Global Online Travel Market to Grow with 10.6% CAGR from 2022-2027
Global Online Travel Market is driven by the several benefits offered by Growing Internet and Credit Card Penetration.
As per the latest report by Renub Research titled "Online Travel Market, Size, Global Forecast 2022-2027, Share, Growth, Industry Trends, Impact of COVID-19, Opportunity Company Analysis," the Global Online Travel Market Size to Reach US$ 1,463.98 Billion by 2027. The internet revolution has transformed the scenario of the travel industry. Online travel providers aim to bookings for travelers and ease travel planning. Fast hotel bookings are driving the online travel industry and easy flights, increased consumer trust in online payment, and the option to compare viable available travel options. MakeMyTrip Limited, Trivago N.V, Trip.com Group Ltd., Trip Advisor Inc. extensively offers travel services through mobile websites and apps.
Worldwide Travel Market to Reach US$ 800.72 Billion by 2021
On the other hand, an increase in mobile, tablet, and desktop usage, a rise in internet penetration, and innovative mobile apps are the pivotal factors expected to stimulate the growth of the online travel industry. The change in disposable income of people in emerging markets and the ease of comparing various online travel options like direct and package are further anticipated to foster market growth. However, the COVID-19 pandemic had a significant impact on the online travel industry due to the travel restriction across the globe to prevent the pandemic from spreading. Moreover, due to interstate and local travel restrictions, trade fairs, hotel visits, and cultural events, online travel has been negatively affected in 2020.
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Online Travel Agencies are the Most Preferred Medium for Bookings Globally
By Booking Type, the market is categorized into Online Travel Agencies and Direct Travel Suppliers. In recent times, the online travel agency has become more and more common for customers to book trips themselves. As a result, many visitors have turned away from traditional brick-and-mortar travel agencies in favor of online alternatives to book their trips. Online travel agencies are those individuals or companies that have websites that allow consumers to book various travel-related services through the internet. Travel agents are employed in the sales of travel usefulness such as hotels, flights, buses, vacation packages, and rental cars via online networks.
Plenty of Payment Options
In terms of payment mode, UPI, E-Wallets, Debit/Credit Card, and Other has traditionally been the primary mode of paying for travel bookings online. Nowadays, using credit cards and debit cards to make payments is the norm even when not traveling. And when traveling, it is the most preferred method of payment. The ease and convenience of making a payment by swiping the card on a card machine or completing an online payment by typing the card details make this mode of payment safe. Mobile payment is another avenue which is also emerging in a big way for contact less and easy payment.
Travel accommodation service is projected to lead the online travel services market
On the basis of service types, the online travel market includes Transportation, Vacation Packages, and Travel Accommodation. Travel accommodation has become the most consequential contributor to the Online Travel Market. Travelers can choose online from various travel accommodations, including hotels, resorts, vacation rentals, and others. Travelers are increasingly being proposed a diverse range of hotel choices at affordable costs by Trip Advisor Inc., Booking Holding, Trip.com Group Ltd. Customers compare accommodation options at several websites to get the best reasonable deal. Travelers choose specialized online accommodation providers like OYO Rooms and Airbnb, Inc. because they provide many housing options.
Age groups of 32–43 years have more Desire to Travel
In terms of age group, the online travel market includes Millennial, Generation X, Baby Boomers, and Silver Hair. The travelers, primarily male and female in the age group of 32–43 years, occupy a considerable portion of the market. These age groups have more time, money, and the desire to travel. During their travels, they seek new adventures; participate in active vacations, including sightseeing and discovering new cultures.
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Asia Pacific (APAC) has the Highest Growth Potential in the Online Travel Industry
Region-wise, Asia-pacific gained an effective online travel market share. China and India are the most lucrative online travel markets. With rapid infrastructure development across seaports, railroads, hotels, airports, highways, and disposable incomes on the rise, travel opportunity continues to develop region wide. Further, the growth is attributed to greater penetration of internet facilities, increased disposable income, anda rise in the middle-class segment. Ctrip is the leading company in China's online travel market, whereas Yatra and MakeMyTrip are the significant online travel agencies (OTA) in India. The main companies operating in the global online travel industry include Airbnb, Expedia, Booking Holding, Trip Advisor Inc., Trip.com Group Ltd.
Type - The report covers by type in the 2 viewpoints into Package, Direct.
Booking Type – Renub Research Report covers by Booking Type in the 2 viewpoints include Online Travel Agencies, Direct Travel Suppliers.
Service Type – Our Report have covered by Service Type in the 3 viewpoints into Transportation, Vacation Packages, Travel Accommodation.
Payment Mode- The report covers by Payment Mode in the 4 viewpoints include UPI, E-Wallets, Debit/Credit Card, Other.
Age Group - Our Report has covered online travel market breakup by 4 Age Group include Millennial, Generation X, Baby Boomers, and Silver Hair.
Gender – This report covers by gender in the 2 viewpoints into Male, Female.
Devices Type - Renub Research Report covers by Devices Type in the 2 viewpoints include Mobile/Tablet, Desktop.
Region – We have covered region like North America, Western Europe, Asia Pacific, Latin America, Middle East and Africa, Central and Eastern Europe.
All the major players have been covered from 3 Viewpoints (Overview, Recent Development, and Revenue Analysis) Airbnb, Expedia, Booking Holding, Trip Advisor Inc., Trip.com Group Ltd.
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