DUBLIN, February 11, 2022 /PRNewswire/ — The “Online Travel Market, Size, Global Forecast 2022-2027, Industry Trends, Share, Growth, Impact of COVID-19, Opportunity Business Analysis” report has been added to from ResearchAndMarkets.com offer.
The size of the global online travel market is expected to be US$1,463.98 billion by 2027, US$800.72 billion in 2021
Most industries have fully digitized over the past decade. In particular, the travel industry has gone to great lengths to cultivate its online presence.
The online travel industry primarily reviews travel e-commerce websites and sites. It offers the convenience of booking from home and often attracts consumers with price reduction packages and options. As a result, many travelers have moved away from traditional travel agencies to online options to book their trips.
In addition, increasing purchasing power of the people, government initiative to spread tourism, growing internet and credit card penetration, emergence of new online segments are driving the major global market for online travel. Most of the growth in the global online travel market is believed to come from the increasing penetration of international flight and hotel bookings offered by online portals such as Booking.com, TripAdvisor.com, Skyscanner.com, etc.
The global online travel industry will grow with a CAGR of 10.58% from 2021 to 2027
Based on type, the global online travel industry is segmented into package tours and direct travel. Direct travel agencies allow customers to engage when researching, booking or planning their trips. The online direct travel agency can be on a mobile app or a website through which 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 providers. Online travel agencies are becoming the world’s preferred way of booking. Over the past 25 years, the rise 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 a hybrid between an e-commerce platform and a travel agency. OTAs from giants such as Expedia, Booking.com and Trip.com have conquered the global online travel market (hotels, airlines, tour packages, rail and cruises).
Furthermore, the travel accommodation segment is expected to maintain its lead in the online travel services market. As the world has integrated, companies are expanding their businesses across the globe and as a result, travel accommodation has become the largest contributor to the online travel market. Travelers can choose online from 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 device type, the market is split into mobile/tablet and desktop. Online travel booking via mobile/tablet and desktop is the preferred way of booking for most young explorers due to its user-friendliness, convenience and every day opening minute. Digital consumer trends continue to change.
Desktop usage continues to decline and mobile continues to grow and vice versa. However, even these trends continue to evolve rapidly, so the online travel industry must adapt accordingly. 82% of all travel bookings worldwide took place without human interaction in 2018, according to STRATOS.
In recent years, online payment methods such as UPI, e-wallets, debit/credit cards and others have gained popularity in the online travel industry. UPI and E-Wallets are the preferred payment methods. All over the world, 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.
The baby boomer age group is driving the development of the online travel market
By age group, the online travel market includes Millennials, Generation X, Baby Boomers, and Silver Hair. Baby boomer travellers, mostly men and women, occupy a significant share of the market. Baby boomers have more money, time and the desire to travel.
During their travels, they seek new experiences; participate in active holidays, including sightseeing and learning about new cultures. Nevertheless, the 25 to 40 age group of millennials includes business travelers and young beginners in their professional careers. These business travelers are more likely to spend on travel and explore new destinations than travelers in the older age group.
Asia Pacific: The most lucrative online travel market
Based on geography, Asia Pacific has the strongest growth potential in the online travel market, with China and India being the most lucrative markets.
The growth is associated with the rise of the middle class segment, disposable income and higher penetration of internet facilities. While the online travel agency Ctrip is the leading player in China online travel market, Yatra and Cleartrip MakeMyTrip are india major online travel agencies (OTAs). Online travel agencies are becoming the preferred booking tool in the region.
Impact of COVID-19 on the global online travel industry:
With the emergence of COVID-19, the global online travel industry has seen a sharp drop in demand, especially in 2020. The widespread outbreak of coronavirus around the world has led to complete lockdowns in many countries and border closures.
Additionally, the shutdown of the airline industry and growing fear of catching the coronavirus while traveling has encouraged people to stay home. All of these determinants have had a negative impact on the global online travel market.
Key players profiled in this report are
Main topics covered:
2. Research and methodology
3. Executive Summary
4. Market dynamics
4.1 Drivers of growth
5. Global Online Travel Market
6. Market Share – Global Online Travel
6.1 By type
6.2 By type of booking
6.3 By type of service
6.4 By payment method
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. Type of Service – Global Online Travel Market
9.2 Vacation Packages
9.3 Travel accommodation
10. Method of Payment – Global Online Travel Market
10.2 Electronic wallets
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. Device 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. Carriers 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. Business Analysis
16.2 Recent Development
For more information on this report, visit https://www.researchandmarkets.com/r/a3ijit
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SOURCE Research and Markets