The global online travel market size reached US$ 459.7 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 942.3 Billion by 2028, exhibiting a growth rate (CAGR) of 11.5% during 2023-2028.
Online travel agencies (OTAs) enable tourists to research and book travel services, including hotel accommodations, flights, cars, tours, and cruises, after comparing the prices, offers, discounts and access reviews. They can reduce the response time from organizations to customers with rapid online data transmission, which enhances the booking experience of the travelers. At present, hotels across the globe are relying on OTAs to obtain more visibility and increase their overall sales and profitability.
2. What is the expected growth rate of the global online travel market during 2023-2028?
3. What are the key factors driving the global online travel market?
4. What has been the impact of COVID-19 on the global online travel market?
5. What is the breakup of the global online travel market based on the service type?
6. What is the breakup of the global online travel market based on the platform?
7. What is the breakup of the global online travel market based on the mode of booking?
8. What is the breakup of the global online travel market based on the age group?
9. What are the key regions in the global online travel market?
10. Who are the key players/companies in the global online travel market?
Online travel agencies (OTAs) enable tourists to research and book travel services, including hotel accommodations, flights, cars, tours, and cruises, after comparing the prices, offers, discounts and access reviews. They can reduce the response time from organizations to customers with rapid online data transmission, which enhances the booking experience of the travelers. At present, hotels across the globe are relying on OTAs to obtain more visibility and increase their overall sales and profitability.
Online Travel Market Trends:
The thriving travel and tourism industry on account of the decreasing airline fares and favorable governmental policies represents one of the key factors propelling the growth of the market. OTAs offer market insights and tools for targeting tourists, securing and processing bookings, communicating with guests, and managing reviews. Moreover, leading players are focusing on aggressive promotional activities using online and television (TV) advertising, billboards and sponsorships, social media, and other marketing channels. This, coupled with the increasing sales of laptops, tablets, and smartphones, is positively influencing the market. Besides this, the Internet provides virtual representations like 3D interactive tours to convey a clear impression of the travel destinations, thereby allowing an indirect experience that surpasses the possibilities of conventional travel agents. As a result, the traditional booking method through travel agents has evolved into a fast-paced, last-minute booking approach facilitated by information and communication technologies (ICTs). This, along with the rising popularity of solo travel, is creating a positive outlook for the market. Other factors, such as rapid advancements in communication and transportation and the increasing number of business travelers worldwide, are projected to facilitate the growth of the market in the upcoming years.Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global online travel market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on service type, platform, mode of booking and age group.Breakup by Service Type:
- Transportation
- Travel Accommodation
- Vacation Packages
Breakup by Platform:
- Mobile
- Desktop
Breakup by Mode of Booking:
- Online Travel Agencies (OTAs)
- Direct Travel Suppliers
Breakup by Age Group:
- 22-31 Years
- 32-43 Years
- 44-56 Years
- Above 56 Years
Breakup by Region:
North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
Latin America
- Brazil
- Mexico
- Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Expedia Group Inc., Fareportal Inc., Hostelworld Group plc, HRS, Hurb, MakeMyTrip Pvt. Ltd., priceline.com LLC (Booking Holdings Inc.), Thomas Cook India Ltd. (Fairfax Financial Holdings Limited), Tripadvisor Inc. and Yatra.com.Key Questions Answered in This Report
1. What was the size of the global online travel market in 2022?2. What is the expected growth rate of the global online travel market during 2023-2028?
3. What are the key factors driving the global online travel market?
4. What has been the impact of COVID-19 on the global online travel market?
5. What is the breakup of the global online travel market based on the service type?
6. What is the breakup of the global online travel market based on the platform?
7. What is the breakup of the global online travel market based on the mode of booking?
8. What is the breakup of the global online travel market based on the age group?
9. What are the key regions in the global online travel market?
10. Who are the key players/companies in the global online travel market?
Table of Contents
1 Preface3 Executive Summary12 Value Chain Analysis14 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Online Travel Market
6 Market Breakup by Service Type
7 Market Breakup by Platform
8 Market Breakup by Mode of Booking
9 Market Breakup by Age Group
10 Market Breakup by Region
11 SWOT Analysis
13 Porters Five Forces Analysis
15 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Expedia Group Inc.
- Fareportal Inc.
- Hostelworld Group plc
- HRS
- Hurb
- MakeMyTrip Pvt. Ltd.
- priceline.com LLC (Booking Holdings Inc.)
- Thomas Cook India Ltd. (Fairfax Financial Holdings Limited)
- Tripadvisor Inc. and Yatra.com
Methodology
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 143 |
| Published | May 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 459.7 Billion |
| Forecasted Market Value ( USD | $ 942.3 Billion |
| Compound Annual Growth Rate | 12.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 9 |
