysis
List of Figures:
List of Tables:
Companies Mentioned
- Airbnb
- Expedia
- Booking Holding
- Trip Advisor Inc.
- Trip.com Group Ltd.
- MakeMyTrip Limited
- Hostelworld Group PLC (HSW)
- Trivago N.V
- Despegar.com, Corp
- Lastminute.com Group
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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