Online Travel Market – Global Opportunities & Forecast, 2020-2027

 GMI Research market report focuses on providing an overview of the industry through detailed market segmentation. The report has information related to the overview and scope of the market followed by the key drivers, restraints, and emerging trends in the market. This report is especially designed to include both qualitative and quantitative aspects of the industry in each region and country included in the study.

List of Significant Manufacturers in the Online Travel Market include:

·         Booking Holdings Inc.

·         Expedia Group

·         Trip.com Group Limited

·         TripAdvisor LLC

·         Hurb

·         Hostelworld Group

·         CheapOair.Com

·         Thomas Cook Group plc

·         Trivago

·         MakeMyTrip Pvt. Ltd.  

Online Travel Market Drivers and Restraints:

The major factors accelerating the growth of the global online travel market include the rising tourism industry, coupled with the growing penetration of internet usage and smartphone users across numerous countries. In addition to this, the growing implementation of technological advancements in the online travel industry and the increasing use of mobile applications has made the booking to travel more flexible and easier. This factor is further propelling the growth of the global online travel market. Moreover, growing per capita income, rapid urbanization, economic growth, and shifting lifestyle of the customers shifting towards more improved services and comfort will positively influence the growth of the market.

Various services provided by online travel, including online reviews checking of the hotels and transportation ability, secure & easy payment modes, free & easy cancellation, is a factor bolstering the demand for online travel among the customers across the world. The rising trust of the customers in online payment and the introduction of the numerous advanced versions of mobile applications having better deals are the factors boosting the growth of the global online travel market. On the other hand, the factors that are hindering the growth of the global online travel market include growing concerns regarding safety and security during online booking and payment.

With the outbreak of the COVID-19 pandemic, the online travel industry has experienced a sharp fall in demand, particularly in 2020. The widespread emergence of the coronavirus worldwide has resulted in complete lockdown in various countries and sealing the borders. In addition to this, the shutdown of the airline industry and the rising fear of catching coronavirus while traveling has pushed people to stay at their homes. All these factors have negatively influenced the growth of the market. However, the market is expected to bounce back in 2021 while growing at a significant rate from 2022 onwards.

Segmentation: Online Travel Market

Online Travel Market: By Mode of Booking

·         Direct Travel Suppliers

·         Online Travel Agencies (OTAs)

Online Travel Market: By Types of Platform

·         Desktop

·         Mobile

Online Travel Market: By Services Type

·         Travel Accommodation

·         Transportation

·         Vacation Packages

Online Travel Market: By Age Group

·         22-31

·         32-43

·         44-56

·         >56

Online Travel Market: By Region

·         North America

o   United States of America

o   Canada

·         Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·         Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

·         RoW

o   Brazil

o   South Africa

o   Saudi Arabia

o   UAE

o   Rest of the world (remaining countries of the LAMEA region)

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