According to the latest report by IMARC Group, titled “Global Online Travel Market Size, Share, Industry Trends, Growth, Opportunity and Forecast 2022-2027“, the global online travel market reached a value of US$ 407.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 843.52 Billion by 2027, exhibiting a CAGR of 11.70% during 2022-2027.
Online travel comprises various services offered by third-party agencies on behalf of other companies, enabling travelers to research and book hotels, flights, cars, and activities. These services are generally provided by online travel agencies (OTAs) that arrange and sell accommodations, trips, tours, and transportation via an online platform. They also help reduce the response time from organizations to customers and allow users to compare prices, access reviews, and avail offers and discounts. As a result, online travel is gaining immense popularity among consumers due to its convenience and enhanced booking experience; and among hotels to boost visibility, sales, and overall profitability.
Online Travel Market Trends and Drivers:
The global online travel market is primarily driven by the expanding travel and tourism industry, and surging internet penetration rates. Additionally, the growing popularity of virtual representations, such as 3D interactive tours that offer better insights into travel destinations, has eliminated the need for conventional travel agents.
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In line with this, the shifting consumer preferences from traditional booking methods through travel agents toward fast-paced online booking has augmented the product demand. Furthermore, the rising adoption of aggressive promotional activities by key players, such as online and television (TV) advertising, billboards, sponsorships, and social media ads, has catalyzed the market growth.
Other factors, including the emerging trend of solo and business travel, favorable government initiatives, declining airline fares, and advancements in information and communication technologies (ICTs), are also anticipated to drive the market further.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Online Travel Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Expedia Group Inc., Fareportal Inc., Hostelworld Group plc, HRS, Hurb, MakeMyTrip Pvt. Ltd., priceline.com LLC (Booking Holdings Inc.), Thomas Cook India Ltd. (Fairfax Financial Holdings Limited), Tripadvisor Inc. and Yatra.com.
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The report has segmented the market on the basis of region, service type, platform, mode of booking and age group.
Breakup by Service Type:
- Travel Accommodation
- Vacation Packages
Breakup by Platform:
Breakup by Mode of Booking:
- Online Travel Agencies (OTAs)
- Direct Travel Suppliers
Breakup by Age Group:
- 22-31 Years
- 32-43 Years
- 44-56 Years
- Above 56 Years
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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