Online Travel Market Highlights:
The global online travel market was valued at USD 570.25 billion in 2017, and by 2023, it could touch a valuation of USD 1,134.55 billion, reveals Market Research Future (MRFR). MRFR adds that the market is projected to attain a CAGR of 13.16% during the forecast period (2017-2023).
The global online travel market benefits primarily from the soaring customer demand in emerging and developed nations for international tours. The market is also lucratively shaped by the increasing trend of travel service sellers that strive to reach the customers directly. This prompts several travel agencies to branch out in other areas, which could elevate the growth trajectory of the online travel market in subsequent years.
Social media platforms have emerged as a prominent marketing opportunity for online travel companies in recent years. Given the large-scale use of social media by consumers, their preferences and interests are easily tracked which helps travel companies to target those that are likely to opt for travel experiences and who can also afford travel packages. These factors offer online travel companies a highly comprehensive insight into customer wants and behavior.
Another major trend making its way into the Online Travel Marketis the rising preference among travel companies to provide various other services including food and shopping experiences. With the increasing focus of primary suppliers like railway and airlines authorities on reaching out directly to customers, online travel companies are expected to expand in other areas to engage customers. Apart from this, growing use of apps, as well as online shopping portals by key suppliers of transportation options, could elevate the market position in the near future. Citing a reference, in April 2019, a renowned online travel agency in Southeast Asia named Traveloka started providing entry to spas, hotels, and movie theaters. This move was mirrored by numerous companies around the world, depicting the popularity of such aspects in the transportation sector.
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The top players in the worldwide online travel market include Alibaba Group Holding Limited (China), TripAdvisor Inc. (US), Thomas Cook Group PLC (UK), Expedia Inc. (US), MakeMyTrip (India) Pvt. Ltd (India), Ryanair DAC (Ireland), eDreams ODIGEO SA (Luxembourg), Airbnb Inc. (US), Ctrip.com International Ltd (China), Booking Holdings Inc. (US), FlixMobility GmbH (Germany), among others.
Few other companies enlisted in the MRFR report are Hays Travel limited (UK), Yatra Online Private Limited (India), CheapOair.Com (US), AirGorilla, LLC (California), Hotel Urbano Travel and Tourism SA (Brazil), Tuniu Corporation (China), Hostelworld Group (Ireland), to name a few.
The worldwide online travel market has been split into platform type, mode of booking, and service type.
The types of platforms are mobile/tablets-based and desktop-based platform.
With respect to the mode of booking, the segments covered by the report are online travel agencies and direct travel facilitators.
With context to the service type, the market includes accommodation, transportation, and vacation packages. The transportation segment consists of air travel, train travel, bus travel, and others. The accommodation segment can be divided into hotels and guest house/dormitory, while the vacation packages segment has been considered for in-country and outside country.
The online travel market is mainly concentrated in the regions of Europe, North America, Asia Pacific (APAC), Middle East and Africa (MEA) and South America.
In 2017, North America was identified as the leading market for online travel with a share of 34%. The market value in the region was estimated at USD 192.46 billion the same year. Europe was the second-largest market for online travel in 2017 and could achieve a CAGR of 12.0% in the given timeframe. However, the online travel market in Asia Pacific is touted to record the highest CAGR of 15.9% from 2017 to 2023.
North America is hailed as the top online travel market, on account of soaring demand for customer relationship management (CRM) solutions for personalizing the services that meet with certain needs of travel and hospitality companies. In the United States (US), the travel and tourism industry does not come under any single entity such as tourism ministry or bureau. Instead, the industry is incorporated into several federal agencies that are part of the government. Travel agencies based in Canada are now focusing on accelerating online travel sales. The regional market also benefits from the boost in adoption of mobile booking technology as well as travel apps.
Increasing inbound tourism along with international investments, could work in favor of the online travel market in Europe. In addition, a variety of offers on travel packages provided by many companies are attracting more customers, which gives way to fierce competition among suppliers.
The increasing use of the Internet coupled with the emergence of low-cost carriers are expected to contribute immensely to the online travel market in APAC. Proliferation of mobile devices combined with technology-driven tools and platforms has changed the dynamics of the travel industry in the region.
The MEA and South America markets can depict significant growth during the review period, given the stupendous boom in the tourism industry. Also, increasing number of affluent consumers opting for ambitious travel options in the region is estimated to help the market make massive revenues in the near future.
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Table of Contents
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
List of Tables
Table 1 Global Online Travel Market: By Region, 2017-2023
Table 2 North America Online Travel Market: By Country, 2017-2023
Table 3 Europe Online Travel Market: By Country, 2017-2023
List of Figures
Figure 1 Global Online Travel Market Segmentation
Figure 2 Forecast Methodology
Figure 3 Five Forces Analysis of Global Online Travel Market
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