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.
The Online Travel Market is expected to witness substantial growth during the forecast period. North America dominates the market owing to increasing demand for CRM solutions to personalize the services to cater to the specific needs of travel and hospitality companies. In the US, the travel and tourism industry is not overseen or governed by a single entity such as a tourism bureau or ministry. Instead, the regulation of the industry is incorporated into various federal agencies within the government. In Canada, travel agencies are shifting their focus to increase online travel sales. Various companies across the travel industry are focusing on creating authentic travel experiences to maintain a competitive edge in the market.
Also, the surge in the adoption of mobile booking technology and travel apps is enhancing the growth of the online travel market in this region. Similarly, the increased inbound tourism and international investments in Europe are projected to drive the growth of the online travel market in the coming years. Additionally, offers on travel packages by different companies have attracted many customers, driving intense competition among the suppliers. However, even though the online travel market in France is mature, omnichannel distribution remains a key characteristic of this market. In the UK, despite the ongoing political uncertainty, the country’s tourism industry has undergone significant growth over the past few years.
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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.
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.
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.
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
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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
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 %)
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