Online Travel Market Highlights:
Online travel industry is booming owing to the rapid technological developments and influx of new-age startups that leverage their presence on online portals. In this recent assessment by Market Research Future (MRFR), the global online travel market is expected to reach USD 1,134.55 Bn in terms of revenue by 2023. In addition, the market is anticipated to strike 13.16% CAGR across the assessment period 2018 to 2023.
Increasing penetration of smart gadgets, in conjunction with the rising use of internet services, is expected to drive the expansion of the Online Travel Market. Also, the increasing number of startups entering the market scenarios is poised to impact the online market favorably on the global front.
Other factors that are expected to boost revenue growth in the market are increasing marketing on social media platforms, rising support by governments, declining data service prices, etc.
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Competitive Dashboard:
Expedia Inc. (US), TripAdvisor Inc. (US), Booking Holdings Inc. (US), Ctrip.com International Ltd (China), Ryanair DAC (Ireland), FlixMobility GmbH (Germany), Thomas Cook Group PLC (UK), Airbnb Inc. (US), Alibaba Group Holding Limited (China), MakeMyTrip (India) Pvt. Ltd (India), and eDreams ODIGEO SA (Luxembourg) are few of the top-notch players of the global online travel market identified in this assessment. Other few players that are expected to exhibit prominent presence in the market over the next few years are Hostelworld Group (Ireland), CheapOair.Com (US), Hotel Urbano Travel and Tourism SA (Brazil), AirGorilla, LLC (California), Yatra Online Private Limited (India), Hays Travel Limited (UK), and Tuniu Corporation (China).
These players are anticipated to invest in product launches, product portfolio development, etc. for strengthening their positions in the global online market. Also, the focus on regional expansion is expected to accelerate competition among the market players. The entry of new players is likely to keep the future trajectory of the market highly competitive over the next couple of years.
Market Segmentation:
- On the basis of the platform, the global online travel market has been divided into mobile/tablets based and desktop-based platform.
- On the basis of mode of booking, the online travel market has been divided into direct travel facilitators and online travel agencies.
- On the basis of service type, the online travel market has been segmented into accommodation, transportation, and vacation packages. The sub-segments of the transportation segment are air travel, bus travel, train travel, and others. The accommodation segment is sub-divided into hotels and guest house/dormitory. The vacation segment is further narrowed down to in-country and outside country.
Regional Analysis:
The geographical analysis of the global online travel market is covered for four regions – North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). The regions are further studied on a country-level basis. North America is a prominent regional segment and was valued at USD 192.46 Bn in 2017 with a market share of 33.75%. It is expected to register a CAGR of 11.8% during the review period.
Europe is the second-most significant market and was valued at over USD 175 Bn in 2017. The online travel market in the region is anticipated to expand at 12% CAGR across the assessment period. The focus on boosting the tourism industry by the governments is likely to lead the growth pattern of the online travel market in the region in the coming years.
Asia Pacific is catching up and is poised to strike a comparatively higher CAGR of 15.9% over the forecast period. The governments in this region are investing in strategic alliances and collaborations to boost the tourism industry. This, in turn, is expected to catapult the online travel industry on upward trajectory.
Industry News:
In October 2019, Oyo Hotels and Homes, an Indian startup, has announced the launch of its online travel portal for its travel agents called SuperAgent.
In September 2019, Saudi Arabia has boosted its tourism policies by introducing a new visa regime for 49 countries.
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
Continued…
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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
Table 4 Asia-Pacific Online Travel Market: By Country, 2017-2023
Table 5 Middle East & Africa Online Travel Market: By Country, 2017-2023
Continued…
List of Figures
Figure 1 Global Online Travel Market Segmentation
Figure 2 Forecast Methodology
Figure 3 Five Forces Analysis of Global Online Travel Market
Figure 4 Value Chain Of Global Online Travel Market
Figure 5 Share Of Global Online Travel Market In 2017, By Country (In %)
Continued…
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