According to the latest report of the IMARC group, entitled “Global Online Travel Market TrendsSize, Share, Industry Growth, Opportunity and Forecast 2022-2027“, the global online travel market reached a value of US$407.1 billion in 2021. Looking ahead, IMARC Group expects the market to reach a value of US$843.52 billion. by 2027, growing at a CAGR of 11.70% in 2022-2027.
Online travel includes various services offered by third-party agencies on behalf of other companies, allowing travelers to research and book hotels, flights, cars and activities. These services are typically provided by Online Travel Agencies (OTAs) that arrange and sell accommodation, travel, tours, and transportation through an online platform. They also help reduce organizations’ response time to customers and allow users to compare prices, access reviews, and take advantage of deals and discounts. As a result, online travel is gaining popularity among consumers due to its convenience and enhanced booking experience; and between hotels to increase visibility, sales and overall profitability.
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Note: We regularly track the direct effect of COVID-19 on the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.
Online Travel Market Trends and Drivers:
The global online travel market is mainly driven by the expansion of the travel and tourism industry and rising internet penetration rates. Additionally, the growing popularity of virtual representations, such as 3D interactive tours that offer better information about travel destinations, has eliminated the need for conventional travel agents.
With this in mind, the shift in consumer preferences from traditional booking methods through travel agents to fast online booking has increased the demand for products. In addition, the increasing adoption of aggressive promotional activities by key players, such as online and television (TV) advertising, billboards, sponsorships and social media advertisements, has catalyzed the market growth.
Other factors, including the emerging trend of solo and business travel, favorable government initiatives, lower airfares and advances in information and communication technology (ICT), are also expected to further boost the market.
Analysis and segmentation of the global online travel market 2022-2027:
The competitive landscape of the market has been studied in the report with the detailed profiles of the major players operating in the market.
Expedia Group Inc., Farereportal 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.
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The report has segmented the market based on region, service type, platform, booking mode and age group.
Breakdown by type of service:
• Travel accommodation
• Vacation Packages
Breakdown by platform:
Breakdown by booking method:
• Online Travel Agencies (OTA)
• Direct travel providers
Breakdown by age group:
• 22-31 years old
• 32-43 years old
• 44-56 years old
• Over 56
Breakdown 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
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Main highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter’s Five Forces Analysis
• Market drivers and success factors
• SWOT analysis
• Value chain
• Complete mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as part of the customization.
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