USD 1105.80 billion
Online Travel Market Size, Share, Growth Analysis, By Platform Type(Mobile and Desktop), By Booking Mode(Online Travel Agencies and Direct Travel Agencies), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25O2015 |
Region:
Global |
Published Date: April, 2024
Pages:
223
|Tables:
59
|Figures:
77
Online Travel Market Insights
Global Online Travel Market size was valued at USD 1105.80 billion in 2022 and is poised to grow from USD 1237.39 billion in 2023 to USD 3041.92 billion by 2031, growing at a CAGR of 11.90% during the forecast period (2024-2031).
The changing consumer habits, expanding social media influence, increased disposable income, and global trend towards adventure travel are all factors that have contributed to the market expansion. Additionally, the business has recently been driven by the rise in international travel. The United Kingdom was home to more than 605,130 students from outside the country, according to official statistics from the Higher Education Statistics Agency. According to estimates, Chinese origin made up more than 30% of all international students. Travel technology makes it possible for customers to obtain travel-related services in a far more convenient and cost-effective way than traditional offline services, which is likely to propel industry growth during the projection period. Additionally, travel companies are introducing speedy, mobile-friendly websites that are easy to use on smartphones. Travellers may plan and book their vacations online with the help of these websites, which include peer reviews, simple price comparisons, and 360-degree video tours. Throughout the forecast period, this is anticipated to accelerate growth. However, there are a few potential concerns, including erratic climate change and environmental deterioration. Expanding internet platforms and reliable providers of hotels, vacation packages, and other services around the world are creating new opportunities for the business, which is predicted to grow more quickly in the coming years.
US Online Travel Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Desktop
Fastest Growth
Desktop
Growth Rate
11.90% CAGR
Global Online Travel Market ($ Bn)
Country Share for Aisa Pacific Region (%)
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Online Travel Market Segmental Analysis
Global Online Travel Market is segmented on the basis of platform type, booking mode, service type and region. By platform type, the market is segmented into mobile and desktop. By booking mode, the market is segmented into online travel agencies, direct travel agencies. By service type, the market is segmented into transportation, accommodation, vacation packages. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Online Travel Market Analysis by Booking Mode
With a revenue share of over 80% in 2022, direct travel agencies accounted for the majority of sales. This is because travel agents offer extensive excursions and holiday packages while taking their clients' comfort and financial situations into account on a global scale. The ability to book hotels and flights quickly, as well as the chance to evaluate many accessible travel options, are other reasons why individuals are urged to buy their vacation packages through online travel agencies. The industry's growth is anticipated to accelerate as consumer confidence in online payments rises.
The fastest CAGR from 2022 to 2030 will be 10.7% for the online booking segment. The market is being pushed by an increase in the number of consumers using online travel agents to book hotels, travel packages, and other services because of how convenient and personalized they are. Moreover, significant actions done by market participants, including online campaigns and social media advertising, are likely to entice potential customers to begin their bookings through the online booking method, which is anticipated to hasten industry expansion. Additionally, the market has been driven in recent years by globalization, an increase in the middle class in developing economies, and rising disposable income.
Global Online Travel Market Analysis by Platform Type
With a revenue share of over 60.10% in 2022, the desktop market commanded the biggest market share. Industry growth is being accelerated by the growing use of desktop or web browsing to get thorough information about travel and hotel bookings. Additionally, people are more comfortable using desktop computers to purchase bigger items like vacation packages and flights. Additionally, the conversion rate for desktops is higher than that for mobile devices, with 85% of customers abandoning their trip purchases, which would spur industry expansion.
The fastest CAGR from 2022 to 2030, 9.91%, will be seen in the mobile segment. This is a result of mobile and internet usage and penetration increasing globally. The busy schedules of young and working consumers as well as the existence of reputable online travel firms are further driving industry expansion. The segment has grown as a result of the quick and easy hotel and airfare bookings made possible by marketplace platforms and the large range of services made available through mobile applications. Furthermore, the market growth is being accelerated during the projection period by the advent of rapid, mobile-friendly, and user-friendly applications for smartphones by travel booking firms.
Global Online Travel Market By Platform Type
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Online Travel Market Regional Insights
During the study period, the Asia Pacific online travel market is anticipated to expand significantly, reaching 451.97% in 2022. People's increased purchasing power and greater living standards are two key elements luring them into the travel & tourism industry and driving the expansion of the regional internet travel market. Furthermore, the group travel industry has been significantly accelerated and encouraged by regional economic growth, the convenience of travel restrictions, growing competition, and aggressive promotion techniques used by the sector's involved players. These factors are anticipated to accelerate the growth of the online travel industry over the course of the assessment period.
