The global online travel market size is rebooting rapidly as OTAs implement changed strategies. Online travel agencies (OTAs) worldwide have begun bringing about novel online travel booking solutions and services to ramp up sales and marketing efforts. In 2020, the market witnessed huge revenue losses and a decline in total market valuation. However, the online travel market is recovering rapidly soon from the pandemic.
According to Market Research Future (MRFR), the global online travel market is poised to register an impressive CAGR during the assessment period (2020 – 2030). MRFR also states that the industry can overcome COVID 19 effects in no time, provided owners and entrepreneurs incorporate effective strategies. Implementation of advanced technologies and good products & services offerings could re-establish these businesses.
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Online Travel Market – Segments
The online travel market is segmented into platform type, mode of booking, service type, and regions. The platform type segment is sub-segmented into mobile/tablets-based, desktop-based platforms, and others. The mode of booking segment is sub-segmented into online travel agencies, direct travel facilitators, and others.
The service type segment is sub-segmented into transportation, accommodation, vacation packages, and others. The sub-segment transportation is bifurcated into air travel, train travel, bus travel, others.
The sub-segment accommodation is bifurcated into hotels and guest houses/dormitories. The sub-segment vacation package is bifurcated into in-country and outside country. The region segment is sub-segmented into Americas, Asia Pacific, Europe, and rest-of-the-world.
Major Players
Players active in the global online travel market are Booking Holdings Inc. (US), TripAdvisor Inc. (US), Expedia Inc. (US), FlixMobility GmbH (Germany), Ryanair DAC (Ireland), Ctrip.com International Ltd (China), MakeMyTrip (India) Pvt. Ltd (India), Hostelworld Group (Ireland), Hotel Urbano Travel and Tourism SA (Brazil), CheapOair.Com (US), Tuniu Corporation (China), Hays Travel Limited (UK), AirGorilla, LLC (California), Thomas Cook Group PLC (UK), Yatra.Com (India), Alibaba Group Holding Limited (China), Airbnb Inc. (US), and eDreams ODIGEO SA (Luxembourg), among others.
Global Online Travel Market – Geographical Analysis
North America leads the global online travel market, accounting for the largest market share. Factors such as the adoption of mobile booking technology & travel apps and increasing demand for CRM solutions across the industry drive the regional market growth.
Additionally, the strong presence of notable players and the wide adoption of online travel solutions foster the region's online travel market share. The North American online travel market is estimated to remain dominant, growing at an 11.8% CAGR throughout the review period.
Global Online Travel Market - Competitive Analysis
Fiercely competitive, the online travel market appears fragmented, with several large and small forming a competitive landscape. These players adopt strategic approaches such as mergers & acquisitions, collaboration, expansion, and new product/technology launches to gain a substantial market share.
Industry/ Innovation/ Related News:
Sept. 16, 2021 --- EaseMyTrip (India), an online travel platform, announced the expansion of its international footprint to the Philippines, Thailand, and the United States. The company expects a huge rise in the global travel & tourism demand in the coming months, and hence it has expanded into new territories.
EaseMyTrip would also launch a localized travel search engine in each global subsidiary. As part of its second phase of global expansion, the company has incorporated wholly-owned subsidiaries in these three countries after establishing in the United UAE, Singapore, and Britain earlier in the first phase of expansion.
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Key Questions Answered in the Market Report:
Q1. What is the expected CAGR in terms of revenue for global Online travel market over the forecast period (2022-2030)?
Q2. What was global Online travel market size in 2030?
Q3. Which are some key factors expected to drive adoption of Online travel platforms going ahead?
Q4. Which was the leading segment in the global Online travel market on the basis of components in 2022?
Q5. Which was a key restraint for growth of the global Online travel market in 2022?
Q6. Which are some of the top companies in the Online travel market report?
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