Online Travel Market Highlights:
The online travel market is expanding at a torrid pace and Market Research Future perceives an impressive CAGR of 13.16% in the global online market over the forecast period of 2018-2023. MRFR further asserts the online travel market to catapult to USD 1,1345.55 Bn by the end of 2023 from USD 570.25 Bn in 2017.
Driven by rising disposable income across the globe and deep internet penetration across the globe, the online travel market is poised for remarkable growth. Millennials from emerging countries are keen on crossing domestic borders and are willing to spend a significant amount of their income on travel, injecting massive amounts into the travel economy.
The app environment offers more convenience, ease of accessibility, and a myriad of choices which is the key selling proposition of Online Travel Market. Most online travel platforms have a personalized approach which provides travelers with unique travel experience. personalization is among the top online travel trends and is used by most progressive brands as key growth strategy. The online travel market is experiencing rapid change with intensified popularity of online payment mechanism. There has been a boom in e-wallet applications which have become the preferred payment method of most consumers. Additionally, online payment is secure and offers various discount which lures consumers to opt for online travel bookings.
Increased visibility of online travel platforms purveyed by promotions on social media platforms is among a key factor enhancing the growth of the online travel market. The established online travel brands are actively engaged in rigorous promotional and marketing activities and are rolling out lucrative offers which has increased the adoption of online travel services. The governments in various emerging countries are allowing foreign investments to upgrade their hospitality and tourism related industries in order to achieve maximum economic growth.
Other factors augmenting the growth of the online travel market include integration of complementing technologies such as augmented reality and virtual reality. Rise in number of travel start-ups, increase in business travel, and growth in medical tourism are influencing the industry dynamics to a vast extent.
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Competitive Landscape:
Tuniu Corporation (China), Yatra Online Private Limited (India), AirGorilla, LLC (California), FlixMobility GmbH (Germany), Ctrip.com International Ltd (China), Expedia Inc. (US), Alibaba Group Holding Limited (China), Hotel Urbano Travel and Tourism SA (Brazil), CheapOair.Com (US), eDreams ODIGEO SA (Luxembourg),Hostelworld Group (Ireland), Thomas Cook Group PLC (UK), MakeMyTrip (India) Pvt. Ltd (India), TripAdvisor Inc. (US), Ryanair DAC (Ireland), Airbnb Inc. (US), Hays Travel limited (UK), and Booking Holdings Inc. (US) are among the notable players in the global online travel market.
Segmentation:
The global online travel market has been segmented based on platform type, mode of booking, and service type.
- By platform type, the online travel market has been segmented into mobile/tablets based and desktop-based platform.
- By mode of booking, the online travel market has been segmented into online travel agencies and direct travel facilitators.
- By service type, the online travel market has been segmented into transportation, accommodation and vacation packages. The transportation segment has been further segmented into air travel, train travel, bus travel, and others. The accommodation segment has further been segmented into hotels and guest house/dormitory. The vacation packages segment has been further segmented into the in-country and outside country.
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Regional Analysis:
By region, the online travel market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
In 2017, North America commanded the largest share of 33.75% the global online travel market and was valued at USD 192.46 Bn. Heightened use of CRM solutions to create authentic travel experience. In addition, the region is a font runner in the adoption of latest technologies and technologies such as mobile booking technology and travel apps is considerably high in the region which provides favorable grounds for the growth of the market. The North America online travel market is anticipated to expand at a CAGR of 11.8% over the forecast period.
The Europe online travel market is spurred by the increased inbound tourism and international investments. Moreover, expansion of the tourism industry due to high focus on tourism industry for employment generation and economic growth is supporting the growth of the market.
The APAC online travel market is driven by prolific growth of the tourism industry paired with rising disposable income. Increased penetration of internet facilities, proliferation of mobile devices are other factors boosting the growth of the market. The APAC online travel market is anticipated to capture the highest CAGR of 15.9% over the forecast period.
Industry Updates:
May 2019 – Rihaala.com, a newly launched UK-based online travel agency, is taking a novel approach to online halal travel booking. With content specially curated for the Muslim population, the company aims to integrate itself within the buying process of Muslim consumers. Consumers can find hotel on the site that are segregated based on different categories such as Alcohol-free, Private Pools, 100 percent Halal Dining, Designed for Females, Eco-friendly, and Make that Prayer.
Intended Audience:
- Technology Investors
- Research/Consultancy firms
- Technology Solution Providers
- Government Bodies
- Regulatory agencies
- Consumers
- Corporate sector
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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