Due to rising income levels throughout the area, an improved business climate in European nations, and government programmers to promote travel and tourism, the European online travel industry is the second largest in the world. In addition, a lot of people like to travel since Europeans want to discover new places. Additionally, the rise in independent/solo travelers as well as the rise in online travel agents are anticipated to fuel growth throughout the course of the projected period. Additionally, the highest market share in the European region for online travel was held by the Italian market, while the fastest-growing market was in Germany.
Global Online Travel Market By Region
- Largest
- Fastest
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Online Travel Market Dynamics
Global Online Travel Market Drivers
Mobile Applications and Technology Advancements will Aid Market Growth
- The advent of mobile applications has revolutionized the online travel market. Mobile apps allow travelers to access travel services on the go, providing real-time updates, itinerary management, and seamless booking experiences. Technological advancements such as augmented reality (AR) and virtual reality (VR) have further enhanced the online travel experience by offering immersive and interactive travel previews.
- Online travel agencies have played a pivotal role in the growth of the online travel market. These platforms act as intermediaries between travelers and travel service providers, offering a one-stop solution for booking flights, hotels, rental cars, and more. The presence of OTAs has significantly increased the visibility and accessibility of travel services, fueling market growth.
Global Online Travel Market Restraints
Dependency on Internet Connectivity to Hinder Market Growth
- The online travel market heavily relies on internet connectivity, and any disruptions or limitations in internet access can hinder the booking process and customer experience. In areas with limited or unreliable internet infrastructure, travelers may face difficulties in accessing online travel platforms and making bookings.
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Online Travel Market Competitive Landscape
To increase their market share, increase profitability, and keep their position as the dominant players in the online travel sector, these companies have adopted a variety of developmental techniques. Online travel industry participants are developing updated smartphone applications that attract millennial travelers with fantastic travel offers and simple booking. Due to its usefulness, ease, and accessibility, mobile devices are also the preferred method of trip booking for the majority of young travelers. Players in the market are offering a greater variety of hotels at reasonable rates to travelers. Customers check lodging choices on numerous websites to find the greatest cost.
Top Player’s Company Profiles in Global Online Travel Market
- Booking Holdings Inc. (United States)
- Expedia Group, Inc. (United States)
- Ctrip.com International, Ltd. (China)
- Trip.com Group Ltd. (China)
- Airbnb, Inc. (United States)
- MakeMyTrip Limited (India)
- eDreams ODIGEO (Spain)
- Despegar.com, Corp. (Argentina)
- TripAdvisor, Inc. (United States)
- Trivago N.V. (Germany)
- H.I.S. Co., Ltd. (Japan)
- Agoda Company Pte. Ltd. (Singapore)
- Rakuten Travel Inc. (Japan)
- Yatra Online, Inc. (India)
- Wotif.com Holdings Pty Ltd (Australia)
- CheapOair.com (United States)
- Traveloka (Indonesia)
- Kiwi.com (Czech Republic)
- Opodo Ltd. (United Kingdom)
- eSky Group (Poland)
- Goibibo (India)
- Lastminute.com Group (United Kingdom)
Global Online Travel Market Recent Developments
- In November 2022, A corporate self-booking facility was made available by EaseMyTrip.com, one of India's top travel technology portals. With the use of this service, business travellers and organizations may make reservations for their trips because it streamlines the booking process. To become more effective and resourceful, this tool makes use of AI technologies like machine learning and data mining.
- In October 2022, MakeMyTrip (MMT) introduced a novel payment option dubbed "Book Without Payment" that enables both domestic and international travellers to reserve lodging in India or overseas without paying anything up front.
Online Travel Key Market Trends
- The increasing social media platforms have become integral in the travel planning and decision-making process. Travelers often seek inspiration, recommendations, and reviews through social media channels. Influencers and user-generated content contribute to shaping travel preferences and influencing online bookings.
Online Travel Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the online travel market has witnessed substantial growth, driven by the increasing adoption of internet connectivity, advancements in technology, and changing consumer preferences. The market size has expanded significantly, and online travel sales continue to grow globally. There has been a significant shift from traditional offline bookings to online platforms. Consumers now prefer the convenience, accessibility, and cost-saving opportunities offered by online travel platforms. The penetration of smartphones and internet connectivity has played a crucial role in driving this shift. The global online travel market has experienced significant growth and disruption, driven by technological advancements, changing consumer preferences, and the convenience offered by online platforms. The market is poised for further expansion as travellers increasingly embrace digital channels for their travel needs. However, companies in the industry must stay agile and adapt to evolving trends and challenges to maintain a competitive edge.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1105.80 billion |
| Market size value in 2031 | USD 3041.92 billion |
| Growth Rate | 11.90% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Online Travel Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Online Travel Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Online Travel Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Online Travel Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Online Travel Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Online Travel Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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