Online Travel Market Research Report Size, Share, Growth, Forecast Report 2022-2029


Online Travel Mark

Online Travel Market

et

Online Travel Market size was valued at USD 540.2 billion in 2021 and is forecast to reach USD 1,263.0 billion in 2029, growing at a strong CAGR of 11.2%

The factors driving the growth of Online Travel Market includes expansion of Tourism industry around the world, rising penetration of internet, increasing use of social media applications for travel booking and surge in online payments. According to the report published by Statista, the Travel & Tourism Industry in India is expected to reach USD 14.92 billion by the end of 2022 and the market volume is estimated to reach USD 29.01 billion by 2026, growing at a CAGR of 18.08% over the forecast period (2022-2026), which will boost the Online Travel Market size in the approaching years. Moreover, attractive services offered by online travel agencies such as transport facilities, easy cancellation, and heavy discounts on booking room at hotel and entrance of new players in the market, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, rising disposable incomes, technological advancements in mobile travel applications, rapid urbanization, and improvements in the living standards, are further propelling the Online Travel Market share.  

Request For a FREE Sample Report on Online Travel Market

However, the growth of Online Travel Market is hindered due to disruption in the supply chain and rising concerns related to recession across the globe.

The major players operating in the market are CheapOair.Com, Thomas Cook Group plc, trivago, Booking Holdings Inc., Expedia Group, Trip.com Group Limited, MakeMyTrip Pvt. Ltd., TripAdvisor LLC, Hurb and Hostelworld Group, among others.

Based on Booking, the Online Travel Agencies (OTAs) segment is predicted to grow at a remarkable CAGR during the forecast period

Online travel agencies do not charge any consultancy fees from customers, provides the option of paying in installments and helps in saving time and money, are some of the factors responsible for the segment’s growth.

Based on Age Group, the 22-31 segment is projected to expand at a robust CAGR over the forecast period

Growing attraction towards travelling between the age group 22-31, rising internet penetration, and increasing smartphones, are propelling the segment’s growth.

Based on Region, the Asia-Pacific region is anticipated to capture the largest market share during the forecast period

As per the Online Travel Market Report, rise in the number domestic companies offering attractive travel options, increasing smartphone penetration, high population growth rates, improvements in the living standards, rapid urbanization and growing per capita incomes, are some of the important factors augmenting the growth of the segment.

Key Developments

  • In 2019, TripAdvisor LLC Expedia Group entered partnership with Trip.com Group, to assist the outbound Chinese travelers in planning more trips.
  • In 2018, Expedia Group entered into a strategic partnership with Chase Card Services to provide more choices to its customers.

Market Segmentation

Global Online Travel Market by Mode of Booking

  • Direct Travel Suppliers
  • Online Travel Agencies (OTAs)

Global Online Travel Market by Types of Platform  

  • Desktop
  • Mobile

Global Online Travel Market by Services Type

  • Travel Accommodation
  • Transportation
  • Vacation Packages

Global Online Travel Market by Age Group

  • 22-31
  • 32-43
  • 44-56
  • >56

Global Online Travel Market by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com

 

 

 

 

Comments

Post a Comment

Popular posts from this blog

Home Care Products Market is anticipated to increase at a CAGR of 3.5% till 2028

Image
 Analysis from GMI Research finds that the Home Care Products Market earned revenues of USD 95,423 million in 2020 and is expected to grow at a CAGR of 3.5% from 2021-2028. The factors driving growth of the market includes growing awareness amongst consumers about maintaining health and hygiene, expansion of the real-estate industry, rising germs, dirt, and microorganisms on the surface, increasing focus of manufacturers on developing environment friendly products and improvements in the living standards. Rise in the number of smart homes around the world, growing demand for home care products such as vacuums, window cleaner robots, and robot mops and strict regulations imposed by Governments, are some of the factors pushing the Global Home Care Products Market . Moreover, increasing availability of home care products at e-commerce platforms, growing adoption of advanced technologies by manufacturers, rise in the launch of innovative products, and rapid urbanization, are some of the a
Read more

Call Center Artificial Intelligence (AI) Market by Component - Global Opportunities and Forecast, 2020-2027

  Global Call Center Artificial Intelligence (AI) Market The GMI Research presumes the Call Center Artificial Intelligence (AI) Market to perceive extensive growth opportunities during the forecast period. This is because of the evolving demand for superior customer services, increasing implementation of AI-supported chatbots to manage work, and growing customer involvement through different social media platforms. Request for a FREE Sample Report on Call Center Artificial Intelligence (AI) Market Introduction of the Call Center Artificial Intelligence (AI) Market Artificial intelligence (AI) refers to the transcription of human intelligence processes by instruments, primarily computer systems. In short, it is the potential of a computer-controlled robot to complete tasks linked with human intelligence. AI technologies are majorly used to perform specified activities such as speech identification, planning, problem-solving, learning, and machine vision. Call Center Artificial In
Read more