Online Travel Market 2019 Global Key Players: Ctrip, Expedia, Inc, Hostelworld Group, The Priceline Group, TripAdvisor Inc, Hotel Urbano
The online travel market is gaining spotlight with e-commerce industry backing it with its strong base. Over the years, people used to spend times in queues to get their travel tickets and haggle a lot with travel agents.
However, the current trend of e-commerce siting has overcome such hassle by launching online travel portals. The online travel portals, hence, helped population with ticket confirmation in a hassle-free way. On this, the entire tourism industry is banking on the success of online travel bookings, from planning itinerary, hotel booking, flight bookings and more. These can be done in a hassle-free way.
On account of this, Market Research Future has published a report on global Online Travel Market, which states that the market is proliferating at a CAGR of approximately 12% and is expected to rise at a faster pace by 2023 owing to the age of digitalization. This extensively discussed report also includes segmental analysis, growth factors that are influencing the market in the coming years, and views for an all-engrossing understanding of the market.
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Major Key Players:
Some of the prominent players in the global online travel market are Expedia, Inc. (U.S.), The Priceline Group (U.S.), TripAdvisor Inc. (U.S.), Ctrip (China), Hostelworld Group (Republic of Ireland), Hotel Urbano (Brazil), CheapOair (U.S.), Trivago (Germany), Thomas Cook Group plc (U.k), MakeMytrip Inc. (India), Alibaba Group Holding Limited (China), eLong (China), TUI Group (Germany), Tuniu (China), AirGorilla, LLC (U.S.), Hays Travel limited (U.k), Airbnb (U.S.), and Yatra.com (India) among others.
July 2018: Ctrip, China’s largest online travel services provider, boosted the proportion of total revenue from overseas customers from 2 percent to at least 20 percent over the next five years, by recently-acquired Trip.com brand as a bridgehead for international expansion
Global Online Travel Market: Drivers and Trends
The global online travel market is encouraged by many factors which are driving it to grow year by year at a notable rate. Among the significant factors, the intense usage of internet coupled with increasing adoption of social media have impacted substantially to the market growth. Reviews on social media or e-commerce website have helped people in reviewing and selecting hotels, which has been an essential aspect for travelers while planning trip. Also, increasing application of web-based and app-based interfaces are promoting the market to great extent.
Apart for this, growing demands for hotel services, budgetary trip, and review based services are creating grounds for the market to grow exponentially. To support this, the owing factors behind such tremendous growth is increasing investments made by key companies or market holders namely, TripAdvisor Inc., Expedia, Inc and many others are boosting the online travel market significantly.
Furthermore, much of the growth in the online travel industry is expected to derive from millennials and newcomers, who have extensive travel inclusions, creative trip planning modes and expect a personalized customer approach.
On the other hand, growth of the online travel market is driven by the rise in disposable income of people, and ease of comparing a variety of travel options online. In the current scenario, market players are introducing innovative travel and vacation packages deals and are also making travel decisions as per the spending capabilities of people. This comprises of affordable packages for international destination, discounts on flights, car rentals and cashbacks over entire trip. These factors are tremendously encouraging the online travel market profoundly with creating more future opportunities for the population, globally.
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Global Online Travel Market Segmentation:
In the reports of MRFR, the market for online travel is segmented by platform, mode of booking, and service type.
• By mode of platform, the market is segmented into mobile and desktop.
• By mode of booking, the market is segmented into online travel agencies and direct travel supplies.
• By mode of service, the market is segmented into transportation, accommodation, vacation packages, and others.
In the reports published by market Research Future, the global online travel market is studied under the regions of Asia Pacific, North America, Europe, and Rest of the World.
Among them, North America is estimated to account for the largest share of the market attributing to the technological advancements and increased adoption of e-commerce applications across various industry verticals. Online travel agencies are the most preferred booking channel for hotel accommodations in the U.S., which, in turn, is expected to drive the market in the years to come.
Whereas, Asia Pacific is projected to grow at the fastest rate during the forecast period owing to the rising disposable income of the population in countries like China and India. The emerging countries— China and India are predicted to drive this regional market in the future, owing to increased internet adoption by people in this region. Moreover, growing industrialization and increasing potential of IT companies in the region is leading to an increase in business travel, which is expected to drive the online travel booking market in this region over the forecast timeframe.
Europe has accounted for a substantial market share in the global online travel booking market since 2017. The European online travel agency represents a vast landscape of both national and international market players. Travelers fro UK mostly use online travel agencies for long-haul air packages, which, in turn, is likely to drive the region’s online travel booking market in the future.
• Technology Investors
• Research/Consultancy firms
• Technology Solution Providers
• Government Bodies
• Regulatory agencies
• 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
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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
List of Figures
Figure 1 Global Online Travel Market Segmentation
Figure 2 Forecast Methodology
Figure 3 Five Forces Analysis of Global Online Travel Market
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